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THE IMPACTS OF FOREIGN DIRECT INVESTMENTS AND TOURISM ON ENERGY SECURITY: AN ECONOMETRIC INVESTIGATION ON SINGAPORE

Year 2023, Issue: 65, 15 - 22, 31.08.2023
https://doi.org/10.18070/erciyesiibd.1179989

Abstract

Foreign direct investments [FDIs] and tourism are crucial for Singapore’s economy. However, due to increased energy dependency and fossil fuel-dominated energy consumption mix, Singapore
has a high energy security risk [ESR]. Although, in the literature, the impacts of FDIs and tourism on energy consumption or environmental degradation are empirically examined, no empirical study has examined their impacts on energy security. This study attempts to fill this gap in the literature by considering the case of Singapore. In this respect, this research empirically investigates how FDIs and tourism impacted Singapore’s ESR in the 1980-2018 period. The autoregressive distributed lag [ARDL] model is initially employed to estimate how FDIs and tourism affected ESR. In the next stage, Toda-Yamamoto [T-Y] test is used to investigate the causal links between the variables. Econometric analysis in this research produced the following results. First, in the long-run, FDIs intensify the ESR of Singapore while tourism decreases it. Second, industrialization increases Singapore’s ESR in both the long- and short-runs. Third, FDIs and tourism unidirectionally cause ESR. Finally, FDIs unidirectionally cause both tourism and industrialization. These findings indicate that FDIs decrease Singapore’s long-run energy security, yet tourism improves it. Additionally, industrialization increases Singapore’s short-run and long-run energy security risk.

References

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  • Bilgili, F., Ulucak, R., Koçak, E., & İlkay, S. Ç. (2020). Does globalization matter for environmental sustainability? Empirical investigation for Turkey by Markov regime switching models. Environmental Science and Pollution Research, 27(1), 1087–1100. https://doi.org/10.1007/s11356-019-06996-w
  • Bu, M., Li, S., & Jiang, L. (2019). Foreign direct investment and energy intensity in China: Firm-level evidence. Energy Economics, 80, 366–376. https://doi.org/10.1016/j.eneco.2019.01.003
  • de Vita, G., Katircioglu, S., Altinay, L., Fethi, S., & Mercan, M. (2015). Revisiting the environmental Kuznets curve hypothesis in a tourism development context. Environmental Science and Pollution Research, 22(21), 16652–16663. https://doi.org/10.1007/s11356-015-4861-4
  • Destek, M. A., & Aydın, S. (2022). An empirical note on tourism and sustainable development nexus. Environmental Science and Pollution Research, 29(23), 34515–34527. https://doi.org/10.1007/s11356-021-18371-9
  • Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427–431. https://doi.org/10.2307/2286348
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  • Dünya Bankası. (2022b). Dünya Kalkınma Göstergeleri - doğrudan yabancı yatırım verisi. https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD
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  • Katircioglu, S., Gokmenoglu, K. K., & Eren, B. M. (2018). Testing the role of tourism development in ecological footprint quality: evidence from top 10 tourist destinations. Environmental Science and Pollution Research, 25(33), 33611–33619. https://doi.org/10.1007/s11356-018-3324-0
  • Katircioglu, S. T. (2013). Interactions between energy and imports in Singapore: Empirical evidence from conditional error correction models. Energy Policy, 63, 514–520. https://doi.org/10.1016/j.enpol.2013.08.037
  • Katircioğlu, S. T. (2014). Testing the tourism-induced EKC hypothesis: The case of Singapore. Economic Modelling, 41, 383–391. https://doi.org/10.1016/j.econmod.2014.05.028
  • Katircioglu, S. T., Feridun, M., & Kilinc, C. (2014). Estimating tourism-induced energy consumption and CO2 emissions: The case of Cyprus. Renewable and Sustainable Energy Reviews, 29, 634–640. https://doi.org/10.1016/j.rser.2013.09.004
  • Khoi, N. H., Le, N. H., & Ngoc, B. H. (2021). The effect of tourism development on the ecological footprint in Singapore: evidence from asymmetric ARDL method. Current Issues in Tourism, 1–18. https://doi.org/10.1080/13683500.2021.1971165
  • Koçak, E., Ulucak, R., & Ulucak, Z. Ş. (2020). The impact of tourism developments on CO2 emissions: An advanced panel data estimation. Tourism Management Perspectives, 33, 100611. https://doi.org/10.1016/j.tmp.2019.100611
  • Kripfganz, S., & Schneider, D. C. (2020). Response Surface Regressions for Critical Value Bounds and Approximate p‐values in Equilibrium Correction Models. Oxford Bulletin of Economics and Statistics, 82(6), 1456–1481. https://doi.org/10.1111/obes.12377
  • Küresel Enerji Enstitüsü. (2020). International Index of Energy Security Risk - Assessing Risk in a Global Energy Market (Issue International Index of Energy Security Risk 2018 Edition). https://www.globalenergyinstitute.org/sites/default/files/IESRI-Report_2020_4_20_20.pdf
  • Küresel Enerji Enstitüsü. (2022). Enerji Güvenliği Riski İndeksi Verisi. https://www.globalenergyinstitute.org/energy-security-risk-index
  • Lee, J. W., & Brahmasrene, T. (2013). Investigating the influence of tourism on economic growth and carbon emissions: Evidence from panel analysis of the European Union. Tourism Management, 38, 69–76. https://doi.org/10.1016/j.tourman.2013.02.016
  • Liu, A., Kim, Y. R., & Song, H. (2022). Toward an accurate assessment of tourism economic impact: A systematic literature review. Annals of Tourism Research Empirical Insights, 3(2), 100054. https://doi.org/10.1016/j.annale.2022.100054
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  • Mabey, N., McNally, R., & Zarsky, L. (2003). Foreign Direct Investment and the Environment: From Pollution Havens to Sustainable Development (2nd Edition) - A WWF-UK Report. In WWF-UK Report (Issue August). http://d2ouvy59p0dg6k.cloudfront.net/downloads/pollutionhavens2ndeditionfinal.pdf
  • Merican, Y., Yusop, Z., Mohd Noor, Z., & Siong Hook, L. (2007). Foreign direct investment and the pollution in Five ASEAN nations. International Journal of Economics and Management, 1(2), 245–261. http://www.ijem.upm.edu.my/vol1no2/4.pdf
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DOĞRUDAN YABANCI YATIRIMLARIN VE TURİZMİN ENERJİ GÜVENLİĞİNE ETKİSİ: SİNGAPUR ÜZERİNE EKONOMETRİK BİR İNCELEME

Year 2023, Issue: 65, 15 - 22, 31.08.2023
https://doi.org/10.18070/erciyesiibd.1179989

Abstract

Singapur’un ekonomisi için doğrudan yabancı yatırımlar [DYY] ve turizm kritik öneme sahiptir. Bunun yanında Singapur, enerjide dış kaynaklara bağımlılığının yüksek ve fosil yakıtlarının enerji tüketim kompozisyonunda baskın olması sebebiyle yüksek enerji güvenliği riskine [EGR] sahiptir. Her ne kadar literatürde DYY’lerin ve turizmin enerji tüketimine veya çevresel bozulmaya etkileri ampirik olarak incelenmiş olsa da bu değişkenlerin enerji güvenliğini nasıl etkilediği konusunda ampirik bir çalışma yoktur. Bu araştırmanın amacı, Singapur örneğini ele alarak literatürdeki bu boşluğu doldurmaktır. Bu kapsamda bu araştırmada, DYY’lerin ve turizmin Singapur’un EGR’sini nasıl etkilediği 1980-2018 dönemi için ampirik olarak incelenmiştir. Öncelikle gecikmeleri dağıtılmış otoregresif [ARDL] model kullanılarak DYY’lerin ve turizmin EGR’yi nasıl etkiledikleri tahmin edilmiş, sonrasında Toda-Yamamoto [T-Y] testiyle değişkenler arasındaki nedensellik ilişkileri incelenmiştir. Ekonometrik analiz sonucunda elde edilen bulgular şunlardır: Birincisi, uzun dönemde, DYY’ler Singapur’un EGR’sini arttırırken turizm EGR’yi azaltmaktadır. İkincisi, sanayileşme Singapur’un EGR’sini hem kısa hem de uzun dönemlerde arttırmaktadır. Üçüncü olarak turizm ve sanayileşme EGR’ye neden olmaktadır. Son olarak DYY’ler hem turizme hem de sanayileşmeye neden olmaktadır. Bu sonuçlar, DYY’lerin Singapur’un uzun dönem enerji güvenliğini azaltırken turizmin enerji güvenliğini iyileştirdiğini göstermektedir. Ayrıca sanayileşme kısa ve uzun dönemlerde Singapur’un enerji güvenliği riskini arttırmaktadır.azaltmaktadır. İkincisi, sanayileşme Singapur’un EGR’sini hem kısa hem de uzun dönemlerde arttırmaktadır. Üçüncü olarak turizm ve sanayileşme EGR’ye neden olmaktadır. Son olarak DYY’ler hem turizme hem de sanayileşmeye neden olmaktadır. Bu sonuçlar, DYY’lerin Singapur’un uzun dönem enerji güvenliğini azaltırken turizmin enerji güvenliğini iyileştirdiğini göstermektedir. Ayrıca sanayileşme kısa ve uzun dönemlerde Singapur’un enerji güvenliği riskini arttırmaktadır.

References

  • Ali, A., Audi, M., Senturk, I., & Roussel, Y. (2022). Do Sectoral Growth Promote CO2 Emissions in Pakistan? Time Series Analysis in Presence of Structural Break. International Journal of Energy Economics and Policy, 12(2), 410–425. https://doi.org/10.32479/ijeep.12738
  • Ang, B. W., Choong, W. L., & Ng, T. S. (2015). Energy security: Definitions, dimensions and indexes. Renewable and Sustainable Energy Reviews, 42, 1077–1093. https://doi.org/10.1016/j.rser.2014.10.064
  • Barrowclough, D., Miroux, A., & Mirza, H. (2007). FDI in Tourism: The Development Dimension. United Nations Conference on Trade and Development, 1–168. https://digitallibrary.un.org/record/618963
  • Bilgili, F., Tülüce, N. S. H., & Doğan, İ. (2012). The determinants of FDI in Turkey: A Markov Regime-Switching approach. Economic Modelling, 29(4), 1161–1169. https://doi.org/10.1016/j.econmod.2012.04.009
  • Bilgili, F., Ulucak, R., Koçak, E., & İlkay, S. Ç. (2020). Does globalization matter for environmental sustainability? Empirical investigation for Turkey by Markov regime switching models. Environmental Science and Pollution Research, 27(1), 1087–1100. https://doi.org/10.1007/s11356-019-06996-w
  • Bu, M., Li, S., & Jiang, L. (2019). Foreign direct investment and energy intensity in China: Firm-level evidence. Energy Economics, 80, 366–376. https://doi.org/10.1016/j.eneco.2019.01.003
  • de Vita, G., Katircioglu, S., Altinay, L., Fethi, S., & Mercan, M. (2015). Revisiting the environmental Kuznets curve hypothesis in a tourism development context. Environmental Science and Pollution Research, 22(21), 16652–16663. https://doi.org/10.1007/s11356-015-4861-4
  • Destek, M. A., & Aydın, S. (2022). An empirical note on tourism and sustainable development nexus. Environmental Science and Pollution Research, 29(23), 34515–34527. https://doi.org/10.1007/s11356-021-18371-9
  • Dickey, D. A., & Fuller, W. A. (1979). Distribution of the Estimators for Autoregressive Time Series With a Unit Root. Journal of the American Statistical Association, 74(366), 427–431. https://doi.org/10.2307/2286348
  • Dünya Bankası. (2022a). Dünya Kalkınma Göstergeleri. http://databank.worldbank.org/data/home.aspx
  • Dünya Bankası. (2022b). Dünya Kalkınma Göstergeleri - doğrudan yabancı yatırım verisi. https://data.worldbank.org/indicator/BX.KLT.DINV.CD.WD
  • Dünya Bankası. (2022c). Dünya Kalkınma Göstergeleri - uluslararası turizm verisi. https://data.worldbank.org/indicator/ST.INT.ARVL
  • Dünya Bankası. (2022d). Enerji ithalatı, net (enerji tüketiminin yüzdesi) - Singapur. https://data.worldbank.org/indicator/EG.IMP.CONS.ZS?locations=SG
  • Dünya Bankası. (2022e). Fosil yakıt tüketimi (toplamın yüzdesi) - Singapur. https://data.worldbank.org/indicator/EG.USE.COMM.FO.ZS?locations=SG
  • Elliott, G., Rothenberg, T. J., & Stock, J. H. (1996). Efficient Tests for an Autoregressive Unit Root. Econometrica, 64(4), 813–836. https://doi.org/10.2307/2171846
  • Goh, S. K., Wong, K. N., & Yew, C. L. (2018). Are Merchandise Exports and FDI Inflows an Engine of Growth for ASEAN-10 Countries? New Evidence Using the Pooled Mean Group Estimation Method. Margin: The Journal of Applied Economic Research, 12(4), 414–430. https://doi.org/10.1177/0973801018786156
  • Han, V., & Uygur, K. (2021). Yükselen-7 Ülkelerinde Enerji Tüketimi, Doğrudan Yabancı Yatırımlar ve Ekonomik Büyüme İlişkisi: Panel Vektör Otoregresyon Analizi. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 11(3), 1108–1122. https://dergipark.org.tr/tr/pub/nevsosbilen/issue/65184/929130
  • Karasoy, A. (2022). Is innovative technology a solution to Japan’s long-run energy insecurity? Dynamic evidence from the linear and nonlinear methods. Technology in Society, 70, 102029. https://doi.org/10.1016/J.TECHSOC.2022.102029
  • Karasoy, A. (2023). Assessing the impacts of industrialization, deindustrialization and financialization on Turkey’s energy security: evidence from the augmented NARDL method. International Journal of Energy Sector Management. https://doi.org/10.1108/ IJESM-07-2022-0014
  • Katircioglu, S., Gokmenoglu, K. K., & Eren, B. M. (2018). Testing the role of tourism development in ecological footprint quality: evidence from top 10 tourist destinations. Environmental Science and Pollution Research, 25(33), 33611–33619. https://doi.org/10.1007/s11356-018-3324-0
  • Katircioglu, S. T. (2013). Interactions between energy and imports in Singapore: Empirical evidence from conditional error correction models. Energy Policy, 63, 514–520. https://doi.org/10.1016/j.enpol.2013.08.037
  • Katircioğlu, S. T. (2014). Testing the tourism-induced EKC hypothesis: The case of Singapore. Economic Modelling, 41, 383–391. https://doi.org/10.1016/j.econmod.2014.05.028
  • Katircioglu, S. T., Feridun, M., & Kilinc, C. (2014). Estimating tourism-induced energy consumption and CO2 emissions: The case of Cyprus. Renewable and Sustainable Energy Reviews, 29, 634–640. https://doi.org/10.1016/j.rser.2013.09.004
  • Khoi, N. H., Le, N. H., & Ngoc, B. H. (2021). The effect of tourism development on the ecological footprint in Singapore: evidence from asymmetric ARDL method. Current Issues in Tourism, 1–18. https://doi.org/10.1080/13683500.2021.1971165
  • Koçak, E., Ulucak, R., & Ulucak, Z. Ş. (2020). The impact of tourism developments on CO2 emissions: An advanced panel data estimation. Tourism Management Perspectives, 33, 100611. https://doi.org/10.1016/j.tmp.2019.100611
  • Kripfganz, S., & Schneider, D. C. (2020). Response Surface Regressions for Critical Value Bounds and Approximate p‐values in Equilibrium Correction Models. Oxford Bulletin of Economics and Statistics, 82(6), 1456–1481. https://doi.org/10.1111/obes.12377
  • Küresel Enerji Enstitüsü. (2020). International Index of Energy Security Risk - Assessing Risk in a Global Energy Market (Issue International Index of Energy Security Risk 2018 Edition). https://www.globalenergyinstitute.org/sites/default/files/IESRI-Report_2020_4_20_20.pdf
  • Küresel Enerji Enstitüsü. (2022). Enerji Güvenliği Riski İndeksi Verisi. https://www.globalenergyinstitute.org/energy-security-risk-index
  • Lee, J. W., & Brahmasrene, T. (2013). Investigating the influence of tourism on economic growth and carbon emissions: Evidence from panel analysis of the European Union. Tourism Management, 38, 69–76. https://doi.org/10.1016/j.tourman.2013.02.016
  • Liu, A., Kim, Y. R., & Song, H. (2022). Toward an accurate assessment of tourism economic impact: A systematic literature review. Annals of Tourism Research Empirical Insights, 3(2), 100054. https://doi.org/10.1016/j.annale.2022.100054
  • Mabey, N., & Mcnally, R. (1999). Foreign Direct Investment and the Environment : From Pollution Havens to Sustainable Development (Issue August). http://www.oecd.org/investment/mne/2089912.pdf
  • Mabey, N., McNally, R., & Zarsky, L. (2003). Foreign Direct Investment and the Environment: From Pollution Havens to Sustainable Development (2nd Edition) - A WWF-UK Report. In WWF-UK Report (Issue August). http://d2ouvy59p0dg6k.cloudfront.net/downloads/pollutionhavens2ndeditionfinal.pdf
  • Merican, Y., Yusop, Z., Mohd Noor, Z., & Siong Hook, L. (2007). Foreign direct investment and the pollution in Five ASEAN nations. International Journal of Economics and Management, 1(2), 245–261. http://www.ijem.upm.edu.my/vol1no2/4.pdf
  • Narayan, P. K. (2005). The saving and investment nexus for China: evidence from cointegration tests. Applied Economics, 37(17), 1979–1990. https://doi.org/10.1080/00036840500278103
  • Pesaran, M. H., & Shin, Y. (1995). An Autoregressive Distributed-Lag Modelling Approach to Cointegration Analysis. In S. Strom (Ed.), Econometrics and Economic Theory in the 20th Century (pp. 371–413). Cambridge University Press. https://doi.org/10.1017/CCOL521633230.011
  • Pesaran, M. H., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326. https://doi.org/10.1002/jae.616
  • Phillips, P. C. B., & Perron, P. (1988). Testing for a Unit Root in Time Series Regression. Biometrika, 75(2), 335–346. https://doi.org/10.2307/2336182
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There are 49 citations in total.

Details

Primary Language Turkish
Subjects Applied Macroeconometrics, Time-Series Analysis
Journal Section Makaleler
Authors

Alper Karasoy 0000-0001-9447-3375

Early Pub Date August 18, 2023
Publication Date August 31, 2023
Acceptance Date August 10, 2023
Published in Issue Year 2023 Issue: 65

Cite

APA Karasoy, A. (2023). DOĞRUDAN YABANCI YATIRIMLARIN VE TURİZMİN ENERJİ GÜVENLİĞİNE ETKİSİ: SİNGAPUR ÜZERİNE EKONOMETRİK BİR İNCELEME. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(65), 15-22. https://doi.org/10.18070/erciyesiibd.1179989

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