F4 – Regional Science Inquiry

Vladimir ŠIMIĆ

Faculty of Economics, Business and Tourism Split, University of Split; Croatia, Associate professor, and CERGE-EI Teaching Fellow

vsimic@efst.hr

Abstract

The effects of financial globalization on economic growth have been put in focus by a more recent branch of globalization literature. In academic circles and international policy arena a strong push towards capital openness and free movement of capital across borders had been seen during the 1990s. While the early arguments suggested positive effects of financial globalization on economic growth, more recently, both theoretical and empirical studies have started seriously questioning this benign view of financial globalization calling for additional evidence. This paper revisits the link between financial globalization and growth using the KOF index of globalization in a sample of 134 world economies in the period 1970-2015. With a large number of countries and application of the panel data estimations techniques this paper provides strong evidence on the link between financial globalization and economic growth. In the broad sample of world economies financial globalization exerts a negative and statistically significant effects on economic growth. The paper also investigates this relationship in the regions of East Asia and Pacific, Middle East and North Africa, Latin America and the Caribbean, Sub-Saharan Africa and Europe and Central Asia and the negative effects are also predominant in the regional grouping of countries.

Keywords: Financial globalization, Growth, International evidence

JEL classification: F4, F6, O4

pp. 43-55

Oleg ANDREEV

Samara State Economic University, Samara, Russia Andreev

oleg04@rambler.ru

Oksana LOMAKINA

Kuban State Agrarian University named after I.T. Trubilin, Krasnodar, Russia

olomakina88@rambler.ru

Ariadna ALEKSANDROVA

The Herzen State Pedagogical University of Russia, Sankt-Peterburg, Russia

araleksandrova@rambler.ru

Abstract

The study aims to assess the alternatives to the diversification of energy carriers in the ASEAN member countries in the context of minimizing the risks associated with the creation of an energy portfolio. To determine the level of diversification of energy carriers, the indicator of the diversification of the energy carriers of the country based on the Shannon-Wiener index is used. In order to identify possible changes in the energy market of the ASEAN member countries, three scenarios are proposed based on an increase in the share of renewable energy sources. The analysis of the energy production in the ASEAN member countries showed that Indonesia is the leader in the production of energy from traditional energy sources and Thailand has the most developed energy production from renewable energy sources. According to the two developed scenarios for increasing the share of renewable energy sources, there is an increase in the level of diversification of the energy sector in all countries considered. The assessment of possible deviations from the expected results according to the described scenarios for an increase in the share of renewable energy sources made it possible to single out countries affected by positive and negative deviations.

Keywords: renewable energy sources, risk minimization, energy efficiency, power supply, scenario.

JEL classification: F2, F4, O2

pp. 149-160

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