Achieving energy security amidst the world uncertainty in newly industrialized economies: The role of technological advancement


Wang J., Ghosh S., Olayinka O. A. , Dogan B., Shah M. I. , Zhong K.

ENERGY, vol.261, 2022 (SCI-Expanded) identifier identifier

  • Publication Type: Article / Article
  • Volume: 261
  • Publication Date: 2022
  • Doi Number: 10.1016/j.energy.2022.125265
  • Journal Name: ENERGY
  • Journal Indexes: Science Citation Index Expanded (SCI-EXPANDED), Scopus, Academic Search Premier, PASCAL, Aerospace Database, Applied Science & Technology Source, Aquatic Science & Fisheries Abstracts (ASFA), CAB Abstracts, Communication Abstracts, Computer & Applied Sciences, Environment Index, INSPEC, Metadex, Pollution Abstracts, Public Affairs Index, Veterinary Science Database, Civil Engineering Abstracts
  • Keywords: Energy security, Technological innovation, International cooperation, Uncertainty, Newly industrialized countries, FINANCIAL DEVELOPMENT, TRADE OPENNESS, GROWTH, CONSUMPTION, ELECTRICITY, CAUSALITY, POPULATION, MIDDLE, IMPACT
  • Süleyman Demirel University Affiliated: Yes

Abstract

The primary objective of this study is to scrutinize the linkage between technological advancement and energy security in the presence of global uncertainty, financial development, globalization, international cooperation in the form of trade and infrastructure for the panel set of the newly industrialized countries. This paper contributes to the empirical literatures by using robust econometric techniques and the main estimation technique employed is cross sectional autoregressive distributed lag model (CS-ARDL). A battery of robustness tests is further put to use to test the underlying model specifications. To explore the causality nexus, the [1] panel causality test is also employed. The long-run estimation results reveal that technological advancement reduces the risk associated with energy security. But world uncertainty induces energy security risk. Furthermore, financial development and globalization affect energy security risk negatively. The causality test results demonstrate bidirectional causality between financial development and energy security, international cooperation and energy security, uncertainty and financial development, international cooperation and financial development, infrastructure and financial development. The empirical outcomes from this study offer salient aspects for designing policy strategy on energy security in the newly industrialized countries against the backdrop of attainment of the sustainability goals.