Abstract
This present study is the first attempt to analyze the synergy between primary energy consumption, economic growth, natural resources, quality of government, financial development, and gross capital formation in the panel data of 30 developing countries from 1990 to 2017. For this purpose, the study employed pooled regression, fixed effects, random effects, and the heterogeneous panel Dumitrescu-Hurlin causation procedure. Our findings confirm that primary energy consumption, gross capital formation, financial development, and quality of government positively impact economic growth. The heterogeneous panel causality test confirms the feedback effect hypothesis in the connection between primary energy consumption and other factors including economic growth. These results offer new insights into policy implications for the developing countries being studied.
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