The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries
Abstract The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United State...
Published in: | Geothermal Energy |
---|---|
Main Authors: | , , |
Format: | Article in Journal/Newspaper |
Language: | English |
Published: |
SpringerOpen
2022
|
Subjects: | |
Online Access: | https://doi.org/10.1186/s40517-022-00230-6 https://doaj.org/article/f16b93ec13f0464784b2af5dc7c94454 |
id |
ftdoajarticles:oai:doaj.org/article:f16b93ec13f0464784b2af5dc7c94454 |
---|---|
record_format |
openpolar |
spelling |
ftdoajarticles:oai:doaj.org/article:f16b93ec13f0464784b2af5dc7c94454 2023-05-15T16:50:25+02:00 The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries Mesut Doğan Murat Tekbaş Samet Gursoy 2022-09-01T00:00:00Z https://doi.org/10.1186/s40517-022-00230-6 https://doaj.org/article/f16b93ec13f0464784b2af5dc7c94454 EN eng SpringerOpen https://doi.org/10.1186/s40517-022-00230-6 https://doaj.org/toc/2195-9706 doi:10.1186/s40517-022-00230-6 2195-9706 https://doaj.org/article/f16b93ec13f0464784b2af5dc7c94454 Geothermal Energy, Vol 10, Iss 1, Pp 1-14 (2022) Wind energy Geothermal energy Economic growth Financial development Renewable energy sources TJ807-830 Geology QE1-996.5 article 2022 ftdoajarticles https://doi.org/10.1186/s40517-022-00230-6 2022-12-31T00:07:55Z Abstract The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United States of America, which consume wind and geothermal energy, were utilized in the research study. To this end, after determining the cointegration relationship between the variables, the long-term elasticity coefficients were estimated by employing the FMOLS (2000) and DOLS (2001) models. As a result of the analysis, it was determined that geothermal energy consumption had a positive impact on financial development. Nonetheless, wind energy had no impact on financial development, whereas it had a negative impact on economic growth. According to the Dumitrescu–Hurlin causality test results, it was determined that a unilateral causality existed from wind and geothermal energy consumption to economic growth. These obtained findings, in favor of the conservative hypothesis, yielded important signals for investments to be made in the renewable energy sector as well as policymakers. Article in Journal/Newspaper Iceland Directory of Open Access Journals: DOAJ Articles New Zealand Geothermal Energy 10 1 |
institution |
Open Polar |
collection |
Directory of Open Access Journals: DOAJ Articles |
op_collection_id |
ftdoajarticles |
language |
English |
topic |
Wind energy Geothermal energy Economic growth Financial development Renewable energy sources TJ807-830 Geology QE1-996.5 |
spellingShingle |
Wind energy Geothermal energy Economic growth Financial development Renewable energy sources TJ807-830 Geology QE1-996.5 Mesut Doğan Murat Tekbaş Samet Gursoy The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
topic_facet |
Wind energy Geothermal energy Economic growth Financial development Renewable energy sources TJ807-830 Geology QE1-996.5 |
description |
Abstract The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United States of America, which consume wind and geothermal energy, were utilized in the research study. To this end, after determining the cointegration relationship between the variables, the long-term elasticity coefficients were estimated by employing the FMOLS (2000) and DOLS (2001) models. As a result of the analysis, it was determined that geothermal energy consumption had a positive impact on financial development. Nonetheless, wind energy had no impact on financial development, whereas it had a negative impact on economic growth. According to the Dumitrescu–Hurlin causality test results, it was determined that a unilateral causality existed from wind and geothermal energy consumption to economic growth. These obtained findings, in favor of the conservative hypothesis, yielded important signals for investments to be made in the renewable energy sector as well as policymakers. |
format |
Article in Journal/Newspaper |
author |
Mesut Doğan Murat Tekbaş Samet Gursoy |
author_facet |
Mesut Doğan Murat Tekbaş Samet Gursoy |
author_sort |
Mesut Doğan |
title |
The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
title_short |
The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
title_full |
The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
title_fullStr |
The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
title_full_unstemmed |
The impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
title_sort |
impact of wind and geothermal energy consumption on economic growth and financial development: evidence on selected countries |
publisher |
SpringerOpen |
publishDate |
2022 |
url |
https://doi.org/10.1186/s40517-022-00230-6 https://doaj.org/article/f16b93ec13f0464784b2af5dc7c94454 |
geographic |
New Zealand |
geographic_facet |
New Zealand |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Geothermal Energy, Vol 10, Iss 1, Pp 1-14 (2022) |
op_relation |
https://doi.org/10.1186/s40517-022-00230-6 https://doaj.org/toc/2195-9706 doi:10.1186/s40517-022-00230-6 2195-9706 https://doaj.org/article/f16b93ec13f0464784b2af5dc7c94454 |
op_doi |
https://doi.org/10.1186/s40517-022-00230-6 |
container_title |
Geothermal Energy |
container_volume |
10 |
container_issue |
1 |
_version_ |
1766040574583898112 |