Energy consumption, financial development and economic growth in India: New evidence from a nonlinear and asymmetric analysis
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There is a nonlinear relationship between financial development and economic growth in India, and only negative shocks to finance have impacts on economic growth.
“Shahbaz et al. (2017) identified a nonlinear relationship between financial development and economic growth in India and argued that only negative shocks to finance have impacts on economic growth.”
From Financial Inclusion and Economic Growth in Sub-Saharan Africa—A Panel ARDL and Granger Non-Causality Approach (2023) · cites this paper as Shahbaz et al. (2017)
The Conclusion says the finance–growth relationship in India is asymmetric: positive shocks do not affect growth, while negative shocks hamper it. However, the Cointegration results (§4.2) also report a significant negative effect of positive financial-development shocks on long-term growth. Thus, the unqualified claim that only negative shocks have impacts overstates the paper's findings. (LLM, conf=0.86)
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Cited by
Sorted by citations
Asante, G. N., Takyi, P. O., & Mensah, G. (2023) · Development Studies Research · doi:10.1080/21665095.2022.2156904 · Cited by 72 · see citing works
“In addition, Shahbaz et al. (2017) also examined the nonlinear relationship between fi nancial development and economic growth in Indian economy.”
BackgroundEkanayake, E. M., & Thaver, R. (2021) · Journal of Risk and Financial Management · doi:10.3390/jrfm14100489 · Cited by 43 · see citing works
Jima, M. D., & Makoni, P. L. (2023) · Journal of Risk and Financial Management · doi:10.3390/jrfm16060299 · Cited by 39 · see citing works
Mañas-Álvarez, I. C., Galán-Valdivieso, F., & Caba-Pérez, M. D. C. (2024) · Sustainable Finance · doi:10.1007/978-3-031-56419-2_10 · Cited by 1 · see citing works
- Authors
- Shahbaz, M., Hoang, T. H. V., Mahalik, M. K., & Roubaud, D.
- Affiliations
- MBS School of Business (FR)
- National Institute of Technology Rourkela (IN)
- Venue
- Energy Economics
- Publisher
- Elsevier BV
- Published
- 2017-03
- Volume
- 63
- Pages
- 199-212
- ISSN
- 0140-9883 (ISSN-L)
- OpenAlex
- W2587762325
- Cited by
- 598
- References
- 112
- Citations by year
- 2026: 27 · 2025: 48 · 2024: 46 · 2023: 76 · 2022: 120 · 2021: 100 · 2020: 91 · 2019: 57 · 2018: 26 · 2017: 6 · 2016: 1
- FWCI
- 88.60
- Type
- journal article
- Language
- en
- Open access
- green
- hal.science
- Licence
- Locations
- Energy Economics (publishedVersion)
- HAL (submittedVersion, other-oa)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- University of Sussex
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Energy, Environment, Economic Growth
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Growth and Productivity
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Market Dynamics and Volatility
- Keywords
- energy consumption, economic growth, financial development, capital formation, labor force, asymmetric causality, nonlinear cointegration, production function, India, growth policy
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