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Gelişmekte Olan Ekonomilerde Doğrudan Yabancı Yatırımlar ve Enerji Tüketimi: Yatay Kesit Bağımlılığı Altında Heterojen Dinamik Panel Veri Analizi

Year 2021, Volume: 10 Issue: 20, 18 - 27, 31.12.2021

Abstract

Bu çalışma, 1987-2016 dönemi için 40 gelişmekte olan ülkede, doğrudan yabancı yatırımların yenilenebilir ve yenilenemez enerji tüketimi üzerindeki etkisini incelemektedir. Bu amaçla, heterojenlik, içsellik ve/veya yatay kesit bağımlılığı dikkate alınarak, literatürde dinamik panel veri modellerinin tahmini için önerilen çeşitli tahmin edicileri kullanılmıştır. Elde edilen ampirik sonuçlar, ekonomik büyümenin enerji tüketiminin temel itici güçlerinden biri olduğunu göstermekle birlikte, seçili ülkelerde analiz dönemi için doğrudan yabancı yatırımların hem yenilenebilir hem de yenilenemez enerji tüketimi üzerindeki etkisi hakkında herhangi bir ampirik bulgu elde edilememiştir. Dolayısıyla bu bulgular, ev sahibi ülkelerin messetme kabiliyetlerinin, enerji yoğunluklarının ve çevre düzenlemelerinin önemini gösteren önemli politika sonuçları olabilir.

References

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  • Hübler, M., & Keller, A. (2010). Energy savings via FDI? Empirical evidence from developing countries. Environment and Development Economics, 15(1), 59-80.
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  • Li, K., & Qi, S. (2016). Does FDI increase industrial energy consumption of China? Based on the empirical analysis of Chinese provinces industrial panel data. Emerging Markets Finance and Trade, 52(6), 1305-1314.
  • Lin, B., & Benjamin, I. N. (2018). Causal relationships between energy consumption, foreign direct investment and economic growth for MINT: Evidence from panel dynamic ordinary least square models. Journal of Cleaner Production, 197, 708-720.
  • Mielnik, O., & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30(2), 87-89.
  • Pao, H. T., & Tsai, C. M. (2011). Multivariate granger causality between co2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) Countries. Energy, 36(1), 685-693.
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  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Polat, B. (2018). The influence of FDI on energy consumption in developing and developed countries: A dynamic panel data approach. Journal of Yasar University, 13(49).
  • Ting, Y. U. E., Yin, L. R., & Ying, Z. Y. (2011). Analysis of the FDI effect on energy consumption intensity in Jiangsu province. Energy Procedia, 5, 100-104.
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
  • Zhu, H,. Duan, L., Guo, Y., & 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, 237-248.

Foreign Direct Investment and Energy Consumption in Developing Economies: An Analysis of Heterogeneous Dynamic Panel Data Models with Cross Sectional Dependency

Year 2021, Volume: 10 Issue: 20, 18 - 27, 31.12.2021

Abstract

This study reexamines the effect of foreign direct investment on both renewable and nonrenewable energy consumption in 40 developing countries over the period 1987-2016. Taking into account heterogeneity, endogeneity, and/or cross sectional dependency, we employ various estimators proposed for the estimation of dynamic panel data models in the literature. The empirical results suggest that economic growth is one of main drivers of energy consumption, while providing no evidence on the effect of foreign direct investment on both renewable and nonrenewable energy consumption in selected countries for the time period of the analysis. Therefore, these findings may have important policy ramifications, indicating the importance of absorptive capabilities, energy intensity and environmental regulations of host countries.

References

  • Amri, F. (2016). The relationship amongst energy consumption, foreign direct investment and output in developed and developing countries. Renewable and Sustainable Energy Reviews, 64, 694-702.
  • Baek, J. (2016). A new look at the fdi–income–energy–environment nexus: Dynamic panel data analysis of ASEAN. Energy Policy, 91, 22-27.
  • Baltagi, B. H., Griffin, J. M., & Xiong, W. (2000). To pool or not to pool: Homogeneous versus heterogeneous estimators applied to cigarette demand. Review of Economics and Statistics, 82(1), 117-126.
  • Blanco, L., Gonzalez, F., & Ruiz, I. (2013). The impact of FDI on CO2 emissions in Latin America. Oxford Development Studies, 41(1), 104-121.
  • Chandran, V. G. R., & Tang, C. F. (2013). The impacts of transport energy consumption, foreign direct investment and income on CO2 emissions in ASEAN-5 economies. Renewable and Sustainable Energy Reviews, 24, 445-453.
  • Chudik, A., & Pesaran, M. H. (2015). Common Correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420.
  • Doytch, N., & Narayan, S. (2016). Does FDI influence renewable energy consumption? An analysis of sectoral FDI impact on renewable and non-renewable industrial energy consumption. Energy Economics, 54, 291-301.
  • Hoffmann, R., Lee, C. G., Ramasamy, B., & Yeung, M. (2005). FDI and pollution: A granger causality test using panel data. Journal of International Development: The Journal of the Development Studies Association, 17(3), 311-317.
  • Hübler, M., & Keller, A. (2010). Energy savings via FDI? Empirical evidence from developing countries. Environment and Development Economics, 15(1), 59-80.
  • Jiang, Y. (2015). Foreign direct investment, pollution, and the environmental quality: A model with empirical evidence from the Chinese regions. The International Trade Journal, 29(3), 212-227.
  • Kim, M. H., & Adilov, N. (2012). The lesser of two evils: An empirical investigation of foreign direct investment-pollution tradeoff. Applied Economics, 44(20), 2597-2606.
  • Kuo, K. C., Lai, S. L. Chancham, K., & Liu, M. (2014). Energy consumption, GDP, and Foreign direct investment in Germany. In Applied Mechanics and Materials, Trans Tech Publications, 675, 1797-1809.
  • Li, K., & Qi, S. (2016). Does FDI increase industrial energy consumption of China? Based on the empirical analysis of Chinese provinces industrial panel data. Emerging Markets Finance and Trade, 52(6), 1305-1314.
  • Lin, B., & Benjamin, I. N. (2018). Causal relationships between energy consumption, foreign direct investment and economic growth for MINT: Evidence from panel dynamic ordinary least square models. Journal of Cleaner Production, 197, 708-720.
  • Mielnik, O., & Goldemberg, J. (2002). Foreign direct investment and decoupling between energy and gross domestic product in developing countries. Energy Policy, 30(2), 87-89.
  • Pao, H. T., & Tsai, C. M. (2011). Multivariate granger causality between co2 emissions, energy consumption, FDI (foreign direct investment) and GDP (gross domestic product): Evidence from a panel of BRIC (Brazil, Russian Federation, India, and China) Countries. Energy, 36(1), 685-693.
  • Pesaran, M. H., & Smith, R. (1995). Estimating long-run relationships from dynamic heterogeneous panels. Journal of Econometrics, 68(1), 79-113.
  • Pesaran, M. H., Shin, Y., & Smith, R. P. (1999). Pooled mean group estimation of dynamic heterogeneous panels. Journal of the American Statistical Association, 94(446), 621-634.
  • Pesaran, M. H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012.
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M.H., Ullah, A., & Yamagata, T. (2008). A bias‐adjusted LM test of error cross‐section independence. The Econometrics Journal, 11(1), 105-127.
  • Polat, B. (2018). The influence of FDI on energy consumption in developing and developed countries: A dynamic panel data approach. Journal of Yasar University, 13(49).
  • Ting, Y. U. E., Yin, L. R., & Ying, Z. Y. (2011). Analysis of the FDI effect on energy consumption intensity in Jiangsu province. Energy Procedia, 5, 100-104.
  • Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-748.
  • Zhu, H,. Duan, L., Guo, Y., & 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, 237-248.
There are 26 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Article
Authors

Muhammed Benli 0000-0001-6486-8739

Publication Date December 31, 2021
Acceptance Date September 21, 2021
Published in Issue Year 2021 Volume: 10 Issue: 20

Cite

APA Benli, M. (2021). Foreign Direct Investment and Energy Consumption in Developing Economies: An Analysis of Heterogeneous Dynamic Panel Data Models with Cross Sectional Dependency. Balkan Sosyal Bilimler Dergisi, 10(20), 18-27.