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Energy Consumption and Financial Development
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Energy Consumption and Financial Development

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Energy Sustainability".

Deadline for manuscript submissions: closed (30 June 2022) | Viewed by 25354

Special Issue Editor

Prof. Dr. Cosimo Magazzino

E-Mail Website
Guest Editor
Department of Political Science, Roma Tre University, 00145 Rome, RM, Italy
Interests: public finance; energy econometrics; environmental Kuznets curve; time series econometrics; panel data models; machine learning experiments; artificial neural network analyses; environmental sustainability; circular economy; waste management; transportation infrastructure; agricultural economics
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Recent studies have shown that financial development can affect energy use. Financial development helps industrial growth, creates demand for new infrastructure and, thus, positively affects energy use. Moreover, financial development can lower energy consumption by achieving its efficient use. At the consumer end, financial development lowers the cost of credit and makes it accessible. A sufficiently developed financial market enhances consumer and business participation, promotes economic activity and boosts energy use. Financial development assists with trade growth—increasing the aggregate demand—as well as the quality of infrastructure, such that it influences energy consumption.

However, the nexus between financial development and energy consumption remains a controversial topic in the economic literature. This Special Issue aims to collect original contributions on the subject, both empirical and theoretical, with analyses dedicated to different countries and conducted with different econometric techniques.

The findings will help policymakers in emerging countries to develop a strategy to reduce the impact of energy consumption by controlling resource transfer through globalisation to the host country and by adopting energy conversion policies.

Prof. Dr. Cosimo Magazzino
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • energy consumption
  • financial development
  • CO2 emissions

Published Papers (8 papers)

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Research

23 pages, 335 KiB  
Article
Sustainable Financial Development: Does It Matter for Greenhouse Gas Emissions?
by Yuang He, Xiaodan Gao and Yinhui Wang
Sustainability 2022, 14(9), 5064; https://0-doi-org.brum.beds.ac.uk/10.3390/su14095064 - 22 Apr 2022
Cited by 4 | Viewed by 1475
Abstract
As the detrimental effect of greenhouse gas emissions becomes increasingly significant, it has been a worldwide concern. As a result, the purpose of this paper is to examine the effect of sustainable financial development on greenhouse gas emissions via heterogeneous technological progress, using [...] Read more.
As the detrimental effect of greenhouse gas emissions becomes increasingly significant, it has been a worldwide concern. As a result, the purpose of this paper is to examine the effect of sustainable financial development on greenhouse gas emissions via heterogeneous technological progress, using 162 countries as a sample. Empirical assessment is conducted using panel data from 2000 to 2019 and the mediation effect model as well as the country and year fixed-effect model. The findings are shown as follows: (1) Greenhouse gas emissions are increased as a result of sustainable financial development. (2) Environmental technology progress and technology choice progress have a dilution effect. Together, they have the ability to lower the amount of greenhouse gas emissions caused by sustainable financial development. However, these two dilution effects do not completely cut down on the amount of greenhouse gas emissions that come from global sustainable financial development, even though they do help. (3) The direct and indirect effects of sustainable financial development on greenhouse gas emissions are heterogeneous among countries with different income levels. Through technological progress, sustainable financial development in middle-income countries significantly cuts greenhouse gas emissions. Sustainable financial development, on the other hand, increases greenhouse gas emissions in both high- and low-income countries, although there are distinctions between them. (4) Environmental technology progress in high-income countries has a dilution effect. Meanwhile, technological choice and progress in low-income countries have a mediating effect on greenhouse gas emissions. To conclude, the evidence provided in this paper may provide some potential solutions to the issue of greenhouse gas emissions, and also enrich the existing literature. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
15 pages, 1136 KiB  
Article
Using an Artificial Neural Networks Experiment to Assess the Links among Financial Development and Growth in Agriculture
by Cosimo Magazzino, Marco Mele and Fabio Gaetano Santeramo
Sustainability 2021, 13(5), 2828; https://0-doi-org.brum.beds.ac.uk/10.3390/su13052828 - 05 Mar 2021
Cited by 27 | Viewed by 2402
Abstract
Financial development, productivity, and growth are interconnected, but the direction of causality remains unclear. The relevance of these linkages is likely different for developing and developed economies, yet comparative cross-country studies are scant. The paper analyses the relationship among credit access, output and [...] Read more.
Financial development, productivity, and growth are interconnected, but the direction of causality remains unclear. The relevance of these linkages is likely different for developing and developed economies, yet comparative cross-country studies are scant. The paper analyses the relationship among credit access, output and productivity in the agricultural sector for a large set of countries, over the period 2000–2012, using an Artificial Neural Networks approach. Empirical findings show that these three variables influence each other reciprocally, although marked differences exist among groups of countries. The role of credit access is more prominent for the OECD countries and less important for countries with a lower level of economic de-elopement. Our analysis allows us to highlight the specific effects of credit in stimulating the development of the agricultural sector: in developing countries, credit access significantly affects production, whereas in developed countries, it also has an impact on productivity. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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22 pages, 2125 KiB  
Article
The Relationship between Renewable Energy and Economic Growth in a Time of Covid-19: A Machine Learning Experiment on the Brazilian Economy
by Cosimo Magazzino, Marco Mele and Giovanna Morelli
Sustainability 2021, 13(3), 1285; https://0-doi-org.brum.beds.ac.uk/10.3390/su13031285 - 26 Jan 2021
Cited by 59 | Viewed by 6351
Abstract
This paper examines the relationship between renewable energy consumption and economic growth in Brazil, in the Covid-19 pandemic. Using an Artificial Neural Networks (ANNs) experiment in Machine Learning, we tried to verify if a more intensive use of renewable energy could generate a [...] Read more.
This paper examines the relationship between renewable energy consumption and economic growth in Brazil, in the Covid-19 pandemic. Using an Artificial Neural Networks (ANNs) experiment in Machine Learning, we tried to verify if a more intensive use of renewable energy could generate a positive GDP acceleration in Brazil. This acceleration could offset the harmful effects of the Covid-19 global pandemic. Empirical findings show that an ever-greater use of renewable energies may sustain the economic growth process. In fact, through a model of ANNs, we highlighted how an increasing consumption of renewable energies triggers an acceleration of the GDP compared to other energy variables considered in the model. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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15 pages, 304 KiB  
Article
Financial Development and CO2 Emissions in Post-Transition European Union Countries
by Yilmaz Bayar, Laura Diaconu (Maxim) and Andrei Maxim
Sustainability 2020, 12(7), 2640; https://0-doi-org.brum.beds.ac.uk/10.3390/su12072640 - 26 Mar 2020
Cited by 50 | Viewed by 3209
Abstract
Carbon dioxide emissions are on the rise, posing a serious global issue. Therefore, it is important that policymakers identify the exact causes of these emissions. This paper investigates the influence of financial development, primary energy consumption, and economic growth on CO2 emissions [...] Read more.
Carbon dioxide emissions are on the rise, posing a serious global issue. Therefore, it is important that policymakers identify the exact causes of these emissions. This paper investigates the influence of financial development, primary energy consumption, and economic growth on CO2 emissions in 11 post-transition European economies. The assessment was made for the 1995–2017 period using panel cointegration and causality analyses. The causality analyses did not reveal significant connection between financial sector development and CO2 emissions, but rather a two-way causality between primary energy consumption and economic growth, on one hand, and CO2 emissions on the other. Meanwhile, long-run analysis disclosed that financial sector development and primary energy consumption positively affected CO2 emissions. Our results seek to grab the attention of policy makers, who could work towards creating country-specific strategies that balance the relationship between financial development and CO2 emissions. These long-term policies could ensure both development of the financial sector and environmental protection. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
20 pages, 1681 KiB  
Article
Decoupling Elasticity and Driving Factors of Energy Consumption and Economic Development in the Qinghai-Tibet Plateau
by Weiguo Fan, Mengmeng Meng, Jianchang Lu, Xiaobin Dong, Hejie Wei, Xuechao Wang and Qing Zhang
Sustainability 2020, 12(4), 1326; https://0-doi-org.brum.beds.ac.uk/10.3390/su12041326 - 12 Feb 2020
Cited by 13 | Viewed by 2691
Abstract
Decoupling of energy consumption and economic development is a key factor in achieving sustainable regional development. The decoupling relationship between energy consumption and economic development in the Qinghai-Tibet Plateau region is still unclear. This paper uses the logarithmic mean Divisia index (LMDI) decomposition [...] Read more.
Decoupling of energy consumption and economic development is a key factor in achieving sustainable regional development. The decoupling relationship between energy consumption and economic development in the Qinghai-Tibet Plateau region is still unclear. This paper uses the logarithmic mean Divisia index (LMDI) decomposition method and Tapio elastic index model to analyze the decoupling degree and driving factors of energy consumption and economic development, and evaluates the decoupling effort level in Qinghai-Tibet Plateau from 2006 to 2016. The results indicate that the Qinghai-Tibet Plateau region showed a weak decoupling as a whole, and that only Tibet experienced expanding negative decoupling in 2006–2007 and an expansion link in 2007–2008. Economic scale is a primary factor that hinders the decoupling of energy consumption, followed by investment intensity and industrial energy structure. The cumulative promotion effect of research and development (R&D) efficiency and intensity and the inhibition effect of investment intensity cancel each other out. With the exception of Tibet and Xinjiang, all provinces in the Qinghai-Tibet plateau have made decoupling efforts. Decoupling efforts made by R&D efficiency contributed the most, followed by energy intensity and R&D intensity. This paper provides policy recommendations for the decoupling of energy consumption experience for underdeveloped regions. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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16 pages, 752 KiB  
Article
“Green” Information Promotes Employees’ Voluntary Green Behavior via Work Values and Perceived Accountability
by Ping-Ju Wu, Tung-Ju Wu and Kuo-Shu Yuan
Sustainability 2019, 11(22), 6335; https://0-doi-org.brum.beds.ac.uk/10.3390/su11226335 - 12 Nov 2019
Cited by 17 | Viewed by 3731
Abstract
A range of different approaches has been used to involve employees in green workplace initiatives. One example of such an approach is to spread awareness by displaying “green” information concerning work-related environmental protection and sustainability information on organizational bulletin boards. The study aims [...] Read more.
A range of different approaches has been used to involve employees in green workplace initiatives. One example of such an approach is to spread awareness by displaying “green” information concerning work-related environmental protection and sustainability information on organizational bulletin boards. The study aims to examine how green display rules and felt accountability influence the relationship between new-generation employees’ work values and green behavior. There were 567 Chinese millennial employees who participated in this study. The results showed that intrinsic preference, interpersonal harmony, innovative orientation, and long-term development had a positive influence on employees’ green behavior through the effect of felt accountability. Besides, the more green information displayed, the stronger the effect of intrinsic preference, interpersonal harmony, and long-term development on employees’ green behavior. This study provides valuable insights for managers to understand the work values of the new-generation employees and, in turn, improve their green awareness, which can help execute corporate social responsibility. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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11 pages, 2112 KiB  
Article
Evaluating the Performances of Taiwan’s International Tourist Hotels: Applying the Directional Distance Function and Meta-Frontier Approach
by Yi-Lung Lee, Shew-Huei Kuo, Mei-Yi Jiang and Yang Li
Sustainability 2019, 11(20), 5773; https://0-doi-org.brum.beds.ac.uk/10.3390/su11205773 - 17 Oct 2019
Cited by 9 | Viewed by 2375
Abstract
This study employs the directional distance function in the meta-frontier model by expanding outputs, contracting inputs, and fastening quasi-fixed inputs simultaneously on a dataset of 170 observations obtained from the annual reports of international tourist hotels. Empirical results show that the meta-efficiency and [...] Read more.
This study employs the directional distance function in the meta-frontier model by expanding outputs, contracting inputs, and fastening quasi-fixed inputs simultaneously on a dataset of 170 observations obtained from the annual reports of international tourist hotels. Empirical results show that the meta-efficiency and technology gap (TG) of foreign-owned hotels are better than those of domestic hotels. In addition, employees of foreign-owned hotels are more productive than those of domestic hotels. The findings imply that Taiwan’s tourist hotels should structure a plan to augment their operating scales. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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20 pages, 281 KiB  
Article
Do Political Connections Affect the Conservative Financial Reporting of Family Firms?
by Hsin-Yi Chi, Tzu-Ching Weng, Guang-Zheng Chen and Shu-Ping Chen
Sustainability 2019, 11(20), 5563; https://0-doi-org.brum.beds.ac.uk/10.3390/su11205563 - 10 Oct 2019
Cited by 2 | Viewed by 2267
Abstract
This paper investigates the effect of political connections on the association between family firms and conservative financial reporting. While family firms have incentives to reduce agency and litigation-related costs by means of conservative reporting, firms with political connections tend to have opaque financial [...] Read more.
This paper investigates the effect of political connections on the association between family firms and conservative financial reporting. While family firms have incentives to reduce agency and litigation-related costs by means of conservative reporting, firms with political connections tend to have opaque financial reporting, which enable them to engage in rent-seeking activities. Using data for Taiwanese listed firms between 1996 and 2012, the final sample observations were 13,877 firm-year observations from a population of 21,393 firm-year observations. We found that political connections weaken the positive relationship between family ownership and conservative financial reporting. This suggests that politically connected family firms make fewer demands for conservative financial reporting. This study contributes to the literature on how political connections affect the family owners’ reporting incentives. Policy makers may consider political connections as an essential factor with respect to establishing governance practice in family firms. Full article
(This article belongs to the Special Issue Energy Consumption and Financial Development)
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