Energy insecurity in Asia: A multi-dimensional analysis |
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| Institution: | 1. Fulbright University, Vietnam and IPAG Business School, France;2. Singapore University of Social Sciences, Singapore;3. Waseda University, Japan;4. Asian Development Bank Institute, Japan;1. School of Data Sciences, Zhejiang University of Finance and Economics, Hangzhou, Zhejiang, 310018, PR China;2. Department of Statistics, The University of British Columbia, Vancouver, BC, Canada;1. Faculty of Economics, Chulalongkorn University, Bangkok, Thailand;2. Department of Econometrics and Business Statistics, Monash University, Victoria, Australia;1. School of Economics and Finance, Xi’an Jiaotong University, Shaanxi, China;2. Business School, University of Jinan, China;3. Finance Research Institute, Shandong Collaborative Innovation Center for Capital Market Innovation and Development, University of Jinan, China;1. School of Economics and Management, Beihang University, Beijing, 100191, China;2. College of Business, University of Nevada, Reno, Reno, NV 89557, USA;1. Accident Compensation Corporation, Wellington, New Zealand;2. School of Economics, Finance and Marketing, RMIT University, Building 80, Level 11, 445 Swanston Street, Melbourne, VIC 3000, Australia;1. Zhongnan University of Economics and Law, Wuhan, 430073, Hubei, China;2. Zhejiang University of Finance & Economics, Hangzhou, China;3. School of Economics and Management, China University of Geosciences, Wuhan, 430074, China;4. College of Economics and Management, Huazhong Agricultural University, Wuhan, 430073, Hubei, China |
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| Abstract: | Energy insecurity has been a critical challenge facing Asia’s economic growth. This study constructs a comprehensive index for energy insecurity as well as examines its trend using a sample of 24 selected Asian countries during the 1990–2014 period. For this purpose, principal component analysis is applied to a series of 12 selected variables. The variables are standardized using different techniques including z-score, min-max and softmax normalization. Three different measures of energy insecurity are created accordingly. The empirical results depict the trend of increasing energy insecurity in Bangladesh, China, India, Indonesia, Malaysia, Nepal, Pakistan, Saudi Arabia, Sri Lanka, Thailand and Vietnam. On the other hand, the trend of fluctuating but recently improving energy security was observed in Hong Kong, Japan, Mongolia, Singapore, South Korea, and United Arab Emirates. Meanwhile, the trend of fluctuating but recently increasing energy insecurity was found in Iran, Iraq, Jordan, Kazakhstan, Lebanon, and Tajikistan. These findings are robust to all three measures of energy insecurity. |
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| Keywords: | Energy insecurity Asia Principal component analysis Normalization Standardization Q4 C38 Q43 |
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