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Foreign Direct Investment, Financial Development, International Trade and Energy Consumption: Panel Data Evidence from Selected ASEAN Countries

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  • Irwan Shah Zainal Abidin

    (Department of Economics, School of Economics, Finance & Banking, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia,)

  • Muhammad Haseeb

    (Department of Economics, School of Economics, Finance & Banking, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia,)

  • Muhammad Azam

    (Department of Economics, School of Economics, Finance & Banking, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia,)

  • Rabiul Islam

    (Department of Economics, School of Economics, Finance & Banking, College of Business, Universiti Utara Malaysia, 06010 Sintok, Kedah, Malaysia.)

Abstract

The main purpose of this study is to examine the linkage among energy consumption (EC), foreign direct investment (FDI), financial development (FD) and trade for the selected ASEAN countries namely Indonesia, Malaysia, the Philippines, Singapore, and Thailand. After employing appropriate tests of stationarity, long-run-relationship and Granger causality test reveals that there exists significant long-run relationship among all explanatory variables namely FDI inflows, trade, FD and EC. The autoregressive distributed lag bound tests approach further confirms the long-run relationship among set of regressors. Results on Granger causality reveal that in the short-run unidirectional causality running from FDI inflows to EC, EC to FD, and EC to trade. Whereas, results also show that there exists bidirectional causality between trade and EC, EC and FDI, trade and FDI, EC and FD, trade and FD during the period under the study. The empirical results reveals that policy makers needs to formulate appropriate and prudent policy to encourage FDI inflows, improve financial sector development, expand exports volume and sustained energy supply, while keep in mind to achieve sustainable economic growth and development in the ASEAN region

Suggested Citation

  • Irwan Shah Zainal Abidin & Muhammad Haseeb & Muhammad Azam & Rabiul Islam, 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, Econjournals, vol. 5(3), pages 841-850.
    • Handle: RePEc:eco:journ2:2015-03-27
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    More about this item

    Keywords

    Foreign Direct Investment; Financial Development; Trade; Energy Consumption; ASEAN;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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