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系統識別號 U0002-1908202015412800
中文論文名稱 金融發展與能源消費
英文論文名稱 Financial development and energy consumption
校院名稱 淡江大學
系所名稱(中) 經濟學系經濟與財務碩士班
系所名稱(英) Master's Program in Economics and Finance, Department of Economics
學年度 108
學期 2
出版年 109
研究生中文姓名 李靜
研究生英文姓名 CHING LEE
學號 605570083
學位類別 碩士
語文別 英文
口試日期 2020-07-20
論文頁數 45頁
口試委員 指導教授-陳智華
共同指導教授-吳宜臻
委員-陳怡宜
委員-楊怡雯
中文關鍵字 金融發展  能源消費  動態系統GMM估計  非線性效果 
英文關鍵字 Financial Development  Energy Consumption  System-GMM  Nonlinear Effect 
學科別分類
中文摘要 本文主要研究金融發展與能源消費的非線性關係,其中金融發展同時考量證券市場及銀行體系,分別探討證券市場及銀行體系的規模性、活動性及效率性對於能源消費之影響;再更進一步分析銀行體系之結構,銀行體系的競爭度及集中度是否影響能源消費。本文實證資料採自1990年至2015年全球95個國家的縱橫資料,並運用動態系統GMM的計量方法進行估計,以解決變數間自我相關及內生性問題。實證結果可得知,就規模性、活動性及效率性而言,隨著證券市場的發展,能源消費會先減少而後增加,兩者之間呈現非線性的U型關係。然而,隨著銀行體系越來越發展,能源消費會先增加而後減少,兩者之間呈現非線性的倒U型關係。此外,銀行發展體系結構朝向競爭度越高且集中度越低,則可抑制能源消費。本文實證研究建議金融發展應著重於銀行體系之發展,且銀行體系須保持競爭但不集中之結構,方能降低能源消費,進而控制二氧化碳排放量、減緩溫室效應,此建議望能提供相關政策制定者作為制定政策之參考。
英文摘要 The major objective of this paper is to investigate the nonlinear relationship between energy consumption and financial development while incorporating income, trade, urbanization, and industrialization. The investigation will include the panel data sets of 95 countries covering 1990-2015 are used, and the investigation mainly is conducted with the dynamic system GMM method to address the problem of heteroskedasticity and serial correlation caused by the reduced form dynamic model. In this study, financial development indicators are proxied as stock market indicators and banking indicators. The paper investigates not only the depth and efficiency of financial development but also banking concentration and banking competition. The Empirical results present that for the characteristic of size, efficiency, and activity, stock market indicators have a U-shaped relationship with energy consumption, and banking indicators have an inverted U-shaped relationship with energy consumption. In the case of banking competition and banking concentration, the empirical results show that more competitive the banking systems are can reduce energy consumption. Based on the empirical analysis, policymakers should focus on the banking sector's development to reduce energy consumption. Moreover, governments should focus on increasing the competitiveness in banking sectors.
論文目次 Table of Contents
1 Introduction 1
2 Literature Review 4
2-1 Time-series studies for the finance-energy nexus 4
2-2 Panel studies for the finance-energy nexus 9
3 Data and Model Specification 15
3-1 Model specification and methodology 15
3-2 Data 17
4 Empirical Results 23
4-1 Linear relationship 23
4-2 Nonlinear relationship 30
5 Conclusion 37
Reference 39
Appendix A: Country List with Means 42

Lists of Table
Table 1: Literature review of time-series studies 7
Table 2: Literature review of penal studies 13
Table 3: Descriptive statistics 22
Table 4: Linear effects of financial development on energy use per capita 24
Table 5: Linear effects of financial development on energy use per GDP 28
Table 6: Nonlinear effects of financial development on energy use per capita 31
Table 7: Nonlinear effects of financial development on energy use per GDP 35


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