Spatiotemporal analysis of energy consumption and financial development in African OPEC countries

IF 2.5 Q3 MANAGEMENT International Journal of Energy Sector Management Pub Date : 2022-10-31 DOI:10.1108/ijesm-03-2022-0010

Florence U. Nwafor, E. Kalu, A. Arize, J. Onwumere

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Abstract

Purpose This study aims to investigate in a country-specific comparative and panel form, the impact of energy use on financial development in Organisation of Petroleum Exporting Countries (OPEC)-African countries of Algeria, Gabon, Libya and Nigeria. Design/methodology/approach With data sets covering the period 1980 to 2020, this study used a combination of country-specific autoregressive distributed lag model (ARDL) and panel-ARDL as well geo-maps to show the spatiotemporal nuances of the investigated countries. Findings It was discovered across the investigated countries and in the panel framework that energy consumption significantly impacts both bank development and institutional development, which are subsets of financial development. In addition, evidence in favor of adjustment of financial development to the shocks and dynamics of energy consumption was found. Practical implications Integrative developmental drive for the two sectors can enhance growth and value-chain interactions for the imperatives of the overall growth and development of the OPEC-African countries. Originality/value This study adds to the literature on finance and energy development by the introduction of the spatiotemporal analysis.

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非洲欧佩克国家能源消费与金融发展的时空分析

目的本研究旨在以国别比较和小组形式，调查石油输出国组织（OPEC）-阿尔及利亚、加蓬、利比亚和尼日利亚等非洲国家能源使用对金融发展的影响，本研究结合了国别自回归分布滞后模型（ARDL）和面板ARDL以及地理地图来显示被调查国家的时空差异。调查结果在被调查的国家和小组框架中发现，能源消耗对银行发展和机构发展都有重大影响，而银行发展和制度发展是金融发展的子集。此外，还发现了有利于金融发展对能源消费的冲击和动态进行调整的证据。实际意义这两个部门的综合发展驱动可以增强增长和价值链互动，以实现欧佩克非洲国家的整体增长和发展。原创性/价值本研究通过引入时空分析，为金融和能源发展文献增添了内容。

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来源期刊

International Journal of Energy Sector Management MANAGEMENT-

CiteScore

6.80

自引率

22.60%

发文量

期刊介绍： The International Journal of Energy Sector Management aims to facilitate dissemination of research on issues relating to supply management (covering the entire supply chain of resource finding, extraction, production, treatment, conversion, transportation, distribution and retail supply), demand and usage management, waste management, customer and other stakeholder management, and solutions thereto. The journal covers all forms of energy (non-renewable and renewable), forms of supply (centralised or decentralised), ownership patterns (public or private, cooperative, joint, or any other), market structures (formal, informal, integrated, disintegrated, national, international, local, etc.) and degress of commoditisation (e.g. internationally traded, regionally traded, non-traded, etc.). The journal aims to cover a wide range of subjects relevant to the management of the energy sector, including but not limited to: Management of scarce resources (economic, financial, human and natural), projects, activities and concerns (e.g. regulatory, social and environmental aspects), technologies and knowledge Business strategy, policy and planning as well as decision support systems for energy sector management Business organisation, structure and environment, and changes thereto Globalisation and multi-cultural management Management of innovation, change and transition.