Potential of renewable energy, agriculture, and financial sector for the economic growth: Evidence from politically free, partly free and not free countries
2020
Ali, Qamar | ʻAlī, Raz̤ā | Narjis, Saadia | Saeed, Sahrish | Khan, Muhammad Tariq Iqbal
This study was designed to investigate the role of political stability in the nexus between financial development, renewable energy, total reserves, agriculture value addition, and economic growth from 1995 to 2017 in 100 countries. The long-run causality was confirmed for GDP in politically free countries, which implies that political stability is beneficial for the economy. The GDP had bi-directional causality with financial development and total reserves. The increase in GDP was 0.199% (free countries), 0.097% (partly free countries), and 0.055% (not free countries) for 1% rise in financial development. The renewable energy-led growth hypothesis was confirmed in politically free and partly free countries. The impact of total reserves and renewable energy on GDP was insignificant in politically not free countries. The increase in GDP was 0.024% (free countries) and 0.106% (partly free countries) for 1% rise in total reserves. The economic advantage of agriculture value addition was more in politically not free countries (0.461%) followed by partly free and free countries. The agriculture value addition is required to stimulate the economy and ensure food availability.
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