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G20 ve OECD Ülkelerinde Doğrudan Yabancı Yatırımlar ile Yenilenebilir Enerji Arasındaki Nedensellik İlişkisi: 2005-2017

Year 2021, Volume: 36 Issue: 1, 127 - 134, 31.03.2021
https://doi.org/10.24988/ije.202136109

Abstract

Bu çalışma G20, OECD ve Dünya Geneli için, 2005-2017 dönemi verileri ile panel bootstrap Granger nedensellik testini kullanarak doğrudan yabancı yatırımlar (DYY) ve yenilenebilir enerji (RE) arasındaki ilişkisini analiz etmektedir. Analiz, G20 ve dünya için DYY ve RE arasında çift yönlü bir nedensellik olduğunu ve OECD için RE ‘den DDY’ye tek yönlü bir nedensellik olduğunu göstermektedir. Bulgular, doğrudan yabancı yatırımların yenilenebilir enerji kullanımını yaygınlaştıracak gelişmeleri taşıdığını ve yenilenebilir enerji kullanımının ülkeyi doğrudan yabancı yatırımlara uygun hale getirdiğini belirtmektedir.

References

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  • Apergis, N., Payne J. E. (2010). Energy consumption and economic growth in Central America: Evidence from a panel cointegration and error correction model. Energy Economics, 31, 211 - 216.
  • Apergis, N., Payne J. E. (2010). Renewable energy consumption and economic growth: Evidence from a panel of OECD. Energy Policy, 38,656- 660.
  • Balasubramanyam, V. N., Salisu, M., Sapsford, D. (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106(434), 92-105.
  • 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.
  • Fan, W., Hao, Y., (2020). An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China. Renewable Energy, (146), 598-609.
  • Ghazouani, T. (2020). Reexamining the foreign direct investment, renewable energy consumption and economic growth nexus: Evidence from a new bootstrap ARDL test for cointegration. Germany: University Library of Munich.
  • Hubler, M. (2009). Energy saving technology diffusion via FDI and trade: A CGE model of China (No. 1479). Kiel Working Paper.
  • Khandker, L.L., Amin, S.B., Khan, F. (2018). Renewable energy consumption and foreign direct investment: Reports from Bangladesh. Journal of Accounting, Finance and Economics, 8(3), 72-87.
  • Kónya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23(6), 978-992.
  • Lee, J. (2013). The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth. Energy Policy, 55, 483–489.
  • Mencinger, J. (2003). Does foreign direct investment always enhance economic growth? Kyklos, 56(4), 491-508.
  • 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.
  • OECD (2019). FDI flows (indicator). Doi: 10.1787/99f6e393-en (Accessed on 13 October 2019)
  • OECD (2019). Renewable energy (indicator). Doi: 10.1787/aac7c3f1-en (Accessed on 14 October 2019)
  • OECD (2003). Foreign direct investment statistics, how countries measure FDI 2001.Organization for Economic, Co-operation and Development.
  • Özturk, I., Acaravcı, A. (2010). The causal relationship between energy consumption and GDP in Albania, Bulgaria, Hungary and Romania: Evidence from ARDL bound testing approach. Applied Energy, 87(6), 1938-1943.
  • Paramati, S.R., Ummalla, M., Apergis, N., (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, (56), 29-41.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Paper 1240, Germany: Institute of the Study of Labor, Bonn.
  • Pesaran, M. H., Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • 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).
  • Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38(5), 2528-2535.
  • Swamy, P. A. V. B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311-323.
  • Zeeb, A., Maqsood, F., Munir, F. (2015). Impact of foreign direct investment on energy saving in South Asian countries. Journal of Asian Development Studies, 4(3), 14-26.

The Causality Relationship between Foreign Direct Investment and Renewable Energy in G20 and OECD Countries: 2005-2017

Year 2021, Volume: 36 Issue: 1, 127 - 134, 31.03.2021
https://doi.org/10.24988/ije.202136109

Abstract

This study investigates the link between foreign direct investment (FDI) and renewable energy (RE) as a primary energy source for G20 countries, OECD member countries and Worldwide. For this purpose, bootstrap panel Granger Causality Analysis developed by Konya (2006) was employed for over the period 2005-2017 to examine the existence of causality. The analysis results indicate that there is bidirectional causality between FDI and RE for the G20 and the worldwide. On the other hand, for OECD member countries, there is a one-way causality from RE to FDI. The findings state that foreign direct investments carry the developments that will make renewable energy use widespread, and the use of renewable energy makes the country suitable for foreign direct investment.

References

  • Ang, J. B. (2007). CO2 Emissions, energy consumption, and output in France. Energy Policy, 35(10), 4772-4778.
  • Apergis, N., Payne J. E. (2010). Energy consumption and economic growth in Central America: Evidence from a panel cointegration and error correction model. Energy Economics, 31, 211 - 216.
  • Apergis, N., Payne J. E. (2010). Renewable energy consumption and economic growth: Evidence from a panel of OECD. Energy Policy, 38,656- 660.
  • Balasubramanyam, V. N., Salisu, M., Sapsford, D. (1996). Foreign direct investment and growth in EP and IS countries. The Economic Journal, 106(434), 92-105.
  • 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.
  • Fan, W., Hao, Y., (2020). An empirical research on the relationship amongst renewable energy consumption, economic growth and foreign direct investment in China. Renewable Energy, (146), 598-609.
  • Ghazouani, T. (2020). Reexamining the foreign direct investment, renewable energy consumption and economic growth nexus: Evidence from a new bootstrap ARDL test for cointegration. Germany: University Library of Munich.
  • Hubler, M. (2009). Energy saving technology diffusion via FDI and trade: A CGE model of China (No. 1479). Kiel Working Paper.
  • Khandker, L.L., Amin, S.B., Khan, F. (2018). Renewable energy consumption and foreign direct investment: Reports from Bangladesh. Journal of Accounting, Finance and Economics, 8(3), 72-87.
  • Kónya, L. (2006). Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling, 23(6), 978-992.
  • Lee, J. (2013). The contribution of foreign direct investment to clean energy use, carbon emissions and economic growth. Energy Policy, 55, 483–489.
  • Mencinger, J. (2003). Does foreign direct investment always enhance economic growth? Kyklos, 56(4), 491-508.
  • 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.
  • OECD (2019). FDI flows (indicator). Doi: 10.1787/99f6e393-en (Accessed on 13 October 2019)
  • OECD (2019). Renewable energy (indicator). Doi: 10.1787/aac7c3f1-en (Accessed on 14 October 2019)
  • OECD (2003). Foreign direct investment statistics, how countries measure FDI 2001.Organization for Economic, Co-operation and Development.
  • Özturk, I., Acaravcı, A. (2010). The causal relationship between energy consumption and GDP in Albania, Bulgaria, Hungary and Romania: Evidence from ARDL bound testing approach. Applied Energy, 87(6), 1938-1943.
  • Paramati, S.R., Ummalla, M., Apergis, N., (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, (56), 29-41.
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. IZA Discussion Paper 1240, Germany: Institute of the Study of Labor, Bonn.
  • Pesaran, M. H., Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93.
  • 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).
  • Sadorsky, P. (2010). The impact of financial development on energy consumption in emerging economies. Energy Policy, 38(5), 2528-2535.
  • Swamy, P. A. V. B. (1970). Efficient inference in a random coefficient regression model. Econometrica, 38(2), 311-323.
  • Zeeb, A., Maqsood, F., Munir, F. (2015). Impact of foreign direct investment on energy saving in South Asian countries. Journal of Asian Development Studies, 4(3), 14-26.
There are 24 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Articles
Authors

Alper Aykut Ekinci 0000-0002-3141-3380

Utku Ölmez 0000-0003-0631-8311

Publication Date March 31, 2021
Submission Date March 27, 2020
Acceptance Date June 29, 2021
Published in Issue Year 2021 Volume: 36 Issue: 1

Cite

APA Ekinci, A. A., & Ölmez, U. (2021). The Causality Relationship between Foreign Direct Investment and Renewable Energy in G20 and OECD Countries: 2005-2017. İzmir İktisat Dergisi, 36(1), 127-134. https://doi.org/10.24988/ije.202136109
İzmir Journal of Economics
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