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

Alper Karasoy

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.

Keywords

Energy Security, Foreign Direct Investments, Tourism, Singapore

DOĞRUDAN YABANCI YATIRIMLARIN VE TURİZMİN ENERJİ GÜVENLİĞİNE ETKİSİ: SİNGAPUR ÜZERİNE EKONOMETRİK BİR İNCELEME

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.

Keywords

Enerji Güvenliği, Doğrudan Yabancı Yatırımlar, Turizm, Singapur

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