Journal
APPLIED ECONOMICS
Volume 55, Issue 10, Pages 1114-1128Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/00036846.2022.2096861
Keywords
ICT; financial development; renewable and non-renewable energy consumption; MENA; dynamic panel CS-ARDL
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This study examines the relationship between energy consumption, financial development, information technology and economic growth in the MENA countries. The findings indicate that renewable and non-renewable energy have a positive impact on economic growth, while financial development has a negative effect. Information technology has a positive and significant influence on GDP.
This paper analyses the nexus between renewable and non-renewable energy consumption, financial development, Information and Communication Technology (ICT) diffusion and economic growth, in MENA countries, over the period 1980-2018. We use the novel Cross-Section augmented Autoregressive Distributed Lag (CS-ARDL) estimation technique which accounts for cross-sectional dependence and cross-country heterogeneity issues. We find a positive impact of renewable and non-renewable energy on economic growth, but a negative effect of financial development on economic growth. We also find a positive and statistically significant influence of ICT on Gross Domestic Product (GDP). Renewable energy and ICT diffusion can be considered important determinants of improved economic activity, job creation and better environmental quality. Pairwise Dumitrescu-Hurlin panel causality tests were used to examine the causal relations among the variables. The findings of this study have considerable policy implications for the selected countries.
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