The ICT, financial development, energy consumption and economic growth nexus in MENA countries: dynamic panel CS-ARDL evidence

This paper analyses the nexus between renewable and non-renewable energy consumption, financial development, Information and Communication Technology (ICT) diffusion and economic growth, in MENA countries, over the period 1980-2018. We use the novel Cross-Section augmented Autoregressive Distributed...

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Bibliographic Details
Published in:Applied economics 2023-02, Vol.55 (10), p.1114-1128
Main Authors: Dahmani, Mounir, Mabrouki, Mohamed, Ben Youssef, Adel
Format: Article
Language:English
Subjects:
Causality
Communications technology
dynamic panel CS-ARDL
Economic activity
Economic analysis
Economic growth
Economic theory
Economics and Finance
Energy consumption
financial development
GDP
Gross Domestic Product
Humanities and Social Sciences
ICT
Information technology
Job creation
MENA
renewable and non-renewable energy consumption
Renewable energy
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Summary:This paper analyses the nexus between renewable and non-renewable energy consumption, financial development, Information and Communication Technology (ICT) diffusion and economic growth, in MENA countries, over the period 1980-2018. We use the novel Cross-Section augmented Autoregressive Distributed Lag (CS-ARDL) estimation technique which accounts for cross-sectional dependence and cross-country heterogeneity issues. We find a positive impact of renewable and non-renewable energy on economic growth, but a negative effect of financial development on economic growth. We also find a positive and statistically significant influence of ICT on Gross Domestic Product (GDP). Renewable energy and ICT diffusion can be considered important determinants of improved economic activity, job creation and better environmental quality. Pairwise Dumitrescu-Hurlin panel causality tests were used to examine the causal relations among the variables. The findings of this study have considerable policy implications for the selected countries.
ISSN:0003-6846
1466-4283
DOI:10.1080/00036846.2022.2096861