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The influence of economic and non-economic determinants on the sustainable energy consumption: evidence from Vietnam economy
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The influence of economic and non-economic determinants on the sustainable energy consumption: evidence from Vietnam economy
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Journal Article
The influence of economic and non-economic determinants on the sustainable energy consumption: evidence from Vietnam economy
2023
Overview
Maintaining ecological quality of energy use without compromising on economic growth has become the key research agenda of existing literature. Emerging economies are particularly facing this dual problem where they need to look in to the factors which impact sustainable energy consumption. The article, thus, aims to examine impact of economic and non-economic determinants on sustainable energy consumption in Vietnamese context. Factors such as industrialization, population growth, inflation, and employment rate are being considered as economic indicators and eco-innovation and political instability are being used as non-economic indicators. The study has taken secondary data from secondary sources such as Organization for Economic Co-operation and Development (OECD), the global economy, and World Development Indicators (WDI) from 1986 to 2020. The study has applied the Bayesian auto-regressive distributed lags (BARDL) model and the non-linear autoregressive distributed lag (NARDL) technique to check the association among variables. The results revealed that industrialization, population growth, inflation, employment rate, and eco-innovation have a positive linkage with SEC in Vietnam. The results also indicated that political instability has a negative association with SEC in Vietnam. In the light of results, it is obvious that government fiscal and monetary policies must be favorable to inflation so that sustainable energy can be introduced and started to consume. The study also conveys that the policymakers must take care of employment rate growth, for it can encourage sustaining energy consumption.
