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《能源前沿(英文)》 >> 2020年 第14卷 第3期 doi: 10.1007/s11708-019-0619-x

Does financial development lower energy intensity?

. Department of Development Policy, School of Public Service and Governance, Ghana Institute of Management and Public Administration (GIMPA), Achimota, Ghana.. Department of Finance, Business School, University of Cape Coast, Accra, Ghana.. Department of Banking and Finance, University of Professional Studies, Accra, Ghana

录用日期: 2019-04-22 发布日期: 2019-04-22

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摘要

The growth-induced effects of financial development have been well-established in the empirical literature, as well as the significance of financial development to energy demand behavior. However, the empirical evidence on the relationship between financial development and energy intensity remains sparse in the literature. Given the multifaceted nature of the effects of financial development, the proposed relationship seems a complex one and warrants an empirical investigation. Using the case of Ghana, this study provides an empirical answer to the question: does financial development lower energy intensity? To provide solid grounds for either rejection or acceptance of the null hypothesis, this study performed several robustness checks. Generally, the evidence revealed that financial development lowers energy intensity. Further, the results revealed that the price of energy, trade liberalization and industry structure play significant roles. These results have important implications for the design of macro energy efficiency policies and the creation of a ‘Green Bank’.

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