This study aims to provide valuable information on which factors are determinant for energy consumption in the long term. In this respect, the study investigates the impact of financial development, trade openness, and institutional quality on energy consumption for Central Asia which comprises Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. The analysis covers 1996–2014 period and political stability and absence of violence is included as institutional quality indicator as described by the World Bank. To test this relationship, the method employed is static panel data analysis. Empirical results show that financial development and trade openness positively affect energy consumption in these countries. In addition, institutional quality also has positive and significant effect on energy consumption. Based on this finding, policymakers are advised to invest in renewable energy sources given the energy needs and recommended to ensure that energy policy stringency is provided, leading to increasing institutional quality.
[1] Abosedra S, Shahbaz M, Sbia, R. The links between energy consumption, financial
development, and economic growth in Lebanon: evidence from cointegration with unknown
structural breaks. Journal of Energy 2015: 1-15.
[2] Adebayo TS. Renewable energy consumption and environmental sustainability in Canada:
does political stability make a difference? Environmental Science and Pollution Research 2022;
29: 61307–61322.
[3] Alesina A, Perotti R. Income distribution, political instability, and investment. European
Economic Review 1996, 40(6): 1203-1228.
[4] Al-Tal R, Al-Tarawneh A. The impact of government effectiveness and political stability on
energy consumption in the selected MENA economies. International Journal of Energy Economics
and Policy 2021; 11(2): 1-6.
[5] Andreß H, Golsch K, Schmidt AW. Applied panel data analysis for economic and social
surveys. Springer, 2013.
[6] Asteriou D, Hall S. Applied econometrics: a modern approach. Palgrave Macmillan, New
York, US, 2007.
[7] Azam M, Liu L, Ahmad N. Impact of institutional quality on environment and energy
consumption: evidence from developing world. Environment, Development and Sustainability
2020; 23: 1646-1667.
[8] Baloch MA, Danish M, Meng F. Modeling the non-linear relationship between financial
development and energy consumption: statistical experience from OECD countries.
Environmental Science and Pollution Research 2019; 26: 8838–8846.
[9] Baltagi BH, Wu PX. Unequally spaced panel data regressions with AR(1) disturbances.
Econometric Theory 1999; 15: 814-823.
[10] Baltagi BH. Econometric analysis of panel data. Third edition. John Wiley & Sons Ltd, 2005.
[11] Baum CF. An introduction to modern econometrics using Stata. Stata Press, 2006.
[12] Bhargava A, Franzini L, Narendranathan, W. Serial correlation and the fixed effects model.
The Review of Economic Studies 1982; 49(4): 533-549.
[13] Brown MB, Forsythe AB. Robust tests for equality of variances. Journal of the American
Statistical Association 1974; 69: 364-367.
[14] Burney NA. Socioeconomic development and electricity consumption A cross-country
analysis using the random coefficient method. Energy Economics 1995, 17(3), 185-195.
[15] Cameron AC, Trivedi PK. Microeconometrics: methods and applications. Cambridge
University Press, 2005.
[16] Chang C, Wen J, Zheng M, Dong M, Hao Y. Is higher government efficiency conducive to
improving energy use efficiency? evidence from OECD countries. Economic Modelling 2018; 72:
65-77.
[17] Chang S. Effects of financial developments and income on energy consumption. International
Review of Economics and Finance 2014; 35: 28-44.
[18] Chiu Y, Lee C. Effects of financial development on energy consumption: the role of country
risks. Energy Economics 2020; 90: 104833.
[19] Chunyu L, Zain-ul-Abidin S, Majeed W, Raza SMF, Ahmad I. The non-linear relationship
between carbon dioxide emissions, financial development and energy consumption in developing
European and Central Asian economies. Environmental Science and Pollution Research 2021; 28:
63330–63345.
[20] Darby J, Li CW, Muscatelli VA. Political uncertainty, public expenditure and growth.
European Journal of Political Economy 2004; 20(1): 153-179.
[21] D’Agostino RB, Belanger A, D’Agostino RBJr. A suggestion for using powerful and
informative tests of normality. The American Statistician 1990; 44(4): 316–321.
[22] Deese DA. Energy: economics, politics, and security. International Security 1979;4(3): 140-
153.
[23] Destek MA. Energy consumption, economic growth, financial development and trade
openness in Turkey: Maki cointegration test. Bulletin of Energy Economics 2015; 3(4): 162-168.
[24] Doğan B, Değer O. How globalization and economic growth affect energy consumption:
panel data analysis in the sample of Brazil, Russia, India, China Countries. International Journal
of Energy Economics and Policy 2016; 6(4): 806-813.
[25] Driscoll JC, Kraay AC. Consistent covariance matrix estimation with spatially dependent
panel data. Review of Economics and Statistics 1998; 80(4): 549-560.
[26] Duan R, Guo P. Electricity consumption in China: the effects of financial development and
trade openness. Sustainability 2021; 13(18): 10206.
[27] Farhani S, Öztürk İ. Causal relationship between CO2 emissions, real GDP, energy
consumption, financial development, trade openness, and urbanization in Tunisia. Environmental
Science and Pollution Research 2015; 22: 15663–15676.
[28] Fredriksson PG, Vollebergh HRJ, Dijkgraaf E. Corruption and energy efficiency in OECD
countries: theory and evidence. Journal of Environmental Economics and Management 2004; 47:
207-231.
[29] Frees EW. Assessing cross-sectional correlation in panel data. Journal of Econometrics 1995;
69(2): 393-414.
[30] Frees EW. Longitudinal and panel data analysis and applications in the social sciences.
Cambridge University Press, New York, US, 2004.
[31] Friedman M. The use of ranks to avoid the assumption of normality implicit in the analysis
of variance. Journal of the American Statistical Association 1937; 32(200): 675-701.
[32] Godil DI, Sharif A, Ali MI, Öztürk İ, Usman R. The role of financial development, R&D
expenditure, globalization and institutional quality in energy consumption in India: new evidence
from the QARDL approach. Journal of Environmental Management 2021; 285: 112208.
[33] Greene WH. Econometric analysis. Fifth Edition. Upper Saddle River, New Jersey, 2003.
[35] Gürbüz YE, Uulu MA, Çiçekli MY. Orta Asya enerji raporu. Orta Asya Araştırmaları Merkezi
(ORASAM), Kırgızistan-Türkiye Manas Üniversitesi, May 2022.
https://orasam.manas.edu.kg/rapor/Orta%20Asya%20Enerji%20Raporu%20(son)%2010.05.202
2%20(1).pdf
[36] Haider S, Adil MH. Does financial development and trade openness enhance industrial energy
consumption? a sustainable developmental perspective. Management of Environmental Quality
2019; 30(6): 1297-1313.
[38] Hsiao C. Analysis of panel data. Second Edition. Cambridge University Press, Cambridge,
2003.
[39] Jones DW. How urbanization affects energy-use in developing countries. Energy Policy 1991;
19(7): 621-630.
[40] Kartal MT, Depren SK, Kirikkaleli D, Depren Ö, Khan U. Asymmetric and long-run impact
of political stability on consumption-based carbon dioxide emissions in Finland: evidence from
nonlinear and fourier-based approaches. Journal of Environmental Management 2022; 321:
116043.
[41] Kaufmann D, Kraay A, Mastruzzi M. The Worldwide Governance Indicators: Methodology
and Analytical Issues. World Bank Policy Research Working Paper 2010; 5430.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1682130.
[42] Kraft J, Kraft A. On the relationship between energy and GNP. The Journal of Energy and
Development 1978; 3(2): 401-403.
[43] Lee CC, Chang CP. Energy consumption and GDP revisited: A panel analysis of developed
and developing countries. Energy Economics 2007; 29: 1206–1223.
[44] Levene H. Robust testes for equality of variances. In Contributions to Probability and
Statistics. Stanford University Press, Palo Alto, 1960; 278–292.
[45] Liu Y. Exploring the relationship between urbanization and energy consumption in China
using ARDL (Autoregressive Distributed Lag) and FDM (Factor Decomposition Model). Energy
2009; 34(11): 1846-1854.
[46] Liu Y, Xiao H. Lv Y. Zhang N. The effect of new-type urbanization on energy consumption
in China: a spatial econometric analysis. Journal of Cleaner Production 2017; 163: 299-305.
[47] Liu Y. Exploring the relationship between urbanization and energy consumption in China
using ARDL (autoregressive distributed lag) and FDM (factor decomposition model). Energy
2009; 34(11): 1846-1854
[48] Mahalik MK, Babu S, Loganathan N, Shahbaz M. Does financial development intensify
energy consumption in Saudi Arabia? Renewable and Sustainable Energy Reviews 2017; 75:
1022-1034.
[49] Mohsin M, Naseem S, Sarfraz M, Azam T. Assessing the effects of fuel energy consumption,
foreign direct investment and GDP on CO2 emission: new data science evidence from Europe &
Central Asia. Fuel 2022; 314: 123098.
[50] Nasreen S, Anwar S. Causal relationship between trade openness, economic growth and
energy consumption: a panel data analysis of Asian countries. Energy Policy 2014; 69: 82-91.
[51] Nguyen AT. The relationship between economic growth, energy consumption and carbon
dioxide emissions: evidence from Central Asia. Eurasian Journal of Business and Economics
2019; 12(24): 1-15.
[52] Park HM. Linear Regression Models for Panel Data Using SAS, Stata, LIMDEP, and SPSS.
Working Paper. The University Information Technology Services (UITS) Center for Statistical
and Mathematical Computing, Indiana University, 2009.
http://www.indiana.edu/~statmath/stat/all/panel
[53] Peseran M. General diagnostic tests for cross section dependence in panels. IZA Discussion
Paper Series, 2004; 1240.
[54] Poumanyvong P, Kaneko S. Does urbanization lead to less energy use and lower CO2
emissions? a cross-country analysis. Ecological Economics 2010; 70: 434-444.
[55] Rafindadi AA, Öztürk İ. Dynamic effects of financial development, trade openness and
economic growth on energy consumption: evidence from South Africa. International Journal of
Energy Economics and Policy 2017; 7(3): 74-85.
[56] Rafindadi AA. Econometric prediction on the effects of financial development and trade
openness on the german energy consumption: a startling revelation from the data set. International
Journal of Energy Economics and Policy 2015; 5(1), 182-196.
[57] Ren L, Wang W, Wang J, Liu R. Analysis of energy consumption and carbon emission during
the urbanization of shandong province, China. Journal of Cleaner Production 2015; 103: 534-541.
[58] Roodman D. How to do xtabond2: An introduction to difference and system GMM in Stata.
The Stata journal 2009; 9(1): 86-136.
[59] Sadorsky P. Financial development and energy consumption in central and eastern european
frontier economies. Energy Policy 2011; 39(2): 999-1006.
[60] Sadorsky P. Do Urbanization and industrialization affect energy intensity. Energy Economics
2013; 37: 52-59.
[61] Sadorsky P. The impact of financial development on energy consumption in emerging
economies. Energy Policy 2010; 38: 2528–2535.
[62] Salim RA, Shafiei S. Urbanization and renewable and non-renewable energy consumption in
OECD countries: an empirical analysis. Economic Modelling 2014; 38: 581-591.
[63] Shahbaz M, Lean HH. Does financial development increase energy consumption? the role of
industrialization and urbanization in Tunisia. Energy Policy 2012; 40: 473-479..
[64] Shahbaz M, Nasreen S, Ling CH, Sbia R. Causality between trade openness and energy
consumption: what causes what in high, middle and low income countries. Energy Policy 2014;
70: 126-143.
[65] Sheng P, He Y, Guo X. The impact of urbanization on energy consumption and efficiency.
Energy & Environment 2017; 28(7): 673-686.
[66] Sheytanova T. The accuracy of the hausman test in panel data: a monte carlo study. Master’s
thesis, Örebro University, 2014.
[67] Sun X, Meng Z, Zhang X, Wu J. The role of institutional quality in the nexus between green
financing and sustainable development. Research in International Business and Finance 2025; 73:
102531.
[68] The World Bank. 2024. https://databank.worldbank.org/Institutional-Quality/id/98e680fc.
[69] Torres-Reyna O. Panel data analysis fixed and random effects using STATA. Data &
Statistical Services. Princeton University, 2007.
[70] Ummalla M, Goyari P. Does institutional quality matter for renewable energy consumption
and CO2 emissions? Evidence from a panel of BRICS countries. 2024.
[71] Wang S, Fang C, Guan X, Pang B, Ma H. Urbanisation, energy consumption, and carbon
dioxide emissions. Applied Energy, 2014; 136: 738-749.
[72] Wang JZ, Feng GF, Chang CP. How does political instability affect renewable energy
innovation? Renewable Energy 2024;230:120800.
[73] Wang Q, Su M, Li R, Ponce P. The effects of energy prices, urbanization and economic
growth on energy consumption per capita in 186 countries. Journal of Cleaner Production 2019;
225: 1017-1032.
[74] Wooldridge JM. Econometric analysis of cross section and panel data. 2nd Edition. The MIT
Press, Cambridge,UK, 2010.
[75] Zhao Y, Wang S. The relationship between urbanization, economic growth and energy
consumption in China: an econometric perspective analysis. Sustainability 2015;7(5): 5609-5627.
[1] Abosedra S, Shahbaz M, Sbia, R. The links between energy consumption, financial
development, and economic growth in Lebanon: evidence from cointegration with unknown
structural breaks. Journal of Energy 2015: 1-15.
[2] Adebayo TS. Renewable energy consumption and environmental sustainability in Canada:
does political stability make a difference? Environmental Science and Pollution Research 2022;
29: 61307–61322.
[3] Alesina A, Perotti R. Income distribution, political instability, and investment. European
Economic Review 1996, 40(6): 1203-1228.
[4] Al-Tal R, Al-Tarawneh A. The impact of government effectiveness and political stability on
energy consumption in the selected MENA economies. International Journal of Energy Economics
and Policy 2021; 11(2): 1-6.
[5] Andreß H, Golsch K, Schmidt AW. Applied panel data analysis for economic and social
surveys. Springer, 2013.
[6] Asteriou D, Hall S. Applied econometrics: a modern approach. Palgrave Macmillan, New
York, US, 2007.
[7] Azam M, Liu L, Ahmad N. Impact of institutional quality on environment and energy
consumption: evidence from developing world. Environment, Development and Sustainability
2020; 23: 1646-1667.
[8] Baloch MA, Danish M, Meng F. Modeling the non-linear relationship between financial
development and energy consumption: statistical experience from OECD countries.
Environmental Science and Pollution Research 2019; 26: 8838–8846.
[9] Baltagi BH, Wu PX. Unequally spaced panel data regressions with AR(1) disturbances.
Econometric Theory 1999; 15: 814-823.
[10] Baltagi BH. Econometric analysis of panel data. Third edition. John Wiley & Sons Ltd, 2005.
[11] Baum CF. An introduction to modern econometrics using Stata. Stata Press, 2006.
[12] Bhargava A, Franzini L, Narendranathan, W. Serial correlation and the fixed effects model.
The Review of Economic Studies 1982; 49(4): 533-549.
[13] Brown MB, Forsythe AB. Robust tests for equality of variances. Journal of the American
Statistical Association 1974; 69: 364-367.
[14] Burney NA. Socioeconomic development and electricity consumption A cross-country
analysis using the random coefficient method. Energy Economics 1995, 17(3), 185-195.
[15] Cameron AC, Trivedi PK. Microeconometrics: methods and applications. Cambridge
University Press, 2005.
[16] Chang C, Wen J, Zheng M, Dong M, Hao Y. Is higher government efficiency conducive to
improving energy use efficiency? evidence from OECD countries. Economic Modelling 2018; 72:
65-77.
[17] Chang S. Effects of financial developments and income on energy consumption. International
Review of Economics and Finance 2014; 35: 28-44.
[18] Chiu Y, Lee C. Effects of financial development on energy consumption: the role of country
risks. Energy Economics 2020; 90: 104833.
[19] Chunyu L, Zain-ul-Abidin S, Majeed W, Raza SMF, Ahmad I. The non-linear relationship
between carbon dioxide emissions, financial development and energy consumption in developing
European and Central Asian economies. Environmental Science and Pollution Research 2021; 28:
63330–63345.
[20] Darby J, Li CW, Muscatelli VA. Political uncertainty, public expenditure and growth.
European Journal of Political Economy 2004; 20(1): 153-179.
[21] D’Agostino RB, Belanger A, D’Agostino RBJr. A suggestion for using powerful and
informative tests of normality. The American Statistician 1990; 44(4): 316–321.
[22] Deese DA. Energy: economics, politics, and security. International Security 1979;4(3): 140-
153.
[23] Destek MA. Energy consumption, economic growth, financial development and trade
openness in Turkey: Maki cointegration test. Bulletin of Energy Economics 2015; 3(4): 162-168.
[24] Doğan B, Değer O. How globalization and economic growth affect energy consumption:
panel data analysis in the sample of Brazil, Russia, India, China Countries. International Journal
of Energy Economics and Policy 2016; 6(4): 806-813.
[25] Driscoll JC, Kraay AC. Consistent covariance matrix estimation with spatially dependent
panel data. Review of Economics and Statistics 1998; 80(4): 549-560.
[26] Duan R, Guo P. Electricity consumption in China: the effects of financial development and
trade openness. Sustainability 2021; 13(18): 10206.
[27] Farhani S, Öztürk İ. Causal relationship between CO2 emissions, real GDP, energy
consumption, financial development, trade openness, and urbanization in Tunisia. Environmental
Science and Pollution Research 2015; 22: 15663–15676.
[28] Fredriksson PG, Vollebergh HRJ, Dijkgraaf E. Corruption and energy efficiency in OECD
countries: theory and evidence. Journal of Environmental Economics and Management 2004; 47:
207-231.
[29] Frees EW. Assessing cross-sectional correlation in panel data. Journal of Econometrics 1995;
69(2): 393-414.
[30] Frees EW. Longitudinal and panel data analysis and applications in the social sciences.
Cambridge University Press, New York, US, 2004.
[31] Friedman M. The use of ranks to avoid the assumption of normality implicit in the analysis
of variance. Journal of the American Statistical Association 1937; 32(200): 675-701.
[32] Godil DI, Sharif A, Ali MI, Öztürk İ, Usman R. The role of financial development, R&D
expenditure, globalization and institutional quality in energy consumption in India: new evidence
from the QARDL approach. Journal of Environmental Management 2021; 285: 112208.
[33] Greene WH. Econometric analysis. Fifth Edition. Upper Saddle River, New Jersey, 2003.
[35] Gürbüz YE, Uulu MA, Çiçekli MY. Orta Asya enerji raporu. Orta Asya Araştırmaları Merkezi
(ORASAM), Kırgızistan-Türkiye Manas Üniversitesi, May 2022.
https://orasam.manas.edu.kg/rapor/Orta%20Asya%20Enerji%20Raporu%20(son)%2010.05.202
2%20(1).pdf
[36] Haider S, Adil MH. Does financial development and trade openness enhance industrial energy
consumption? a sustainable developmental perspective. Management of Environmental Quality
2019; 30(6): 1297-1313.
[38] Hsiao C. Analysis of panel data. Second Edition. Cambridge University Press, Cambridge,
2003.
[39] Jones DW. How urbanization affects energy-use in developing countries. Energy Policy 1991;
19(7): 621-630.
[40] Kartal MT, Depren SK, Kirikkaleli D, Depren Ö, Khan U. Asymmetric and long-run impact
of political stability on consumption-based carbon dioxide emissions in Finland: evidence from
nonlinear and fourier-based approaches. Journal of Environmental Management 2022; 321:
116043.
[41] Kaufmann D, Kraay A, Mastruzzi M. The Worldwide Governance Indicators: Methodology
and Analytical Issues. World Bank Policy Research Working Paper 2010; 5430.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1682130.
[42] Kraft J, Kraft A. On the relationship between energy and GNP. The Journal of Energy and
Development 1978; 3(2): 401-403.
[43] Lee CC, Chang CP. Energy consumption and GDP revisited: A panel analysis of developed
and developing countries. Energy Economics 2007; 29: 1206–1223.
[44] Levene H. Robust testes for equality of variances. In Contributions to Probability and
Statistics. Stanford University Press, Palo Alto, 1960; 278–292.
[45] Liu Y. Exploring the relationship between urbanization and energy consumption in China
using ARDL (Autoregressive Distributed Lag) and FDM (Factor Decomposition Model). Energy
2009; 34(11): 1846-1854.
[46] Liu Y, Xiao H. Lv Y. Zhang N. The effect of new-type urbanization on energy consumption
in China: a spatial econometric analysis. Journal of Cleaner Production 2017; 163: 299-305.
[47] Liu Y. Exploring the relationship between urbanization and energy consumption in China
using ARDL (autoregressive distributed lag) and FDM (factor decomposition model). Energy
2009; 34(11): 1846-1854
[48] Mahalik MK, Babu S, Loganathan N, Shahbaz M. Does financial development intensify
energy consumption in Saudi Arabia? Renewable and Sustainable Energy Reviews 2017; 75:
1022-1034.
[49] Mohsin M, Naseem S, Sarfraz M, Azam T. Assessing the effects of fuel energy consumption,
foreign direct investment and GDP on CO2 emission: new data science evidence from Europe &
Central Asia. Fuel 2022; 314: 123098.
[50] Nasreen S, Anwar S. Causal relationship between trade openness, economic growth and
energy consumption: a panel data analysis of Asian countries. Energy Policy 2014; 69: 82-91.
[51] Nguyen AT. The relationship between economic growth, energy consumption and carbon
dioxide emissions: evidence from Central Asia. Eurasian Journal of Business and Economics
2019; 12(24): 1-15.
[52] Park HM. Linear Regression Models for Panel Data Using SAS, Stata, LIMDEP, and SPSS.
Working Paper. The University Information Technology Services (UITS) Center for Statistical
and Mathematical Computing, Indiana University, 2009.
http://www.indiana.edu/~statmath/stat/all/panel
[53] Peseran M. General diagnostic tests for cross section dependence in panels. IZA Discussion
Paper Series, 2004; 1240.
[54] Poumanyvong P, Kaneko S. Does urbanization lead to less energy use and lower CO2
emissions? a cross-country analysis. Ecological Economics 2010; 70: 434-444.
[55] Rafindadi AA, Öztürk İ. Dynamic effects of financial development, trade openness and
economic growth on energy consumption: evidence from South Africa. International Journal of
Energy Economics and Policy 2017; 7(3): 74-85.
[56] Rafindadi AA. Econometric prediction on the effects of financial development and trade
openness on the german energy consumption: a startling revelation from the data set. International
Journal of Energy Economics and Policy 2015; 5(1), 182-196.
[57] Ren L, Wang W, Wang J, Liu R. Analysis of energy consumption and carbon emission during
the urbanization of shandong province, China. Journal of Cleaner Production 2015; 103: 534-541.
[58] Roodman D. How to do xtabond2: An introduction to difference and system GMM in Stata.
The Stata journal 2009; 9(1): 86-136.
[59] Sadorsky P. Financial development and energy consumption in central and eastern european
frontier economies. Energy Policy 2011; 39(2): 999-1006.
[60] Sadorsky P. Do Urbanization and industrialization affect energy intensity. Energy Economics
2013; 37: 52-59.
[61] Sadorsky P. The impact of financial development on energy consumption in emerging
economies. Energy Policy 2010; 38: 2528–2535.
[62] Salim RA, Shafiei S. Urbanization and renewable and non-renewable energy consumption in
OECD countries: an empirical analysis. Economic Modelling 2014; 38: 581-591.
[63] Shahbaz M, Lean HH. Does financial development increase energy consumption? the role of
industrialization and urbanization in Tunisia. Energy Policy 2012; 40: 473-479..
[64] Shahbaz M, Nasreen S, Ling CH, Sbia R. Causality between trade openness and energy
consumption: what causes what in high, middle and low income countries. Energy Policy 2014;
70: 126-143.
[65] Sheng P, He Y, Guo X. The impact of urbanization on energy consumption and efficiency.
Energy & Environment 2017; 28(7): 673-686.
[66] Sheytanova T. The accuracy of the hausman test in panel data: a monte carlo study. Master’s
thesis, Örebro University, 2014.
[67] Sun X, Meng Z, Zhang X, Wu J. The role of institutional quality in the nexus between green
financing and sustainable development. Research in International Business and Finance 2025; 73:
102531.
[68] The World Bank. 2024. https://databank.worldbank.org/Institutional-Quality/id/98e680fc.
[69] Torres-Reyna O. Panel data analysis fixed and random effects using STATA. Data &
Statistical Services. Princeton University, 2007.
[70] Ummalla M, Goyari P. Does institutional quality matter for renewable energy consumption
and CO2 emissions? Evidence from a panel of BRICS countries. 2024.
[71] Wang S, Fang C, Guan X, Pang B, Ma H. Urbanisation, energy consumption, and carbon
dioxide emissions. Applied Energy, 2014; 136: 738-749.
[72] Wang JZ, Feng GF, Chang CP. How does political instability affect renewable energy
innovation? Renewable Energy 2024;230:120800.
[73] Wang Q, Su M, Li R, Ponce P. The effects of energy prices, urbanization and economic
growth on energy consumption per capita in 186 countries. Journal of Cleaner Production 2019;
225: 1017-1032.
[74] Wooldridge JM. Econometric analysis of cross section and panel data. 2nd Edition. The MIT
Press, Cambridge,UK, 2010.
[75] Zhao Y, Wang S. The relationship between urbanization, economic growth and energy
consumption in China: an econometric perspective analysis. Sustainability 2015;7(5): 5609-5627.
Özşahin, Ş., & Akbal, E. (2025). Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?. International Journal of Energy Studies, 10(1), 971-995. https://doi.org/10.58559/ijes.1563493
AMA
Özşahin Ş, Akbal E. Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?. Int J Energy Studies. March 2025;10(1):971-995. doi:10.58559/ijes.1563493
Chicago
Özşahin, Şerife, and Emel Akbal. “Do Financial Development, Trade Openness, and Institutional Quality Matter for Energy Consumption in Central Asia?”. International Journal of Energy Studies 10, no. 1 (March 2025): 971-95. https://doi.org/10.58559/ijes.1563493.
EndNote
Özşahin Ş, Akbal E (March 1, 2025) Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?. International Journal of Energy Studies 10 1 971–995.
IEEE
Ş. Özşahin and E. Akbal, “Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?”, Int J Energy Studies, vol. 10, no. 1, pp. 971–995, 2025, doi: 10.58559/ijes.1563493.
ISNAD
Özşahin, Şerife - Akbal, Emel. “Do Financial Development, Trade Openness, and Institutional Quality Matter for Energy Consumption in Central Asia?”. International Journal of Energy Studies 10/1 (March 2025), 971-995. https://doi.org/10.58559/ijes.1563493.
JAMA
Özşahin Ş, Akbal E. Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?. Int J Energy Studies. 2025;10:971–995.
MLA
Özşahin, Şerife and Emel Akbal. “Do Financial Development, Trade Openness, and Institutional Quality Matter for Energy Consumption in Central Asia?”. International Journal of Energy Studies, vol. 10, no. 1, 2025, pp. 971-95, doi:10.58559/ijes.1563493.
Vancouver
Özşahin Ş, Akbal E. Do financial development, trade openness, and institutional quality matter for energy consumption in Central Asia?. Int J Energy Studies. 2025;10(1):971-95.