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Frontiers in Energy

Front. Energy    2020, Vol. 14 Issue (3) : 620-634     https://doi.org/10.1007/s11708-019-0619-x
RESEARCH ARTICLE
Does financial development lower energy intensity?
Philip Kofi ADOM1(), Michael Owusu APPIAH2, Mawunyo Prosper AGRADI3
1. Department of Development Policy, School of Public Service and Governance, Ghana Institute of Management and Public Administration (GIMPA), Achimota, Ghana
2. Department of Finance, Business School, University of Cape Coast, Accra, Ghana
3. Department of Banking and Finance, University of Professional Studies, Accra, Ghana
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Abstract

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’.

Keywords financial development      energy intensity      energy efficiency      Ghana     
Corresponding Author(s): Philip Kofi ADOM   
Online First Date: 22 April 2019    Issue Date: 14 September 2020
 Cite this article:   
Philip Kofi ADOM,Michael Owusu APPIAH,Mawunyo Prosper AGRADI. Does financial development lower energy intensity?[J]. Front. Energy, 2020, 14(3): 620-634.
 URL:  
http://journal.hep.com.cn/fie/EN/10.1007/s11708-019-0619-x
http://journal.hep.com.cn/fie/EN/Y2020/V14/I3/620
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Philip Kofi ADOM
Michael Owusu APPIAH
Mawunyo Prosper AGRADI
Variables ADF_GLS Phillip-Perron Perron unit root test with structural break
Constant Constant & trend Constant Constant & trend Constant Trend Constant & trend
lnEI - 1.334 - 1.130 1.922 - 2.565 - 5.079c(1999) - 2.878(1994) - 4.085(1999)
ΔlnEI - 1.777c - 6.836a - 6.003a - 6.882a - 7.947a(2000) - 7.919a(2003) - 7.979a(2003)
lnPE 0.754 - 2.846 0.585 - 4.078b - 8.966a(1983) - 4.518c(1994) - 9.109a(1983)
ΔlnPE - 8.179a - 4.271a - 12.338a —— —— —— ——
lnPO - 1.574 - 1.820 - 1.707 - 2.103 - 3.313(2003) - 2.726(1996) - 2.853(2004)
ΔlnPO - 6.385a - 6.582a - 6.447a - 6.465a - 7.343a(1998) - 7.180a(1983) - 7.392a(1998)
lnFD(PS) - 0.770 - 1.567 - 0.720 - 2.212 - 3.524(1977) - 3.632(1981) - 4.290(1983)
ΔlnFD(PS) - 4.286a - 5.173a - 6.148a - 6.500a - 8.025a(1983) - 7.525a(1989) - 7.908a(1991)
lnFD(PSBK) - 0.815 - 1.579 - 0.768 - 2.212 - 3.458(1977) - 3.534(1981) - 4.198(1983)
ΔlnFD(PSBK) - 4.294a - 5.186a - 6.168a - 6.501a - 8.035a(1983) - 7.537a(1989) - 7.918a(1991)
lnFD(M2) - 1.083 - 1.744 - 1.322 - 1.884 - 3.082(1980) - 3.544(1980) - 3.969(1991)
ΔlnFD(M2) - 6.826a - 6.863a - 6.760a - 6.714a - 7.761a(1983) - 7.317a(1979) - 8.534a(1985)
lnFD(M2_R) - 1.678 - 2.569 - 3.278b - 3.059 - 3.144(1981) - 2.826(1981) - 3.227(1981)
ΔlnFD(M2_R) - 6.879a - 7.047a —— - 8.047a - 5.678b(2000) - 5.157b(1990) - 5.636b(1986)
lnTOP - 1.574 - 2.94 - 1.137 - 2.251 - 3.031(1985) - 2.998(2003) - 4.683(1983)
ΔlnTOP - 4.068a - 4.973a - 4.492a - 4.343a - 6.874a(1982) - 4.965a(1986) - 7.040a(1982)
lnIVA 0.463 - 0.156 - 0.160 - 0.873 - 3.863(1992) - 3.474(1979) - 4.643(1983)
ΔlnIVA - 3.644a - 4.187a - 5.357a - 5.537a - 5.833a(1982) - 4.805a(1987) - 5.889a(1982)
Tab.1  Unit root test
Model F-stats 1% significance 5% significance 10% significance
I(0) I(1) I(0) I(1) I(0) I(1)
4.13 5.00 3.10 3.87 2.63 3.35
F(EI|PE, PO) 9.080
3.65 4.66 2.79 3.67 2.37 3.20
F(EI|PE, PO,FD(PS)) 7.792
F(EI|PE, PO,FD(PSBK)) 7.774
F(EI|PE, PO,FD(M2)) 7.230
F(EI|PE, PO,FD(M2_R)) 7.090
F(EI|PE, PO, FD(INDEX)) 6.750
3.06 4.15 2.39 3.38 2.08 3.00
F(EI|PE, PO,FD(PS), TOP, IVA) 5.329
F(EI|PE, PO,FD(PSBK), TOP, IVA) 5.310
F(EI|PE, PO,FD(M2), TOP, IVA) 5.590
F(EI|PE, PO,FD(M2_R), TOP, VIA) 4.568
F(EI|PE, PO,FD(INDEX), TOP, IVA) 5.687
F(ELI|PE, PO,FD(PS), TOP, IVA) 8.216
F(ELI|PE, PO,FD(PSBK), TOP, IVA) 8.227
F(ELI|PE, PO,FD(M2), TOP, IVA) 7.873
F(ELI|PE, PO,FD(M2_R), TOP, VIA) 7.913
F(ELI|PE, PO,FD(INDEX), TOP, IVA) 7.431
Tab.2  Bounds cointegrating test
FMOLS Canonical cointegration Stock-Watson DOLS
M1 M2 M3 M4 M5 M6 M1 M2 M3 M4 M5 M6 M1 M2 M3 M4 M5 M6
lnPE 0.294a
(0.0327)
0.184a
(0.0210)
0.185a
(0.0209)
0.236a
(0.0299)
0.305a
(0.0312)
0.206a
(0.0267)
0.293a
(0.0323)
0.185a
(0.0188)
0.186a
(0.0188)
0.233a
(0.0280)
0.303a
(0.0307)
0.206a
(0.0238)
0.300a
(0.0209)
0.206a
(0.0305)
0.207a
(0.0299)
0.276a
(0.0349)
0.295a
(0.0216)
0.225a
(0.0221)
lnPO 0.099
(0.1204)
0.196a
(0.0592)
0.200a
(0.0599)
0.156c
(0.0869)
0.098
(0.1104)
0.183b
(0.0799)
0.098
(0.1149)
0.199a
(0.0590)
0.203a
(0.0594)
0.151c
(0.0851)
0.117
(0.1099)
0.185b
(0.0779)
0.166c
(0.0844)
0.153c
(0.0768)
0.158b
(0.0769)
0.212c
(0.1089)
0.067
(0.0768)
0.110
(0.0676)
lnFD(PS) 0.388a
(0.0644)
0.385a
(0.0599)
0.342a
(0.0938)
lnFD(PSBK) 0.394a
(0.0655)
0.390a
(0.0609)
0.347a
(0.0943)
lnFD(M2) 0.521b
(0.1993)
0.535b
(0.2033)
0.166
(0.2651)
lnFD(M2_R) 0.310b
(0.1387)
0.256b
(0.1010)
0.204c
(0.1198)
FD(INDEX) 0.140a
(0.0340)
0.140a
(0.0317)
0.109a
(0.0294)
Con 18.52a
(0.4967)
16.878a
(0.3432)
16.861a
(0.3469)
16.406c
(0.7599)
18.284a
(0.4660)
17.787a
(0.3462)
18.522a
(0.4703)
16.873a
(0.3558)
16.858a
(0.3591)
16.376a
(0.7692)
18.241a 17.780a
(0.0354)
18.276a
(0.3304)
17.302a
(0.5036)
17.279a
(0.5032)
17.448a
(0.8844)
18.513a
(0.3306)
18.222c
(0.3028)
Adj R-square 0.872 0.957 0.956 0.899 0.875 0.933 0.873 0.957 0.956 0.899 0.882 0.933 0.965 0.977 0.977 0.946 0.926 0.956
SER 0.216 0.125 0.127 0.192 0.214 0.156 0.216 0.125 0.127 0.192 0.207 0.156 0.104 0.092 0.092 0.137 0.165 0.126
SSR 2.013 0.660 0.675 1.551 1.923 1.025 2.002 0.658 0.673 1.548 1.807 1.026 0.250 0.261 0.262 0.580 0.955 0.574
LRV 0.211 0.048 0.049 0.110 0.177 0.091 0.211 0.048 0.049 0.110 0.177 0.091 0.042 0.037 0.036 0.075 0.072 0.043
Tab.3  Dependent variable: energy intensity
FMOLS Canonical Cointegration Stock-Watson DOLS
M1 M2 M3 M4 M5 M1 M2 M3 M4 M5 M1 M2 M3 M4 M5
lnPE -0.171a
(0.0193)
-0.173a
(0.0192)
-0.175a
(0.0336)
-0.206a
(0.0320)
-0.174a
(0.0252)
-0.176a
(0.0189)
-0.179a
(0.0190)
-0.172a
(0.0351)
-0.201a
(0.0360)
-0.175a
(0.0257)
-0.153a
(0.0271)
-0.185a
(0.0219)
-0.169a
(0.0395)
-0.186a
(0.0381)
-0.175a
(0.0286)
lnPO -0.189a
(0.0573)
-0.192a
(0.0573)
-0.401a
(0.1039)
-0.409a
(0.0916)
-0.232a
(0.0794)
-0.180a
(0.0650)
-0.181a
(0.0649)
-0.423a
(0.1157)
-0.415a
(0.0944)
-0.253a
(0.0877)
-0.233c
(0.1326)
-0.172c
(0.0854)
-0.362a
(0.1158)
-0.383a
(0.0927)
-0.247b
(0.1101)
lnFD(PS) -0.413a
(0.0752)
-0.391a
(0.0754)
-0.338c
(0.1817)
lnFD(PSBK) -0.417a
(0.0760)
-0.395a
(0.0763)
-0.381a
(0.1087)
lnFD(M2) -0.191
(0.2399)
-0.118
(0.2839)
-0.145
(0.2666)
lnFD(M2_R) -0.074
(0.0992)
-0.045
(0.0922)
-0.052
(0.1060)
FD(INDEX) -0.130a
(0.0382)
-0.109a
(0.0364)
-0.098c
(0.2729)
lnTOP -0.159
(0.1408)
-0.149
(0.1417)
-0.569b
(0.2297)
-0.497a
(0.2240)
-0.394b
(0.1831)
-0.133
(0.1834)
-0.118
(0.1854)
-0.615b
(0.2711)
-0.519c
(0.2818)
-0.429c
(0.2364)
-0.562
(0.3678)
-0.157
(0.2433)
-0.717b
(0.2814)
-0.684b
(0.2555)
-0.496c
(0.2838)
lnIVA 0.301
(0.1998)
0.285
(0.2000)
0.203
(0.3729)
0.064
(0.3246)
0.431
(0.2772)
0.242
(0.2244)
0.219
(0.2254)
0.223
(0.4270)
0.084
(0.3811)
0.399
(0.2991)
0.727b
(0.2575)
0.291
(0.2204)
0.450
(0.3906)
0.339
(0.3101)
0.490a
(0.2838)
Con -17.070a
(0.5051)
-17.061a
(0.5064)
-14.515a
(0.7857)
-15.002a
(0.7999)
-17.192a
(0.8064)
-17.094a
(0.6206)
-17.092a
(0.6216)
-14.516a
(0.7651)
-14.952a
(0.7554)
-16.876a
(0.8222)
- 16.724a
(1.3600)
-17.284a
(0.8577)
-15.012a
(0.9422)
-15.181a
(0.9554)
-16.951a
(1.3278)
Adj R-square 0.955 0.954 0.905 0.908 0.931 0.957 0.956 0.903 0.909 0.934 0.984 0.981 0.956 0.960 0.960
SER 0.129 0.130 0.186 0.183 0.159 0.126 0.127 0.188 0.182 0.156 0.075 0.085 0.127 0.121 0.105
SSR 0.664 0.677 1.384 1.344 1.011 0.634 0.645 1.414 1.330 0.971 0.095 0.208 0.469 0.425 0.322
LRV 0.027 0.027 0.077 0.073 0.048 0.027 0.027 0.077 0.073 0.046 0.009 0.014 0.032 0.028 0.023
Tab.4  Dependent variable: energy intensity
FMOLS Canonical cointegration Stock-Watson DOLS
M1 M2 M3 M4 M5 M1 M2 M3 M4 M5 M1 M2 M3 M4 M5
lnPE -0.160a
(0.0300)
-0.163a
(0.0297)
-0.192a
(0.0419)
-0.150a
(0.0365)
-0.194a
(0.0317)
-0.165a
(0.0302)
-0.168a
(0.0302)
-0.195a
(0.0443)
-0.149a
(0.0409)
-0.166a
(0.0377)
-0.152a
(0.0466)
-0.155a
(0.0469)
-0.057
(0.0461)
-0.087b
(0.0389)
-0.116b
(0.0440)
lnPO -0.122
(0.0890)
-0.124
(0.0886)
-0.441a
(0.1296)
-0.358a
(0.1043)
-0.191c
(0.997)
-0.110
(0.1022)
-0.111
(0.1017)
-0.466a
(0.1461)
-0.366a
(0.1096)
-0.294b
(0.1286)
-0.332
(0.1956)
-0.317
(0.1932)
-0.425a
(0.1136)
-0.555a
(0.0851)
-0.485a
(0.1613)
lnFD(PS) -0.414a
(0.1168)
-0.410a
(0.1214)
-0.196
(0.2635)
lnFD(PSBK) -0.414a
(0.1175)
-0.411a
(0.1226)
-0.232
(0.2683)
lnFD(M2) 0.433
(0.2993)
0.527
(0.3587)
- 0.301
(0.2846)
lnFD(M2_R) 0.251b
(0.1131)
0.252b
(0.1233)
0.342a
(0.1163)
FD(INDEX) -0.056
(0.0480)
-0.021
(0.0606)
0.024
(0.0808)
lnTOP -0.384c
(0.2188)
-0.376c
(0.2192)
-0.649b
(0.2865)
-0.658b
(0.2552)
-0.537b
(0.2299)
-0.354
(0.2929)
-0.340
(0.2944)
-0.692c
(0.3518)
-0.693b
(0.3237)
-0.728b
(0.3563)
-0.685
(0.5618)
-0.614
(0.5997)
-1.459a
(0.2994)
-1.191a
(0.2514)
-1.321a
(0.4177)
lnIVA 0.894a
(0.3105)
0.877a
(0.3095)
0.126
(0.4650)
0.316
(0.3699)
0.694c
(0.3481
0.872b
(0.3727)
0.847b
(0.3722)
0.156
(0.5400)
0.381
(0.4468)
0.678
(0.4743)
0.866c
(0.4364)
0.839c
(0.4383)
1.401a
(0.4014)
0.765b
(0.2942)
1.067a
(0.3772)
Con -18.338a
(0.7847)
-18.323a
(0.7833)
-15.954a
(0.9999)
-15.560a
(0.9114)
-17.810a
(1.0126)
-18.464a
(0.9631)
-18.457a
(0.9612)
-16.076a
(0.9240)
-15.579a
(0.8799)
-16.486a
(1.2627)
-16.652a
(2.0013)
-16.846a
(1.9932)
-13.901a
(1.0262)
-13.866a
(0.9483)
-14.391a
(2.1081)
Adj R-square 0.731 0.730 0.716 0.741 0.716 0.733 0.732 0.715 0.740 0.707 0.922 0.923 0.939 0.950 0.928
SER 0.311 0.312 0.317 0.306 0.320 0.310 0.311 0.317 0.307 0.325 0.165 0.164 0.146 0.132 0.158
SSR 3.879 3.891 4.027 3.745 4.095 3.854 3.864 4.114 3.758 4.225 0.625 0.017 0.490 0.404 0.575
LRV 0.065 0.064 0.070 0.095 0.076 0.065 0.064 0.119 0.095 0.107 0.039 0.039 0.021 0.017 0.027
Tab.5  Dependent variable: electrical energy intensity
Fig.1  Plot of estimated impact of financial development on energy intensity
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