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An Investigation of an Adaptive Neuro-Fuzzy Inference System to Predict the Relationship among Energy Intensity, Globalization, and Financial Development in Major ASEAN Economies

Hafezali Iqbal Hussain, Beata Slusarczyk (), Fakarudin Kamarudin (), Hassanudin Mohd Thas Thaker () and Katarzyna Szczepańska-Woszczyna ()
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Beata Slusarczyk: The Management Faculty, Czestochowa University of Technology, 42.201 Czestochowa, Poland
Fakarudin Kamarudin: Faculty of Economics and Management, Universiti Putra Malaysia, UPM Serdang, Selangor 43400, Malaysia
Hassanudin Mohd Thas Thaker: Department of Economics and Finance, Sunway University Business School, Sunway University, Bandar Sunway, Petaling Jaya 47500, Selangor, Malaysia
Katarzyna Szczepańska-Woszczyna: Department of Management, WSB University, 41-300 Dąbrowa Górnicza, Poland

Energies, 2020, vol. 13, issue 4, 1-17

Abstract: The enhancement of the financial sector significantly drives a nation’s economy and thereby increase energy intensity. Considering this situation, the current study aims to examine the link between globalization and financial advancements with the energy intensity of the top 5 ASEAN (Association of Southeast Asian Nations) economies. The development structure of the ASEAN region is considered significant for having stable growth. The authors used the annual data from 1990 to 2018 for five of the largest ASEAN economies: Singapore, Malaysia, Thailand, Indonesia, and the Philippines. The present study used novel methodology, the Adaptive Neuro-Fuzzy Inference System (ANFIS), to examine the nonlinear behaviour among globalization, financial development, and energy intensity in the top 5 ASEAN countries. The study results using ANFIS confirm that globalization and financial development are positively correlated and have a significant impact on the energy intensity level in the top ASEAN countries. The results further suggest that globalization and financial development increase the level of energy intensity more in the countries that are developed relative to their peers in the top ASEAN countries. Moreover, the outcomes of ANFIS also suggest that those countries, which are more globalized and financially developed, have more potential to increase the level of energy intensity. Therefore, the government needs to focus more on projects that involve renewable energy and are environmentally friendly.

Keywords: globalization; energy intensity; financial development; Adaptive Neuro-Fuzzy Inference System (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2020
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