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Hlavní téma
The Relationship Between Renewable Energy Consumption, Economic growth and FDI: Empirical evidence from EaP and CIS countries within a Multivariate Framework
Hlavní téma v angličtině
The Relationship Between Renewable Energy Consumption, Economic growth and FDI: Empirical evidence from EaP and CIS countries within a Multivariate Framework
Název dle studenta
The Impact of Disaggregated Energy Consumption on Economic Growth:
Evidence from EaP and CIS Countries
Název dle studenta v angličtině
The Impact of Disaggregated Energy Consumption on Economic Growth:
Evidence from EaP and CIS Countries
Since energy sector plays a tremendous role in all areas of productive economic activities in 12 Eastern Partner and CIS countries, irrespective of their natural resource endowment levels, this thesis aims to analyse the impact of renewable and non-renewable final energy consumption on economic growth within 1996-2015, while also considering the gross capital formation and foreign direct investments as a major source of financing energy extractive and transportation activities. The results of panel ARDL model suggests that in the long-run only renewable energy consumption has a significantly positive effect on economic growth, indicating that energy transformation does not necessarily have to be associated with compromise in economic growth. In the short run, the scope of impact on economic growth is larger for non-renewable energy consumption, however both exert a significant and positive effect. Country-specific short-run coefficients are proven to be quite heterogenous. The results of panel ARDL are endorsed by robustness analysis of sub-sample without Russian Federation and by analysing net energy exporters against net energy importers. Finally, studying the impact of share of renewable energy consumption in TFEC on economic growth, indicates that increasing the share of renewables in energy mix has significantly positive influence on economic growth in EaP and CIS countries.
Anotace v angličtině
Since energy sector plays a tremendous role in all areas of productive economic activities in 12 Eastern Partner and CIS countries, irrespective of their natural resource endowment levels, this thesis aims to analyse the impact of renewable and non-renewable final energy consumption on economic growth within 1996-2015, while also considering the gross capital formation and foreign direct investments as a major source of financing energy extractive and transportation activities. The results of panel ARDL model suggests that in the long-run only renewable energy consumption has a significantly positive effect on economic growth, indicating that energy transformation does not necessarily have to be associated with compromise in economic growth. In the short run, the scope of impact on economic growth is larger for non-renewable energy consumption, however both exert a significant and positive effect. Country-specific short-run coefficients are proven to be quite heterogenous. The results of panel ARDL are endorsed by robustness analysis of sub-sample without Russian Federation and by analysing net energy exporters against net energy importers. Finally, studying the impact of share of renewable energy consumption in TFEC on economic growth, indicates that increasing the share of renewables in energy mix has significantly positive influence on economic growth in EaP and CIS countries.
Klíčová slova
Economic Growth, EaP and CIS, Energy Transformation, TFEC, Energy Security, ARDL
Klíčová slova v angličtině
Economic Growth, EaP and CIS, Energy Transformation, TFEC, Energy Security, ARDL
Rozsah průvodní práce
54 p.
Jazyk
AN
Anotace
Since energy sector plays a tremendous role in all areas of productive economic activities in 12 Eastern Partner and CIS countries, irrespective of their natural resource endowment levels, this thesis aims to analyse the impact of renewable and non-renewable final energy consumption on economic growth within 1996-2015, while also considering the gross capital formation and foreign direct investments as a major source of financing energy extractive and transportation activities. The results of panel ARDL model suggests that in the long-run only renewable energy consumption has a significantly positive effect on economic growth, indicating that energy transformation does not necessarily have to be associated with compromise in economic growth. In the short run, the scope of impact on economic growth is larger for non-renewable energy consumption, however both exert a significant and positive effect. Country-specific short-run coefficients are proven to be quite heterogenous. The results of panel ARDL are endorsed by robustness analysis of sub-sample without Russian Federation and by analysing net energy exporters against net energy importers. Finally, studying the impact of share of renewable energy consumption in TFEC on economic growth, indicates that increasing the share of renewables in energy mix has significantly positive influence on economic growth in EaP and CIS countries.
Anotace v angličtině
Since energy sector plays a tremendous role in all areas of productive economic activities in 12 Eastern Partner and CIS countries, irrespective of their natural resource endowment levels, this thesis aims to analyse the impact of renewable and non-renewable final energy consumption on economic growth within 1996-2015, while also considering the gross capital formation and foreign direct investments as a major source of financing energy extractive and transportation activities. The results of panel ARDL model suggests that in the long-run only renewable energy consumption has a significantly positive effect on economic growth, indicating that energy transformation does not necessarily have to be associated with compromise in economic growth. In the short run, the scope of impact on economic growth is larger for non-renewable energy consumption, however both exert a significant and positive effect. Country-specific short-run coefficients are proven to be quite heterogenous. The results of panel ARDL are endorsed by robustness analysis of sub-sample without Russian Federation and by analysing net energy exporters against net energy importers. Finally, studying the impact of share of renewable energy consumption in TFEC on economic growth, indicates that increasing the share of renewables in energy mix has significantly positive influence on economic growth in EaP and CIS countries.
Klíčová slova
Economic Growth, EaP and CIS, Energy Transformation, TFEC, Energy Security, ARDL
Klíčová slova v angličtině
Economic Growth, EaP and CIS, Energy Transformation, TFEC, Energy Security, ARDL
Zásady pro vypracování
The study attempts to econometrically study the relationship between renewable energy consumption, economic growth, and Foreign Direct Investment (FDI) in Eastern Partnership and Commonwealth of Independent States countries (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan) within the period of 1996-2015. The literature on energy does not reveal any indication of research conducted to identify causal dynamics between renewable energy consumption, economic growth, and FDI in EaP and CIS countries. Years after the collapse of Soviet Union these newly emerged economies are still on the path of transition in need of substantial foundation for policy framework. Defining the causality between our interest variables will contribute to the welfare of transition economies by supporting the formation of a policy framework endorsed by empirical evidence. For analyzing the panel data, panel cointegration methodology will be applied alongside with Heterogeneous Granger causality test (Dumitrescu & Hurlin, 2012) to identify the direction of causality between the chosen variables. As a result of this study, we intend to investigate the effect of enhanced RE consumption on economic growth as well as address the policy implications on the relevance of FDI in these states.
Zásady pro vypracování
The study attempts to econometrically study the relationship between renewable energy consumption, economic growth, and Foreign Direct Investment (FDI) in Eastern Partnership and Commonwealth of Independent States countries (Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrgyz Republic, Moldova, Russian Federation, Tajikistan, Turkmenistan, Ukraine, Uzbekistan) within the period of 1996-2015. The literature on energy does not reveal any indication of research conducted to identify causal dynamics between renewable energy consumption, economic growth, and FDI in EaP and CIS countries. Years after the collapse of Soviet Union these newly emerged economies are still on the path of transition in need of substantial foundation for policy framework. Defining the causality between our interest variables will contribute to the welfare of transition economies by supporting the formation of a policy framework endorsed by empirical evidence. For analyzing the panel data, panel cointegration methodology will be applied alongside with Heterogeneous Granger causality test (Dumitrescu & Hurlin, 2012) to identify the direction of causality between the chosen variables. As a result of this study, we intend to investigate the effect of enhanced RE consumption on economic growth as well as address the policy implications on the relevance of FDI in these states.
Seznam doporučené literatury
Abidin, I., Haseeb, M., Khan, M., & Islam, R. (2015). Foreign Direct Investment, Financial Development, International Trade and Energy Consumption: Panel Data Evidence from Selected ASEAN Countries. International Journal of Energy Economics and Policy, 841-850.
Apergis, N., & Payne, J. (2010). Renewable energy consumption and growth in Eurasia. Energy Economics, 1392–1397.
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, 291–301.
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling 29 (2012), 1450–1460.
HÜBLER, M., & KELLER, A. (2010,). Energy savings via FDI? Empirical evidence from developing countries. Environment and Development Economics , Vol. 15, No. 1 , 59-80.
Ibrahiema, D. M. (2015). Renewable electricity consumption, foreign direct investment and economic growth in Egypt: An ARDL approach. Procedia Economics and Finance 30 (pp. 313-323). London, UK: Elsevier B.V.
Koçaka, E., & Şarkgüneşib, A. (2017). The renewable energy and economic growth nexus in Black Sea and Balkan countries. Energy Policy, 51–57.
Latief, R., & Lefen, L. (2019). Foreign Direct Investment in the Power and Energy Sector, Energy Consumption, and Economic Growth: Empirical Evidence from Pakistan. Multidisciplinary Digital Publishing Institute.
Pesaran , M., & Smith , R. (1995). 'Estimating long-run relationships from dynamic heterogeneous panels'. Journal of Econometrics, 68(1). pp. , 79-113. doi: 10.1016/0304-4076(94)06144-F.
Salim, R., Yao , Y., Chen, G., & Zha, L. (2017). Can foreign direct investment harness energy consumption in China? A time series investigation. Energy Economics 66 , 43–53.
Seznam doporučené literatury
Abidin, I., Haseeb, M., Khan, M., & Islam, R. (2015). Foreign Direct Investment, Financial Development, International Trade and Energy Consumption: Panel Data Evidence from Selected ASEAN Countries. International Journal of Energy Economics and Policy, 841-850.
Apergis, N., & Payne, J. (2010). Renewable energy consumption and growth in Eurasia. Energy Economics, 1392–1397.
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, 291–301.
Dumitrescu, E.-I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling 29 (2012), 1450–1460.
HÜBLER, M., & KELLER, A. (2010,). Energy savings via FDI? Empirical evidence from developing countries. Environment and Development Economics , Vol. 15, No. 1 , 59-80.
Ibrahiema, D. M. (2015). Renewable electricity consumption, foreign direct investment and economic growth in Egypt: An ARDL approach. Procedia Economics and Finance 30 (pp. 313-323). London, UK: Elsevier B.V.
Koçaka, E., & Şarkgüneşib, A. (2017). The renewable energy and economic growth nexus in Black Sea and Balkan countries. Energy Policy, 51–57.
Latief, R., & Lefen, L. (2019). Foreign Direct Investment in the Power and Energy Sector, Energy Consumption, and Economic Growth: Empirical Evidence from Pakistan. Multidisciplinary Digital Publishing Institute.
Pesaran , M., & Smith , R. (1995). 'Estimating long-run relationships from dynamic heterogeneous panels'. Journal of Econometrics, 68(1). pp. , 79-113. doi: 10.1016/0304-4076(94)06144-F.
Salim, R., Yao , Y., Chen, G., & Zha, L. (2017). Can foreign direct investment harness energy consumption in China? A time series investigation. Energy Economics 66 , 43–53.
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grafy, tabulky
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Ano
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Záznam průběhu obhajoby
Student presented the results of the diploma thesis ''The Relationship Between Renewable Energy Consumption, Economic growth and FDI: Empirical evidence from EaP and CIS countries within a Multivariate Framework''. The presentation started by introducing the research methods, relevance of the topic for the region and theoretical framework the thesis. Then student focused on explanation of the data source and methodology used in the thesis. Afterwards she presented the conclusions of her thesis. Committee was familiarized with both reviews from supervisor and reviewer. Both reviewer and supervisor asked questions (mentioned in the reviews) which were thoroughly answered by the student. Discussion ended up by answering the questions from the committee.