Do Multi-Market Institutions and Renewable Energy Matter for Sustainable Development: A Panel Data Investigation

Abstract

This paper measures the impact of multi-market institutions, renewable energy consumption, and infrastructure on sustainable development in 76 selected countries over the period 2000–2015. To this end, we applied a dynamic Ordinary Least Square method with fixed effects, which has the advantage of further addressing cross-section heterogeneity in the sample. Our findings contribute two significant findings to the literature. First, we point to the importance of multi-market institutions in driving sustainable development. Second, we find that renewable energy, economic and social infrastructure can boost sustainable development, while financial infrastructure has a reverse effect. This finding is useful to target the most effective drivers for sustainable development.