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Sustainability
Article . 2022 . Peer-reviewed
License: CC BY
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Sustainability
Article . 2022
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Education, Financial Development, and Primary Energy Consumption: An Empirical Analysis for BRICS Economies

Authors: Gamze Sart; Mehmet Hilmi Ozkaya; Yilmaz Bayar;

Education, Financial Development, and Primary Energy Consumption: An Empirical Analysis for BRICS Economies

Abstract

Energy is life blood of all economies and an indispensable prerequisite for all economic activities and consequently factors influencing the energy consumption are of vital importance. Therefore, this study investigates the effect of education together with financial development on energy consumption in sample of BRICS economies over the 1990–2019 period by means of second-generation cointegration and causality analyses thanks to the small number of empirical studies. The causality analysis unveils a one-way causal effect from education to primary energy consumption, but an insignificant causality between financial development and primary energy consumption. The cointegration analysis uncovers a strong positive effect of education at panel level and in all BRICS economies in the long-term, but financial sector development has a significant positive influence on primary energy use only in South Africa in the long-term. The findings of the study reveal that education considerably increases the primary energy use in the BRICS economies through economic growth channel, but financial sector development has not been a significant determinant of primary energy use yet. However, the BRICS economies should attach more importance to green technology and energy focused growth for sustainable growth and development.

Keywords

education, financial development, Environmental effects of industries and plants, TJ807-830, primary energy use, TD194-195, Renewable energy sources, Environmental sciences, GE1-350, education; financial development; primary energy use; panel causality analysis; panel cointegration analysis, panel cointegration analysis, panel causality analysis

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    citations
    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    7
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Top 10%
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    Average
    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
    Top 10%
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citations
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
7
Top 10%
Average
Top 10%
gold