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The impact of energy security risks on energy consumption

Author

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  • Clarence Tolliver
  • Moinul Islam
  • Kong Joo Shin
  • Shunsuke Managi

Abstract

This study assesses the impact of energy security risks on energy consumption by analysing a panel of data from 64 countries from 1980 to 2014. We find that rising energy security risk increases oil, natural gas, nuclear power, and wind power consumption and decreases hydroelectric power consumption. We also find that countries with greater energy security risks have increased the relative share of wind energy in their total energy consumption. These results suggest that energy security risk leads to diversified energy consumption through the adoption of renewable energy technologies. Furthermore, gross domestic product and population growth also result in overall increases in the energy consumption levels. This result is consistent with the results found in the existing literature. However, when we analyse the consumption of specific energy sources, solar and wind power consumption levels are shown to decrease in response to population growth.

Suggested Citation

  • Clarence Tolliver & Moinul Islam & Kong Joo Shin & Shunsuke Managi, 2018. "The impact of energy security risks on energy consumption," International Journal of Innovation and Sustainable Development, Inderscience Enterprises Ltd, vol. 12(3), pages 258-270.
    • Handle: RePEc:ids:ijisde:v:12:y:2018:i:3:p:258-270
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    Cited by:

    1. Wang, Ke & Wang, Yi-Wei & Wang, Quan-Jing, 2022. "Will monetary policy affect energy security? Evidence from Asian countries," Journal of Asian Economics, Elsevier, vol. 81(C).
    2. Clarence Tolliver & Hidemichi Fujii & Alexander Ryota Keeley & Shunsuke Managi, 2021. "Green Innovation and Finance in Asia," Asian Economic Policy Review, Japan Center for Economic Research, vol. 16(1), pages 67-87, January.

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