Determinants of energy consumption function in SAARC countries: Balancing the odds
Determinants of energy consumption function in SAARC countries: Balancing the odds
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DOI：
10.1016/j.rser.2013.08.006
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发表时间：
2013-12
影响因子：
15.9
通讯作者：
Syeda Rabab Mudakkar;K. Zaman;Huma Shakir;M. Arif;I. Naseem;L. Naz
中科院分区：
文献类型：
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作者：
Syeda Rabab Mudakkar;K. Zaman;Huma Shakir;M. Arif;I. Naseem;L. Naz
研究的目的是调查南亚区域合作联盟（南盟）国家（即孟加拉国、印度、尼泊尔、巴基斯坦和斯里兰卡）的多元能源消费函数，特别是经济增长（国内生产总值）、能源相对价格（REP）、外国直接投资（FDI）和不同的金融发展指标（即，广义货币供应量、流动性负债、银行部门提供的国内信贷和对私营部门的国内信贷）。研究结果表明，在孟加拉国，所有其他变量对FDI都存在格兰杰因果关系，这有力地支持了能源消费、GDP、REP和FD是短期和长期促进FDI的重要决定因素的假设。结果表明，印度的国内生产总值，外国直接投资，REP和FD是有用的，在解释EC的运动在短期内。同样，格兰杰因果关系的结果表明，EC，GDP，REP和FD是FDI的重要决定因素。就尼泊尔而言，REP是唯一一个其短期变动由其他四个变量（即国内生产总值、外国直接投资、EC和FD）的变动决定的变量。然而，EC也提供了关于变量FD的有用信息。巴基斯坦的研究结果表明，外国直接投资和电子商务之间的因果关系，支持“反馈假说”在短期和长期。同样，两个变量，即，FDI和GDP在长期和短期都支持反馈假说，其中FD和EC、FD和REP、FDI和REP以及REP和GDP在短期都支持反馈假说。在斯里兰卡的情况下，这项研究没有发现任何强有力的支持，无论是在短期或长期的变量之间的因果关系，除了单向格兰杰因果关系运行从FD到EC和EC到FDI。
The objective of the study is to investigate the multivariate energy consumption function for South Asian Association for Regional Cooperation (SAARC) countries (namely, Bangladesh, India, Nepal, Pakistan and Srilanka), particularly, economic growth (GDP), relative prices of energy (REP), foreign direct investment (FDI) and different financial development indicators (i.e., broad money supply, liquid liabilities, domestic credit provided by banking sector and domestic credit to private sector) over a period of 1975–2011. The results reveal that Granger causality running from all other variables to FDI which indicates a strong support for the hypothesis that energy consumption (EC), GDP, REP and FD are important determinants in promoting the FDI both in short- and long-run, in the context of Bangladesh. The results suggest for India indicate that GDP, FDI, REP and FD are useful in explaining the movements of EC in the short-run. Similarly, the Granger causality results indicate that EC, GDP, REP and FD are the important determinants of FDI. In case of Nepal, REP is the only variable whose movements in the short-run determined by movements in the other four variables i.e. GDP, FDI, EC and FD. However, the EC also provide useful information about the variable FD. The results of Pakistan indicate the causal relationship among FDI and EC which supports the “feedback hypothesis” in the short- and long-run. Similarly, both variables i.e., FDI and GDP supports the feedback hypothesis both in the long run and short run, where as FD and EC, FD and REP, FDI and REP and finally REP and GDP supports the feedback hypothesis in the short run. In case of Srilanka, this study did not find any strong support of the causality among the variables either in the short or long run except unidirectional Granger causality running from FD to EC and EC to FDI.