The relationship between economic growth, EPC, energy consumption, and FD have attracted many researchers such as Bekhet and Matar , April), Bekhet et al. , Cowan et al. , Matar and Bekhet , Ntanos et al. , Omri et al. , Onuonga , Ozturk and Acaravci , Sbia et al. , Shahbaz et al. , Sunde , Tang et al. , Yildirim et al. .
Using panel data for 22 emerging countries, Sadorsky  found a positive relationship between financial development and energy consumption. The same previous author  found the same result when he applied the same method on 9 Central and Eastern European frontier economies. However, no significant relationship is found by Coban and Topcu  in the EU27 using GMM model.
Rashid and Yousaf  applied GMM approach along with principal component analysis and suggested a significant positive linkage between electricity consumption and financial development in India and Pakistan.
Ziaei  examined the effects of financial development on energy consumption and CO2 emissions by using panel vector auto-regression (PVAR) in 13 European and 12 East Asia and Oceania countries. He found that energy consumption and CO2 emission shocks on financial indicators such as private sector credit are not very pronounced in both groups of countries.
Gaies et al.  investigated the relationship between energy consumption and financial development in the MENA countries by applying linear and nonlinear dynamic panel model. They suggested a positive significant relationship between FD and energy consumption.
By applying cross-country panel data from 21 transitional countries, Yue et al.  found that there are no significant linear relationships between financial development and energy consumption. However, FD does have significant nonlinear impacts on energy consumption in transitional countries.
Tang et al.  examined the relationship between EPC and FD, and FDI. He found that GDP, FD, exchange rate, and macroeconomic uncertainty are positively related to FDI. Cowan et al.  suggested various results for the granger causality (neutral, bidirectional, and unidirectional) between EPC, CO2, and GDP in the BRICS nations. Wolde-Rufael  examined the causal relationship between electricity consumption and economic growth for 15 countries. He found neutral causality in Moldova, Slovenia, Albania, and Serbia; in Belarus and Bulgaria a unidirectional running from EPC to economic growth and bidirectional causality in Ukraine.
By applying panel data for the period of 1980–2012, Salahuddin et al.  examined the relationship between EPC, FD, economic growth, and CO2 emissions in the GCC countries. They found a positive long-run relationship between EPC, economic growth, and CO2 emissions and negative relationship between FD and CO2 emissions. Salahuddin et al.  analyzed the short-run and long-run effects of FD, GDP, imports, export, and capital on EPC in Japan by using ARDL co-integration model. Their results indicated that 1% rise in FD, import, export, and GDP will increase the load on EPC by 0.24%, 0.21%, 0.09%, and 0.50%, respectively.
Matar and Bekhet  investigated the dynamic relationship among the FD, GDP, EPC, and export in Jordan over the 1976–2011 period by employing ARDL approach and granger causality test. They found a long-term equilibrium relationship between EPC and GDP with unidirectional causality association run from real GDP to EPC. Komal and Abbas  examined the impact of FD on energy consumption in Pakistan by using the system GMM estimation technique. They found that FD has positive impact on energy consumption. Moreover, they found positive impact of economic growth and urbanization on energy consumption, while the impact of energy prices over energy consumption is negative.
Shahbaz et al.  explored the asymmetric relationship between FD, economic growth, and energy consumption by using NARDL bounds testing approach. The results suggested co-integration among the variables and indicated that the negative shocks to FD have impacts on economic growth. Bekhet et al.  analyzed the causal relationships among FD, GDP, and CO2 for GCC countries by using ARDL bound testing approach. The results indicated a long-run and causal relationships among FD, GDP, CO2, and energy consumption for all GCC nations with the exception of UAE.
Nur-Syazwani  investigated the relationship between EPC and GDP in Malaysia over the 1971–2014 period by employing ARDL bounds testing approach. The results showed that there was a co-integration between EPC and GDP, and also the study suggested that EPC, and FDI positively affected GDP in the short-run. The study recommended improving current energy production and motivating the exploration of alternative energy sources to promote economic growth in Malaysia. Bouznit et al.  analyzed the relationship between EPC and income GDP for Algeria over the 1970–2013 period by using ARDL bound testing approach. The results showed that the relationships between electricity use and GDP present an inverted N-shape, with the second turning point having been reached. Moreover, the results suggested to increase the electricity production by renewable energy sources to meet the increasing demand.
Baloch and Meng  found that electricity consumption granger causes financial development in OECD countries. Pata  suggested that financial development increases the environmental degradation and causes great increase in CO2. Destek and Sarkodie  found that there is inverted U-shaped relationship between financial development and ecological footprint.
By employing the wavelet analysis, the current paper is distinguished from the previous literature since most of the previous literature using the relationship between these variables by employing co-integration and panel data tests.