Статья

Energy security and economic stability: The role of inflation and war

Hasanul BannaDepartment of Accounting, Finance, and Banking, Business School, Manchester Metropolitan University, UKAshraful AlamSchool of Accounting and Finance, College of Business and Public Management, Kean University, USAXihui Haviour ChenEdinburgh Business School, The Centre for Social and Economic Data Analytics (CSEDA), Heriot-Watt University, Edinburgh, UKAhmed W. AlamSchool of Accounting and Finance, College of Business and Public Management, Kean University, USA

2023en

ABI

Аннотация

This paper investigates the impact of energy security risk (ESR) on economic stability. Using multiple global datasets, we provide empirical evidence from an unbalanced panel of 68 countries spanning over a period from 1980 to 2021. Our results indicate that high ESR reduces GDP growth rate (GDPG) from a global perspective. In robustness tests, this effect remains valid across several specifications based on non-U.S. samples, national income-level, alternative measure of economic stability, and a set of endogeneity tests based on propensity score matching estimation. Countries with pre-existing low GDPG mainly suffer from heightened energy insecurity. Numerous country-specific institutional quality estimates. Finally, the damaging impact of ESR worsens during years of high inflation, geopolitical risk and acts, as well as of escalated war threats. We encourage international collaborations to develop a more sustainable energy system, which enhances the security of energy supply and the stability of economy.

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Идентификаторы

DOI: 10.1016/j.eneco.2023.106949

Цитирования и источники

Цитирований: 4Использованных источников: 0

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