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Energy security and economic stability: The role of inflation and war

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  • Banna, Hasanul
  • Alam, Ashraful
  • Chen, Xihui Haviour
  • Alam, Ahmed W.

Abstract

This paper investigates the impact of energy security risk (ESR) on economic stability. Using multiple global datasets, we provide empirical evidence from a panel of 68 countries spanning over a period from 1980 to 2021. Our results indicate that high ESR reduces GDP growth rate (GDPG) from a global perspective. In robustness tests, this effect remains valid across several specifications based on non-U.S. samples, national income-level, alternative measure of economic stability, and a set of endogeneity tests based on propensity score matching estimation. Countries with pre-existing low GDPG mainly suffer from heightened energy insecurity. Further tests reveal that numerous country-specific institutional quality estimates moderate the effect. Finally, the damaging impact of ESR worsens during years of high inflation, geopolitical risk and acts, as well as of escalated war threats. We encourage international collaborations to develop a more sustainable energy system, which enhances the security of energy supply and the stability of economy.

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  • Banna, Hasanul & Alam, Ashraful & Chen, Xihui Haviour & Alam, Ahmed W., 2023. "Energy security and economic stability: The role of inflation and war," Energy Economics, Elsevier, vol. 126(C).
    • Handle: RePEc:eee:eneeco:v:126:y:2023:i:c:s0140988323004474
    DOI: 10.1016/j.eneco.2023.106949
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    More about this item

    Keywords

    Energy security; Economic stability; Inflation; War; GDP growth; Keynesian economic theory;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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