Energy efficiency, financial inclusion, and socio-economic outcomes: Evidence across advanced, emerging, and developing countries

Oluwatomisin J. Oyewole*, Mamdouh Abdulaziz Saleh Al-Faryan, Oluwasegun B. Adekoya, Johnson A. Oliyide

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


This study analyzes the effects of financial inclusion and energy efficiency on socio-economic performance across advanced, emerging, and developing economies. We view financial inclusion from the lens of access to and usage of financial services, while energy intensity represents energy efficiency. The panel quantile regression model is employed to capture the nonlinear impacts of financial inclusion and energy efficiency across the conditional distributions of the socio-economic indicators. We find that financial inclusion broadly improves the socio-economic markers, except employment in developing economies. Comparatively, the effect of access to financial services is stronger than the effect of the usage of financial services. On the other hand, the impact of energy efficiency is quite heterogeneous across the country groups and the socio-economic indicators, being sensitive to the level of economic development of the countries. Overall, energy efficiency has the strongest influence in advanced economies, but a moderate influence in the emerging and developing economies. Our results provide imperative policy reflections for the policymakers in the underlying countries, particularly on properly channeling financial resources and enhancing energy efficiency to benefit the various components of their economies.

Original languageEnglish
Article number130062
Early online date21 Dec 2023
Publication statusPublished - 15 Feb 2024


  • Energy efficiency
  • Financial inclusion
  • Panel quantile regression
  • Socio-economic performance

ASJC Scopus subject areas

  • Civil and Structural Engineering
  • Modelling and Simulation
  • Renewable Energy, Sustainability and the Environment
  • Building and Construction
  • Fuel Technology
  • Energy Engineering and Power Technology
  • Pollution
  • Mechanical Engineering
  • General Energy
  • Management, Monitoring, Policy and Law
  • Industrial and Manufacturing Engineering
  • Electrical and Electronic Engineering


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