Foreign direct Investment (FDI) is a source of investment which allows
any business or sector to grow. It works as a catalyst in developing
countries for enhancing total output level. Beside this, FDI also promotes
energy efficiency and clean energy. To the best of our knowledge no
studies have been conducted to explore the relationship between FDI
and renewable energy consumption in the context of Bangladesh.
Therefore, the aim of this paper is to reveal the relationship between FDI
and renewable energy consumption in Bangladesh with the help of time
series data spanning from 1980 to 2015. Johansen’s cointegration test
confirms that variables are cointegrated in the long run and Granger
causality test reveals that there is a bidirectional causality between our
variables of interest. Through Vector Error Correction Model (VECM), we
found no causality between the variables in the short run. We employed
CUSUM test to check the stability of our variables and result indicates
that our variables are stable. Policies regarding attracting more FDI
should be considered to increase the investment in Renewable energy
sector.
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