The Impact of Financial Development on Energy Consumption in ASEAN-6: A Quantile Regression Analysis

Maulidar Agustina, M. S. Abd. Majid, H. Hafasnuddin, Eddy Gunawan, Murkhana Murkhana, Z. Zulkifli
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Abstract

This study intends to determine the effects of financial development on the consumption of renewable Energy in the ASEAN-6 (Indonesia, Malaysia, Thailand, Singapore, Philippines, and Vietnam) from 2000 to 2020. Panel data of the variable Renewable Energy Consumption, and financial development measured using banking sector indicators represented by Domestic credit to the private sector by banks (DC) and Bank's capital to assets ratio (BC), as well as capital market sector indicators represented by the Market capitalization of listed domestic companies (MC) and Stocks traded total value (ST), obtained from the World Bank. This study got two critical points conclusion based on the findings of the analysis utilizing the quantile regression model. First, for banking sector indicators, Domestic credit to the private sector by banks (DC) has a significantly positive effect on Renewable Energy Consumption. However, Bank's Capital to Assets Ratio (BC) has no impact on Renewable Energy Consumption. Second, in capital market sector indicators, the market capitalization of registered domestic companies (MC) variable has a negative and significant impact on Renewable Energy Consumption. While the Stocks Traded Total Value (ST) has a positive and significant impact on Renewable Energy Consumption (REC). This highlights that the financialization track needs to be strengthened, according to ASEAN-6 policymakers. In order to increase demand for renewable Energy, the banking industry and capital market must be able to support high-quality finance allocations that significantly influence productivity and economic growth. Citizens should also be aware of environmental issues and renewable energy benefits.
金融发展对东盟六国能源消费的影响:分位数回归分析
本研究旨在确定2000年至2020年金融发展对东盟六国(印度尼西亚、马来西亚、泰国、新加坡、菲律宾和越南)可再生能源消费的影响。可变可再生能源消费和金融发展的面板数据,采用银行对私营部门的国内信贷(DC)和银行资本资产比率(BC)为代表的银行业指标,以及国内上市公司市值(MC)和股票交易总价值(ST)为代表的资本市场部门指标,从世界银行获得。本研究利用分位数回归模型的分析结果得出两个临界点结论。首先,就银行业指标而言,银行对私营部门的国内信贷(DC)对可再生能源消费具有显著的正向影响。然而,银行的资本与资产比率(BC)对可再生能源消费没有影响。第二,在资本市场部门指标中,境内注册公司市值(MC)变量对可再生能源消费具有显著的负向影响。而股票交易总值(ST)对可再生能源消费(REC)有显著的正向影响。东盟6国政策制定者表示,这凸显出金融化轨道需要加强。为了增加对可再生能源的需求,银行业和资本市场必须能够支持对生产率和经济增长有重大影响的高质量融资配置。市民也应该意识到环境问题和可再生能源的好处。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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