FDI Inspired Energy Consumption in Selected Emerging Markets: Does Financial Development Matter?

Kunofiwa Tsaurai

doi:10.2478/cer-2018-0016

Autor

Kunofiwa Tsaurai Associate Professor at the University of South Africa, Department of Finance, Risk Management and Banking, Pretoria, South Africa

DOI:

https://doi.org/10.2478/cer-2018-0016

Słowa kluczowe:

zużycie energii, BIZ, rozwój finansowy, rynki wschodzące

Abstrakt

W opracowaniu przedstawiono wyniki badania wpływu komplementarności bezpośrednich inwestycji zagranicznych (BIZ) i rozwoju finansowego na zużycie energii na rynkach wschodzących. Chociaż trafność hipotezy o wpływie BIZ na zużycie energii nie podlega już dyskusji, kwestia połączonego wpływu BIZ i rozwoju finansowego na zużycie energii nie została jeszcze rozwiązana. Metoda efektów losowych i metoda efektów stałych wskazują, że interakcja pomiędzy krajowymi prywatnymi dłużnymi papierami wartościowymi a bezpośrednimi inwestycjami zagranicznymi miała znaczny pozytywny wpływ na zużycie energii, podczas gdy rozległa klasyczna metoda najmniejszych kwadratów (OLS) wykazała, że interakcja BIZ i krajowych publicznych papierów dłużnych pozytywnie i znacząco wpłynęła na konsumpcję energii. Estymacja dynamicznych modeli panelowych przy wykorzystaniu uogólnionej metody momentów (GMM) wskazuje, że związki pomiędzy (1) BIZ a kapitalizacją giełdową oraz między (2) BIZ a wartością obrotów giełdowych miały znaczący negatywny wpływ na zużycie energii. Opracowanie zawiera wezwanie skierowane do rynków wschodzących do pogłębienia rynku obligacji w celu zwiększenia zużycia energii będącego rezultatem BIZ.

Pobrania

Brak dostępnych danych do wyświetlenia.

Bibliografia

Abdouli, M. and Hammami, S. (2017), Exploring links between FDI inflows, energy consumption and economic growth: Further evidence from MENA countries, ‘Journal of Economic Development’, 42(1), 95–117.
Google Scholar

Abidin, I. S. Z., Haseeb, M., Azam, M. and Islam, R. (2015), Foreign direct investment, financial development, international trade and energy consumption: Panel data evidence from selected ASEAN countries, ‘International Journal of Energy Economics and Policy’, 5 (3), 841–850.
Google Scholar

Amri, F. (2016), The relationship amongst energy consumption, foreign direct investment and output in developed and developing countries, ʽRenewable and Sustainable Energy Reviewsʼ, 64 (October), 694–702.
Google Scholar

Antweiler, W., Brian, R., Copeland, M. and Scott, T. (2001), Is free trade good for the environment?, ‘The American Economic Review’, 91 (4), 877–908.
Google Scholar

Anwar, S. and Nguyen, L. P. (2010), Foreign direct investment and economic growth in Vietnam, ‘Asia Pacific Business Review’, 16 (1–2), 183–202.
Google Scholar

Arellano, M. and Bond, S. (1991), Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, ‘The Review of Economic Studies’, 58 (2), 277–297.
Google Scholar

Bekhet, H. A. and Othman, N. S. (2011), Causality analysis among electricity consumption expenditure, gross domestic product (GDP) and foreign direct investment (FDI): Case study of Malaysia, ‘Journal of Economics and International Finance’, 3 (4), 228–235.
Google Scholar

Belmokaddem, M., Ghouali, Y. Z., Guellil, M. S. and Sahraoui, M. A. (2014), Causal interactions between FDI, electricity consumption and economic growth: Evidence from dynamic panel cointegration models, ‘Journal of Social and Economic Statistics’, 3 (2), 1–30.
Google Scholar

Bento, J. P. (2011), Energy savings via foreign direct investment? – Empirical evidence from Portugal, Working paper Number 2011/24, Maastricht School of Management, Maastricht, The Netherlands.
Google Scholar

Bowden, N. and Payne, J.E. (2009), The causal relationship between U. S. energy consumption and real output: A disaggregated analysis, ‘Journal of Policy Modelling’, 31 (2), 180–188.
Google Scholar

Cavusgil, S. T., Ghauri, P. N. and Akcal, A. A. (2013), Doing business in emerging markets, Sage Publications. 2nd Edition.
Google Scholar

Coban, S. and Topcu, M. (2013), The nexus between financial development and energy consumption in the EU: A dynamic panel data analysis, ‘Energy Economics’, 39 (September), 81–88.
Google Scholar

Doytch, N. and Narayan, S. (2016), Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and nonrenewable industrial energy consumption, ‘Energy Economics’, 54 (February), 291–301.
Google Scholar

Elliot, R. J. R., Sun, P. and Chen, S. (2013), Energy intensity and foreign direct investment: A Chinese citylevel study, ‘Energy Economics’, 40 (November), 484–494.
Google Scholar

Fan, Y., Liu, L. C., Wu, G. and Wei, Y. (2006), Analyzing impact factors of CO2 emissions using the STIRPAT model, ‘Environment Impact Assessment Review’, 26 (4), 377–395.
Google Scholar

Gokmenoglu, K. and Taspinar, N. (2015), The relationship between CO2 emissions, energy consumption, economic growth and FDI: The case of Turkey, ‘The Journal of International Trade and Economic Development’, 25 (5), 706–723.
Google Scholar

Hailu, Z. A. (2010), Demand side factors affecting the inflow of foreign direct investment to African countries: Does capital market matter?, ‘International Journal of Business and Management’, 5 (5), 103–112.
Google Scholar

Han, Y., Liu, L., Kong, J., Tang, L. and Kan, S. (2011), Analysis about the impact on FDI to Energy consumption intensity in China, School of Business Administration, Northeastern University, Shenyang, China, 128–131.
Google Scholar

Havrylchyk, O. and Poncet, S. (2007), Foreign direct investment in China: Reward or remedy?, ‘The World Economy’, 30 (11), 1662–1681.
Google Scholar

Hassaballa, H. (2014), Testing for Granger causality between energy use and foreign direct investment inflows in developing countries, ‘Renewable and Sustainable Energy Reviews’, 31 (March), 417–426.
Google Scholar

Huang, B. N., Hwang, M. J. and Yang, C. W. (2008), Causal relationship between energy consumption and GDP growth revisited: A dynamic panel data approach, ‘Ecological Economics’, 6 (7), 41–54.
Google Scholar

Ibrahiem, D. M. (2015), Renewable electricity consumption, foreign direct investment and economic growth in Egypt: An ARDL approach, ‘Proced Econ Finance’, 30, 313–323.
Google Scholar

Im, K. S., Pesaran, M. H. and Shin, Y. (2003), Testing unit roots in heterogeneous panels, ‘Journal of Econometrics’, 115 (1), 53–74.
Google Scholar

International Monetary Fund. (2015). World Economic Outlook: Adjusting to Lower Commodity Prices. Washington (October).
Google Scholar

Keho, Y. (2016), Do foreign direct investment and trade lead to lower energy intensity? Evidence from selected African countries, ‘International Journal of Energy Economics and Policy’, 6 (1), 1–5.
Google Scholar

Khan, M. A., Khan, M. Z., Zaman, K. and Arif, M. (2014), Global estimates of energygrowth nexus: Application of seemingly unrelated regressions, ‘Renewable and Sustainable Energy Reviews’, 29 (January), 63–71.
Google Scholar

Lee, J. W. (2013), The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth, ‘Energy Policy’, 55 (April), 483–489.
Google Scholar

Levine, R. (1997), Financial development and economic growth: Views and agenda, ‘Journal of Economic Literature’, 35 (2), 688–726.
Google Scholar

Levin, A., Lin, C. F. and Chu, C. S. J. (2002), Unit root tests in panel data: Asymptotic and finitesample properties, ‘Journal of Econometrics’, 108 (1), 1–24.
Google Scholar

Liddle, B. (2004), Demographic dynamics and per capita environmental impact: Using panel regressions and household decompositions to examine population and transport, ‘Population Environment Journal’, 26 (1), 23–29.
Google Scholar

Liu, Y., Zhou, Y. and Wu, W. (2015), Assessing the impact of population, income and technology on energy consumption and industrial pollutant emissions in China, ‘Applied Energy’, 155 (October), 904–917.
Google Scholar

Mielnik, O. and Goldemberg, J. (2000), Converging to a common pattern of energy use in developing and industrialised countries, ‘Energy Policy’, 28 (8), 503–508.
Google Scholar

Mielnik, O. and Goldemberg, J. (2002), Foreign direct investment and decoupling between energy and gross domestic product in developing countries, ‘Energy Policy’, 30 (2), 87–89.
Google Scholar

Mohamed, K. M. and Mamat, M. N. (2016), Examining the relationship between FDI, economic growth, energy consumption and exports in Yemen, ‘Journal of Advanced Social Research’, 6 (6), 1–22.
Google Scholar

Nindi, A. G. and Odhiambo, N. M. (2014), Energy consumption and economic growth in Mozambique: An empirical investigation, ‘Environmental Economics’, 5 (4), 82–92.
Google Scholar

Nor, N. H. H. M., Ripain, N. and Ahmad, N. M. (2015), Financial development and FDIGrowth nexus: Panel Analysis, Proceedings of the 2nd International Conference on Management and Muamalah,435–446.
Google Scholar

Odhiambo, N. M. (2010), Energy consumption, prices and economic growth in three SSA countries: A comparative study, ‘Energy Policy’, 38 (5), 2463–2469.
Google Scholar

Odhiambo, N. M. (2014), Energy dependence in developing countries: Does the level of income matter? ‘Atlantic Economic Journal’, 42 (1), 65–77.
Google Scholar

Okafor, H. O. (2012), Testing the relationship between energy consumption and economic growth: Evidence from Nigeria and South Africa, ‘Journal of Economics and Sustainable Development’, 3 (11), 111–124.
Google Scholar

Omri, A. and Kahouli, B. (2014), Causal relationships between energy consumption, foreign direct investment and economic growth: Fresh evidence from dynamic simultaneousequations models, ‘Energy Policy’, 67 (April), 913–922.
Google Scholar

Ouedraogo, N. S. (2013), Energy consumption and economic growth: Evidence from the Economic Community of West African States (ECOWAS), ‘Energy Economics’, 36 (March), 637–647.
Google Scholar

Reddy, A. K. N., Anand, Y. P. and D’Sa, A. (2001), Energy for a sustainable road/rail transport system in India, ‘Energy for Sustainable Development’, 4 (1), 29–44.
Google Scholar

Sadorsky, P. (2010), The impact of financial development on energy consumption in emerging economies, ‘Energy Policy’, 38 (5), 2528–2535.
Google Scholar

Salim, R., Yao, R., Chen, G. and Zhang, L. (2017), Can foreign direct investment harness energy consumption in China? A time series investigation, ‘Energy Economics’, 66 (August), 43–53.
Google Scholar

Samimi, R. (1995), Road transport energy demand in Australia: A cointegration approach, ‘Energy Economics’, 17 (4), 329–339.
Google Scholar

Sbia, R., Shahbaz, M. and Hamdi, H. (2014), A contribution of foreign direct investment, clean energy, trade openness, carbon emissions and economic growth to energy demand in UAE, ‘Economic Modelling’, 36 (January), 191–197.
Google Scholar

Shahbaz, M., Nasreen, S., Ling, C. H. and Sbia, R. (2014), Causality between trade openness and energy consumption: What causes what in high, middle and low income countries, ‘Energy Policy’, 70 (July), 126–143.
Google Scholar

Sharma, A. and Bruce, C. (2013), The relationship between energy and U. S. GDP: A multivariate Vector Error Correction Model, ‘Journal of Energy and Development’, 38 (1), 1–17.
Google Scholar

Tang, C. F. (2009), Electricity consumption, income, foreign direct investment and population in Malaysia: New evidence from multivariate framework analysis, ‘Journal of Economic Studies’, 36 (4), 371–382.
Google Scholar

Toda, H. Y. and Yamamoto, T. (1995), Statistical inference in Vector Autoregressions with possibility integrated processes, ‘Journal of Econometrics’, 66 (1), 225–250.
Google Scholar

Tsani, S. Z. (2010), Energy consumption and economic growth: A causality analysis for Greece, ‘Energy Economics’, 32 (3), 582–590.
Google Scholar

Wei, L. Z. and Gang, Z. X. (2012), Study on the relationship of Energy consumption and economic growth in China, ‘Physics Procedia’, 24 (4), 313–319.
Google Scholar

Yildirim, E. and Aslan, A. (2012), Energy consumption and economic growth nexus for 17 highly developed OECD countries: Further evidence based on bootstrapcorrected causality tests, ‘Energy Policy’, 51 (3), 985–993.
Google Scholar

Zhu, H., Duan, L., Guo, Y. and Yu, K. (2016), The effects of FDI, economic growth and energy consumption on carbon emissions in ASEAN–5: Evidence from panel quantile regression, ‘Economic Modelling’, 58 (November), 237–248.
Google Scholar