Table 1.
Variables used in the regression model.
| Variable type | Variable symbol | Variable name | Variable definition | Data source |
|---|---|---|---|---|
| Explained variable | EI | Energy intensity | Primary energy consumption/GDP | EIA;WB-WDIs |
| Control variables | Industry | Degree of industrialization | Industrial added value/GDP | WB-WDIs |
| Trade | Trade openness | Trade volume (total imports and exports of goods and services)/GDP | WB-WDIs | |
| ggdp | GDP growth | GDP growth rate | WB-WDIs | |
| Pop65 | Degree of aging | Population over 65/total population | WB-WDIs | |
| lnop | Energy prices | logarithm of WTI price per barrel of crude oil | BP | |
| Interactive variable | cyjg | Upgrading of industrial structure | Output value of tertiary industry/output value of secondary industry | WB-WDIs |
| Core explanatory variable | FD | Overall financial development | - | IMF-FD |
| FI | Financial institution development | - | IMF-FD | |
| FM | Financial market development | - | IMF-FD | |
| FIA | Financial institution access | - | IMF-FD | |
| FID | Financial institution depth | - | IMF-FD | |
| FIE | Financial institution efficiency | - | IMF-FD | |
| FMA | Financial market access | - | IMF-FD | |
| FMD | Financial market depth | - | IMF-FD | |
| FME | Financial market efficiency | - | IMF-FD | |
| dctps | Financial development | Private sector domestic credit/GDP | WB-WDIs |
Description: EIA stands for U.S. Energy Information Administration; WB-WDIs stands for World Bank Database of World Development Indicators; BP is the World Energy Statistical Yearbook 2020 edition; IMF-FD is financial development database under the International Monetary Fund.