FDI Inspired Energy Consumption in Selected Emerging Markets : Does Financial Development Matter?

• Autorzy: Kunofiwa Tsaurai

Warianty tytułu

Zużycie energii wywołane przez BIZ na wybranych rynkach wschodzących : czy rozwój finansowy ma znaczenie?

• Języki publikacji: EN

Abstrakty

EN

The study investigated the impact of the complementarity between foreign direct investment (FDI) and financial development on energy consumption in emerging markets. Although the relevance of the FDI-led energy consumption hypothesis is no longer contestable, the combined influence of FDI and financial development on energy consumption is not yet resolved. Random and fixed effects show that the interaction between outstanding domestic private debt securities and FDI had a significant positive influence on energy consumption whereas pooled ordinary least squares (OLS) noted that the interaction between FDI and outstanding domestic public debt securities positively and significantly affected energy consumption. The dynamic generalized methods of moments (GMM) shows that the interaction between (1) FDI and stock market capitalization and (2) FDI and stock market value traded had a significant negative influence on energy consumption. The study urges emerging markets to deepen the bond sector market in order to enhance FDI-led energy consumption. (original abstract)

W opracowaniu przedstawiono wyniki badania wpływu komplementarności bezpośrednich inwestycji zagranicznych (BIZ) i rozwoju finansowego na zużycie energii na rynkach wschodzących. Chociaż trafność hipotezy o wpływie BIZ na zużycie energii nie podlega już dyskusji, kwestia połączonego wpływu BIZ i rozwoju finansowego na zużycie energii nie została jeszcze rozwiązana. Metoda efektów losowych i metoda efektów stałych wskazują, że interakcja pomiędzy krajowymi prywatnymi dłużnymi papierami wartościowymi a bezpośrednimi inwestycjami zagranicznymi miała znaczny pozytywny wpływ na zużycie energii, podczas gdy rozległa klasyczna metoda najmniejszych kwadratów (OLS) wykazała, że interakcja BIZ i krajowych publicznych papierów dłużnych pozytywnie i znacząco wpłynęła na konsumpcję energii. Estymacja dynamicznych modeli panelowych przy wykorzystaniu uogólnionej metody momentów (GMM) wskazuje, że związki pomiędzy (1) BIZ a kapitalizacją giełdową oraz między (2) BIZ a wartością obrotów giełdowych miały znaczący negatywny wpływ na zużycie energii. Opracowanie zawiera wezwanie skierowane do rynków wschodzących do pogłębienia rynku obligacji w celu zwiększenia zużycia energii będącego rezultatem BIZ. (abstrakt oryginalny)

Słowa kluczowe

EN

Energy use; Direct investments; Foreign investment; Emerging markets

PL

Zużycie energii; Inwestycje bezpośrednie; Inwestycje zagraniczne; Rynki wschodzące

• Czasopismo: Comparative Economic Research
• Rocznik: 2018
• Tom: 21
• Numer: nr 3
• Strony: 5--23

Twórcy

autor

Kunofiwa Tsaurai

• University of South Africa, Pretoria, South Africa

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Identyfikatory

DOI

https://doi.org/10.2478/cer-2018-0016