The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United States of America, which consume wind and geothermal energy, were utilized in the research study. To this end, after determining the cointegration relationship between the variables, the long-term elasticity coefficients were estimated by employing the FMOLS (2000) and DOLS (2001) models. As a result of the analysis, it was determined that geothermal energy consumption had a positive impact on financial development. Nonetheless, wind energy had no impact on financial development, whereas it had a negative impact on economic growth. According to the Dumitrescu–Hurlin causality test results, it was determined that a unilateral causality existed from wind and geothermal energy consumption to economic growth. These obtained findings, in favor of the conservative hypothesis, yielded important signals for investments to be made in the renewable energy sector as well as policymakers.

中文翻译：

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风能和地热能消耗对经济增长和金融发展的影响：选定国家的证据

本研究的目的是调查风能和地热能消耗对 2016:M1 和 2020:M11 期间经济增长和金融发展的影响。研究利用了从消耗风能和地热能的德国、冰岛、意大利、日本、墨西哥、新西兰、葡萄牙、土耳其和美利坚合众国获得的数据。为此，在确定变量之间的协整关系后，采用 FMOLS (2000) 和 DOLS (2001) 模型估计长期弹性系数。分析结果表明，地热能源消耗对金融发展具有积极影响。尽管如此，风能对金融发展没有影响，但对经济增长有负面影响。根据 Dumitrescu-Hurlin 因果关系检验结果，确定风能和地热能消耗与经济增长之间存在单边因果关系。这些获得的结果支持保守假设，为可再生能源部门和政策制定者的投资提供了重要信号。