Abstract
Although studies on the influencing factors of electricity consumption are rich, the focus on the relationship between financial development and electricity consumption is scarce due to the characteristics of financial sector. In fact, the financial development cannot only increase electricity consumption, but also have the spatial spillover effects. Based on the global spatial modeling techniques, the long-term and short-term relationship between financial development and electricity consumption is examined, and the intermediary effect of financial development on electricity consumption through economic growth, urbanization, and industrial structure optimization is also verified. Results show that there is a global co-integration relationship between financial development, economic growth, urbanization, industrial structure optimization, and China’s electricity consumption, rather than a local co-integration relationship. When the short-term change of electricity consumption deviates from the equilibrium state, the global error correction mechanism can promote the unbalanced system to return to equilibrium from time and spatial dimension. This study confirms not only the spatial spillover effects, but also heterogeneous influences of financial development on electricity consumption, which provides new evidence to make relevant policies.
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Data availability
The datasets used in this study are available from the authors on reasonable request.
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Funding
This work was financially sponsored by National Natural Science Foundation of China (No.71773057), Humanities and Social Sciences Research Youth Foundation Project of the Ministry of Education in China (No.16YJCZH124; No.17YJCZH218; No. 21YJC630046); Key Project of National Statistical Science Research (No. 2021LZ17); Liaoning Social Science Foundation project (No. L21CTJ001); the Project of Social Science Research Base in Ningbo city (No. JD5-ZD17); Science and Technology Innovation 2025 Major Project in Ningbo city (No. 2019B10009); Entrusted project of young talents of Philosophy and Social sciences of Liaoning Province (No. 20221slwtkt-022).
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Jianjun Xu contributed to the conception of the study, conducted the data analysis, and wrote the manuscript; Xuejiao Ma reviewed and revised the manuscript; Xiaoqing Xu proofread the paper.
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Xu, J., Ma, X. & Xu, X. Spatial spillover effects and action paths of electricity consumption driven by China’s financial development based on global co-integration. Environ Sci Pollut Res 29, 53137–53157 (2022). https://doi.org/10.1007/s11356-022-19386-6
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DOI: https://doi.org/10.1007/s11356-022-19386-6