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2020 1

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Does financial development lower energy intensity?

Philip Kofi ADOM, Michael Owusu APPIAH, Mawunyo Prosper AGRADI

《能源前沿（英文）》 2020年 第14卷 第3期   页码 620-634 doi: 10.1007/s11708-019-0619-x

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’.

关键词： financial development     energy intensity     energy efficiency     Ghana    

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Does financial development lower energy intensity?

Philip Kofi ADOM, Michael Owusu APPIAH, Mawunyo Prosper AGRADI

期刊论文