Presenter Status
Student, Economics department
Presentation Type
Oral presentation
Presentation Abstract
This study attempts to investigate the dynamic relationship between information and communication technology (ICT), electricity consumption (EC), real gross domestic product per capita (GDPC) and financial development (FD) for selected sixteen OECD countries in a balanced framework between the periods of 1990 and 2014. This paper employs relatively new panel estimation techniques that accounts for heterogeneity and cross-sectional dependency in order to enable robust estimates and avoid spurious analysis. Empirical evidences reveal that there is cross-sectional dependency among the countries investigated as shown by Pesaran (2004). Thus, this current study proceeds to second generation panel econometrics techniques for reliable and consistent estimates. Pesaran (2007) panel data unit root test was employed to check for stability and asymptotic features of the data. For long-run equilibrium relationship among series bootstrap panel technique advanced by Westerlund and Edgerton (2007) was utilized. Findings here have no favor for cointegration relationship among the series examined. Subsequently, this paper examined causal interaction among series via the Dumitresu & Hurlin (2012) Granger causality test. The causality test has the following revelations: A bi-directional causality running from EPC to ICT, EPC to FD, GDPC to ICT and ICT to FD. This bi-directional (feedback) causality is indicative to policy makers who design policy framework and as well as stakeholders, in the sense that if information and communication technology is enhanced, its multiplier effect would influence electric power consumption and the economy at large given that there is also causality from information and communication technology to financial development. Further insights are explained in the conclusion section of the paper.
Biographical Sketch
I am Olawumi Osundina, a Ph.D candidate in the department of Economics at Eastern Mediterranean University. I have completed all my course-work and also passed the Ph.D qualifying examination, and I am only working on my dissertation now (ABD- all but dissertation). Prior to embarking on my Ph.D program in 2015 I was an Assistant lecturer in the department of Economics, Babcock University when I left to pursue doctoral studies. I have a Master’s degree in Finance and a Bachelor’s degree in Economics. I am a female, from Nigeria.
The Relationship between Information and Communication Technology, Financial Development, Electricity Consumption and Economic Growth in OECD Countries: A Panel Investigation
This study attempts to investigate the dynamic relationship between information and communication technology (ICT), electricity consumption (EC), real gross domestic product per capita (GDPC) and financial development (FD) for selected sixteen OECD countries in a balanced framework between the periods of 1990 and 2014. This paper employs relatively new panel estimation techniques that accounts for heterogeneity and cross-sectional dependency in order to enable robust estimates and avoid spurious analysis. Empirical evidences reveal that there is cross-sectional dependency among the countries investigated as shown by Pesaran (2004). Thus, this current study proceeds to second generation panel econometrics techniques for reliable and consistent estimates. Pesaran (2007) panel data unit root test was employed to check for stability and asymptotic features of the data. For long-run equilibrium relationship among series bootstrap panel technique advanced by Westerlund and Edgerton (2007) was utilized. Findings here have no favor for cointegration relationship among the series examined. Subsequently, this paper examined causal interaction among series via the Dumitresu & Hurlin (2012) Granger causality test. The causality test has the following revelations: A bi-directional causality running from EPC to ICT, EPC to FD, GDPC to ICT and ICT to FD. This bi-directional (feedback) causality is indicative to policy makers who design policy framework and as well as stakeholders, in the sense that if information and communication technology is enhanced, its multiplier effect would influence electric power consumption and the economy at large given that there is also causality from information and communication technology to financial development. Further insights are explained in the conclusion section of the paper.