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Energizing economic development through foreign investments: The role of macroeconomic determinants
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DOI：10.1080/15567249.2026.2668379.png)
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Abstract
En 中文
This study examines the nexus among foreign investments, energy intentions, and globalization, and how they uplift sustainable economic growth in emerging countries using a panel data set from 1990 to 2025. In particular, this study considers combined effects within a unified framework employing a set of symmetric and asymmetric econometric estimations. The findings indicate that foreign investments significantly contribute to sustaining the economic growth in both the short and long run. Among the macroeconomic factors, the institutional quality demonstrated weak positive connectedness with economic growth, which suggests that internal control has the potential to maintain the sustainability of economic growth and has a minor adverse effect on institutional quality. The robustness of the findings, validated through the Asymmetric NARDL approach, highlighted the substantial positive impacts of foreign investments, the energy sector, and institutional quality on economic growth in emerging economies. In light of these findings, policymakers should improve institutional quality by strengthening governance, regulatory effectiveness, and transparency, while adopting targeted strategies to attract high-quality, productivity-enhancing FDI. In addition, priority should be given to modernizing the energy sector through investment in efficient, reliable, and sustainable energy systems to support sustained economic growth in emerging economies.
Keywords:
CS-ARDL
emerging countries
energy sector
foreign investments
Sustainable economic development
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