Energy demand and its determinants: A panel analysis from the ASEAN-5
The issue of rapidly growing energy demand is pressing with energy determinants continue to reinforce its sustained rise over the coming years.In view of its unabated rise to jeopardize a country’s long term energy security, such concern has captured attentions among the governments worldwide.In par...
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| Main Authors: | , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://repo.uum.edu.my/17055/1/22.pdf http://repo.uum.edu.my/17055/ |
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| Institution: | Universiti Utara Malaysia |
| Language: | English |
| Summary: | The issue of rapidly growing energy demand is pressing with energy determinants continue to reinforce its sustained rise over the coming years.In view of its unabated rise to jeopardize a country’s long term energy security, such concern has captured attentions among the governments worldwide.In particular, this paper investigates the interplay between energy demand and its determinants notably world oil price, economic growth, population, urbanization and energy access via a panel analysis.The data, which are obtained from the websites of International Energy Agency and Energy Information Administration, cover the ASEAN-5 namely Indonesia, Malaysia, Singapore, Thailand and the Philippines for the period of 2000 – 2014. Econometric techniques such as Panel
Cointegration, Panel Fully Modified Ordinary Least Square, Panel Error Correction Model and Granger Causality are employed to analyze the data.While the short run results indicate the evidence of unidirectional causality from world oil price to energy demand, the long run results disclose the significant contributions of economic growth,
energy access and urbanization that potentially affect the variability of energy demand.Therefore, energy conservation policy is the viable option in the ASEAN-5.Also, policy makers are recommended to pursue necessary plans in securing for reliable and affordable energy supplies with minimal environmental impacts so as to promote a sustainable socio-economic development as well as to enhance the quality of life. |
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