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ID: 094955

Impact of financial development on energy consumption in emergi / Sadorsky, Perry

Sadorsky, Perry	Journal Article
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Publication

2010.

Summary/Abstract

Financial development is often cited as a very important driver of economic growth in emerging economies and it is thus likely that financial development affects energy demand. This study uses generalized method of moments estimation techniques to examine the impact of financial development on energy consumption in a sample of emerging countries. Several different measures of financial development are examined. Using a panel data set on 22 emerging countries covering the period 1990-2006, the empirical results show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using stock market variables like stock market capitalization to GDP, stock market value traded to GDP, and stock market turnover. The implications of these results for energy policy are discussed.

Key Words

Energy Consumption ; Financial Development ; Emerging Economies

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ID: 111059

Modeling renewable energy company risk / Sadorsky, Perry

Sadorsky, Perry	Journal Article
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Publication

2012.

Summary/Abstract

The renewable energy sector is one of the fastest growing components of the energy industry and along with this increased demand for renewable energy there has been an increase in investing and financing activities. The tradeoff between risk and return in the renewable energy sector is, however, precarious. Renewable energy companies are often among the riskiest types of companies to invest in and for this reason it is necessary to have a good understanding of the risk factors. This paper uses a variable beta model to investigate the determinants of renewable energy company risk. The empirical results show that company sales growth has a negative impact on company risk while oil price increases have a positive impact on company risk. When oil price returns are positive and moderate, increases in sales growth can offset the impact of oil price returns and this leads to lower systematic risk.

Key Words

Oil Prices ; Renewable Energy ; CAPM

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ID: 091574

Renewable energy consumption and income in emerging economies / Sadorsky, Perry

Sadorsky, Perry	Journal Article
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Publication

2009.

Summary/Abstract

Increased economic growth and demand for energy in emerging economies is creating an opportunity for these countries to increase their usage of renewable energy. This paper presents and estimates two empirical models of renewable energy consumption and income for a panel of emerging economies. Panel cointegration estimates show that increases in real per capita income have a positive and statistically significant impact on per capita renewable energy consumption. In the long term, a 1% increase in real income per capita increases the consumption of renewable energy per capita in emerging economies by approximately 3.5%. Long-term renewable energy per capita consumption price elasticity estimates are approximately equal to ?0.70.

Key Words

Developing Countries ; Energy Consumption ; Renewable Energy ; Emerging Economies ; Panel Cointegration

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