The Asymmetric Association Among The Consumption Of Gasoline, Financial Advancement, And Economic Freedom In Singapore

This work examines the impact of the four fundamental factors that influence gasoline consumption, which are financial development, economic freedom, expansion of the economy, and gasoline prices in the case of Singapore for the period 1996–2017. The asymmetric NARDL approach was applied. The findings revealed that financial advancement, expansion of the economy, and economic freedom significantly reduce gasoline consumption in Singapore. Furthermore, the causality test revealed that there is a unidirectional causality relationship extending from financial expansion to the consumption of gasoline, while there is a bi-directional causality among economic freedom and the consumption of gasoline.