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International Journal of Academic Research in Business and Social Sciences

Open Access Journal

ISSN: 2222-6990

Macroeconomic Factors and Renewable Energy Consumption in ASEAN Countries: A Dynamic Heterogeneous Panel Approach

Jain Yassin

http://dx.doi.org/10.6007/IJARBSS/v11-i1/9001

Open access

This paper investigates the effects of macroeconomics factors on renewable energy consumption in ASEAN countries throughout 1990 – 2015. Compared to the previous studies, this study employed the newly developed Dynamic Common Correlated Effects to measure the cross-sectional dependence and heterogeneity among cross-sectional in a dynamic panel setting. The result revealed that the GDP and labor force is positively influenced by renewable energy consumption. On the other hand, foreign direct investment, trade openness, urbanization, and inflation rate are negatively related to renewable energy consumption. These findings have important implications for several policies to ensure a smooth movement to a low-carbon economy and encourage higher use of renewable energy.


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In-Text Citation: (Yassin, 2021)
To Cite this Article: Yassin, J. (2021). Macroeconomic Factors and Renewable Energy Consumption in ASEAN Countries: A Dynamic Heterogeneous Panel Approach. International Journal of Academic Research in Business and Social Sciences, 11(1), 800-813.