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Powering progress: The interplay of energy security and institutional quality in driving economic growth

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  • Azimi, Mohammad Naim
  • Rahman, Mohammad Mafizur
  • Maraseni, Tek

Abstract

Energy security is a crucial determinant of sustainable economic growth, especially in the South Asian region, where persistent energy challenges and institutional shortcomings have stifled developmental potential. This study aims to elucidate the complex interplay between energy security and economic growth, with a focus on how institutional quality moderates and transforms these dynamics to promote more resilient growth in the region. Drawing on data from eight South Asian countries from 2000 to 2022, the study employs a panel-corrected standard error (PCSE) model, reinforced by robust feasible generalized least squares (FGLS) method. The results reveal that energy availability, energy supply capacity, energy demand, and energy efficiency exert negative impacts on economic growth, whereas energy development capacity contributes positively to economic growth. Additionally, the novel aggregate energy security index and institutional quality index demonstrate positive effects on growth, alongside urbanization and foreign direct investment. Conversely, trade openness is found to have a negative influence on economic growth. Crucially, the institutional quality index absorbs the adverse effects of energy availability, energy supply capacity, energy demand, and energy efficiency on growth, while amplifying the positive impacts of both individual elements of energy security and its aggregate index. These results highlight the necessity for urgent policy interventions to simultaneously address existing energy security and institutional quality concerns to achieve sustainable economic growth.

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  • Azimi, Mohammad Naim & Rahman, Mohammad Mafizur & Maraseni, Tek, 2025. "Powering progress: The interplay of energy security and institutional quality in driving economic growth," Applied Energy, Elsevier, vol. 378(PA).
  • Handle: RePEc:eee:appene:v:378:y:2025:i:pa:s0306261924022189
    DOI: 10.1016/j.apenergy.2024.124835
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    More about this item

    Keywords

    Energy security; Economic growth; Institutional quality; South Asia; Energy efficiency;
    All these keywords.

    JEL classification:

    • O38 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Government Policy
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • P18 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Energy; Environment
    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy

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