Is energy security a driver for economic growth? Evidence from a global sample

Le, H and Nguyen, C 2019, 'Is energy security a driver for economic growth? Evidence from a global sample', Energy Policy, vol. 129, pp. 436-451.

Document type: Journal Article
Collection: Journal Articles

Title Is energy security a driver for economic growth? Evidence from a global sample
Author(s) Le, H
Nguyen, C
Year 2019
Journal name Energy Policy
Volume number 129
Start page 436
End page 451
Total pages 16
Publisher Elsevier
Abstract This study examines whether energy security contributes to economic growth for a global sample of 74 countries covering the period from 2002 to 2013. The benchmark model is built based on an extended version of the Cobb-Douglas production function. Ten measures of energy security are employed to capture five aspects of energy security including availability, accessibility, acceptability, affordability, and develop-ability. Besides the whole sample, we also conduct the panel data analysis on subsamples of countries based on different income levels, using Panel-Corrected Standard Errors (PCSE) and Feasible Generalized Least Squares (FGLS) techniques that correct for heterogeneity and autocorrelation and produce robust standard errors. The empirical results appear to be relatively robust to these two estimation techniques. Overall, we find that energy security enhances economic growth for both the whole sample and subsamples of countries. Meanwhile, energy insecurity measured by energy intensity and carbon intensity variables has a negative impact on economic growth. The results vary across subsamples for several cases. The findings imply that at the global level, energy for economic development, energy security, and climate change mitigation should be pursued as integrated themes since there are linkages among these three agendas.
Subject Panel Data Analysis
Economic Development and Growth
Keyword(s) Economic growth
Energy security
Global sample
Panel data analysis
DOI - identifier 10.1016/j.enpol.2019.02.038
Copyright notice © 2019 Elsevier Ltd. All rights reserved.
ISSN 0301-4215
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