Relationship between Economic Growth, Renewable Energy, International Trade and Sukuk: A Case Study of 12 Sukuk User Countries
Abstract
The purpose of this study is to examine the simultaneous influence of Renewable Energy, International Trade, and Sukuk on Economic Growth in 12 Sukuk-consuming countries for the 2014-2021 period. This type of research is Quantitative research using the Simultaneous Two-Stage Least Squares method. Based on the results of the study, it was obtained that Renewable Energy does not affect Economic Growth, it was also found that exports affect renewable energy, but not with Sukuk. So these variables cannot simultaneously encourage renewable energy to affect economic growth. For international trade (exports and imports) it affects economic growth. This study also found that Sukuk does not affect economic growth, in this study Sukuk is still influenced by exports. However, the existing influence has not been able to affect economic growth, since exports have a positively insignificant effect on Sukuk.
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References
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Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/prr-03-2020-0011
Antunes, A. J. S. J. (2012). The Effects of International Trade on Economic Growth : An empirical comparison between Portugal and the Netherlands. 1–70.
Artha, B., & Putra, J. A. (2020). Pengaruh Penggunaan Energi Terbarukan Terhadap Produk Domestik Bruto (Studi Kasus di Indonesia). Efektif Jurnal Ekonomi Dan Bisnis, 11(2), 143–148. http://www.e-journal.janabadra.ac.id/index.php/jurnalefektif/article/view/1332
Azeez, B. A. et al. (2014). Effect of International Trade on Nigerian Economic Growth: The 21 st Century Experience. International Journal of Economics, Commerce and Management, II(10), 1–8. http://ijecm.co.uk/
Ben Jebli, M., Ben Youssef, S., & Ozturk Ã, I. (2015). The Role of Renewable Energy Consumption and Trade: Environmental Kuznets Curve Analysis for Sub-Saharan Africa Countries.
Chen, Y., Wang, Z., & Zhong, Z. (2019). CO2 emissions, economic growth, renewable, and non-renewable energy production, and foreign trade in China. Renewable Energy, 131, 208–216. https://doi.org/10.1016/j.renene.2018.07.047
Echchabi, A., Aziz, H. A., & Idriss, U. (2018). The impact of Sukuk financing on economic growth: the case of GCC countries. International Journal of Financial Services Management, 9(1), 60. https://doi.org/10.1504/ijfsm.2018.089920
Elinur. (2010). Perkembangan Konsumsi Dan Penyediaan Energi Dalam Perekonomian Indonesia. Indonesian Journal of Agricultural Economics, 1(1), 19–38.
Goyena, R. (2019). Pengaruh Investasi Listrik Konvensional dan Energi Terbarukan terhadap Pertumbuhan Ekonomi serta Dampaknya pada Penyerapan Tenaga Kerja di Indonesia. Journal of Chemical Information and Modeling, 53(9), 1689–1699.
Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics.
Handayani, D., & Surachman, E. N. (1999). Sukuk Negara as Financing Strategy for Renewable Energy Infrastructure: Case Study of Muara Laboh Geothermal Power Project. International Journal of Energy Economics and Policy, 41(7–8), 307–307. https://doi.org/10.1515/mt-1999-417-807
Hu, H., Xie, N., Fang, D., & Zhang, X. (2018). The role of renewable energy consumption and commercial services trade in carbon dioxide reduction: Evidence from 25 developing countries. Applied Energy, 211, 1229–1244. https://doi.org/10.1016/j.apenergy.2017.12.019
Hussain, Z., Assistant, J., Qaiser, I., Mushtaq, A., Scholar, M., & Iqbal, A. (2012). Effects of International Trade On Economic Growth: The Case Study of Pakistan Saif-ullaha. International Journal of Academic Research in Progressive Education and Development, 1(2), 2226–6348. www.hrmars.com
Ivandrew, H. (2020). Pengaruh Perdagangan Internasional dan Investasi Terhadap Pertumbuhan Ekonomi. Jurnal Ekonomi Dan Bisnis, 03(02), 1–13.
Khan, S. A. R., Yu, Z., Belhadi, A., & Mardani, A. (2020). Investigating the effects of renewable energy on international trade and environmental quality. Journal of Environmental Management, 272(April), 111089. https://doi.org/10.1016/j.jenvman.2020.111089
Menegaki, A. N. (2011). Growth and renewable energy in Europe: A random effect model with evidence for neutrality hypothesis. Energy Economics, 33(2), 257–263. https://doi.org/10.1016/j.eneco.2010.10.004
Muharam, H., Anwar, R. J., & Robiyanto, R. (2019). Islamic stock market and Sukuk market development, economic growth, and trade openness (The case of Indonesia and Malaysia). Business: Theory and Practice, 20(2014), 196–207. https://doi.org/10.3846/BTP.2019.19
Nehal, S. (2021). Green Sukuk–A Viable Global Financing option for Climatic and Environmental Revolution (A Practical Instrument for the Development of Sustainable Energy Projects …. Journal of Socio-Economic and Religious Studies. http://jsers.org/index.php/jsers/article/view/23
Pangiuk, A. (2018). Pengaruh Pertumbuhan Ekonomi Terhadap Penurunan Kemiskinan Di Provinsi Jambi Tahun 2009-2013. ILTIZAM Journal of Sharia Economic Research, 2(2), 44. https://doi.org/10.30631/iltizam.v2i2.160
Sadorsky, P. (2009). Renewable energy consumption and income in emerging economies. Energy Policy, 37(10), 4021–4028. https://doi.org/10.1016/j.enpol.2009.05.003
Sebri, M., & Ben-Salha, O. (2014). On the causal dynamics between economic growth, renewable energy consumption, CO2 emissions, and trade openness: Fresh evidence from BRICS countries. In Renewable and Sustainable Energy Reviews (Vol. 39, pp. 14–23). Elsevier Ltd. https://doi.org/10.1016/j.rser.2014.07.033
Siyoto, S., & Sodik, M. A. (2015). DASAR METODOLOGI PENELITIAN.
Yıldırım, S., Yıldırım, D. C., & Diboglu, P. (2020). Does Sukuk market development promote economic growth? PSU Research Review, 4(3), 209–218. https://doi.org/10.1108/prr-03-2020-0011
Authors
Aisah, A. N., & Bawono, A. (2023). Relationship between Economic Growth, Renewable Energy, International Trade and Sukuk: A Case Study of 12 Sukuk User Countries. Agregat: Jurnal Ekonomi Dan Bisnis, 7(2), 198–207. https://doi.org/10.22236/agregat_vol7.i1/10140
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