Sunway Business School, Sunway University, Subang Jaya, Malaysia.
University of Economics and Human Sciences, Warsaw, Poland.
Environ Sci Pollut Res Int. 2023 Aug;30(38):88861-88875. doi: 10.1007/s11356-023-28660-0. Epub 2023 Jul 13.
Energy is one of the prime factors in influencing the sustainable development of a country. Different energy sources play important roles in driving the income growth of different economic sectors such as industrial, agricultural, and services. Fossil fuels, however, have come under strong criticism for actively accelerating climate change. As such, it is imperative to investigate the contributions of various energy sources toward sustainable growth. With Malaysia as the test-bed, the present study analyzes the impact of energy prices on economic stability using the novel wavelet-based analysis. Specifically, the study analyzed the impact of crude oil, natural gas, and gasoline prices on the economic (brown) and green growth from 1995 to 2020. The results show that in continuous wavelet transform, the cone of influence of all five factors exhibits strong short-run variance and fluctuations from 2005 to 2013. However, the intensity of brown growth is more influential than green growth. Similarly, in wavelet coherence graphs, the downward right arrows indicate positively significant associations between crude oil prices, natural gas prices, and gasoline prices with brown and green growth. Additionally, wavelet-based Granger causality reveals a bidirectional causal relationship between all variables. The results thus strongly suggest that energy prices predominantly affect the economic (brown) and green growth progression of the Malaysian economy. The study concludes with some suggested implications to augment the country's sustainable growth.
能源是影响一个国家可持续发展的主要因素之一。不同的能源在推动工业、农业和服务业等不同经济部门的收入增长方面发挥着重要作用。然而，化石燃料因其积极加速气候变化而受到强烈批评。因此，研究各种能源对可持续增长的贡献至关重要。以马来西亚为研究对象，本研究利用新的基于小波的分析方法，分析了能源价格对经济稳定的影响。具体来说，本研究分析了 1995 年至 2020 年期间原油、天然气和汽油价格对经济（棕色）和绿色增长的影响。结果表明，在连续小波变换中，所有五个因素的影响锥都表现出了从 2005 年到 2013 年强烈的短期方差和波动。然而，棕色增长的强度比绿色增长更具影响力。同样，在小波相干图中，向下的右箭头表示原油价格、天然气价格和汽油价格与棕色和绿色增长之间存在正相关关系。此外，基于小波的格兰杰因果关系表明，所有变量之间存在双向因果关系。因此，这些结果强烈表明，能源价格主要影响马来西亚经济的经济（棕色）和绿色增长进程。本研究最后提出了一些建议，以促进该国的可持续增长。
