The United Nations Sustainable Development Goal 7 emphasizes the need for economies around the world to double their efforts in energy efficiency improvements.This is because improvements in energy efficiency can trig...The United Nations Sustainable Development Goal 7 emphasizes the need for economies around the world to double their efforts in energy efficiency improvements.This is because improvements in energy efficiency can trigger economic growth and considered as one of the‘green’growth strategies due to its carbon free content.To this end,some empirical studies have investigated the nexus between economic growth and energy efficiency,but the effects of the latter on financial indicators have not been sufficiently studied in the literature,at least in developing economies like Africa.This study examines the effect of energy efficiency improvements on commercial bank profitability under different political regimes(i.e.,autocratic and democratic political regimes);something previous literature had neglected.The study uses panel data,consisting of 43 African countries and the simultaneous System Generalized Method of Moments.We found that energy efficiency improvement is more likely to induce higher bank profitability in political institutions with the characteristics of centralization of power compared with those with decentralization of power.Furthermore,for the banking sector,the findings suggest that energy utilization behavior of clients should be included in the loan or credit valuation process.For the government,the agenda of energy efficiency should be aggressively pursued while taking cognizance of creating a political environment that weans itself from a‘grandfathering’behavior.展开更多
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 ...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’.展开更多
文摘The United Nations Sustainable Development Goal 7 emphasizes the need for economies around the world to double their efforts in energy efficiency improvements.This is because improvements in energy efficiency can trigger economic growth and considered as one of the‘green’growth strategies due to its carbon free content.To this end,some empirical studies have investigated the nexus between economic growth and energy efficiency,but the effects of the latter on financial indicators have not been sufficiently studied in the literature,at least in developing economies like Africa.This study examines the effect of energy efficiency improvements on commercial bank profitability under different political regimes(i.e.,autocratic and democratic political regimes);something previous literature had neglected.The study uses panel data,consisting of 43 African countries and the simultaneous System Generalized Method of Moments.We found that energy efficiency improvement is more likely to induce higher bank profitability in political institutions with the characteristics of centralization of power compared with those with decentralization of power.Furthermore,for the banking sector,the findings suggest that energy utilization behavior of clients should be included in the loan or credit valuation process.For the government,the agenda of energy efficiency should be aggressively pursued while taking cognizance of creating a political environment that weans itself from a‘grandfathering’behavior.
文摘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’.
