Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia


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Authors

  • Sriyanto Sriyanto Department of Social Studies, Universitas Muhammadiyah Purwokerto, Jawa Tengah, 53182, Indonesia,
  • Muhammad Imran Department of Economics, The University of Haripur, Haripur Khyber Pakhtunkhwa, Pakistan,
  • Shiraz Khan Department of Management Sciences, The University of Haripur, Haripur Khyber Pakhtunkhwa, Pakistan,
  • Khalid Zaman Department of Economics, The University of Haripur, Haripur Khyber Pakhtunkhwa, Pakistan,
  • Haroon ur Rashid Khan Faculty of Business, The University of Wollongong in Dubai, Dubai, United Arab Emirates,
  • ‪Dadang Yunus Lutfiansyach Department of Community Education, Universitas Pendidikan Indonesia, Kota Bandung, Indonesia,
  • Parmono Parmono Building Engineering Education Study Program, Universitas Pendidikan Indonesia, 40154, Kota Bandung, Indonesia,
  • Abdul Wahab Pathath Department of Clinical Neurosciences, College of Medicine, King Faisal University, Al Ahsa, Saudi Arabia,
  • Mohd Khata Jabor Faculty of Social Sciences and Humanities, Universiti Teknologi Malaysia, Skudai, Johor, Malaysia.

DOI:

https://doi.org/10.32479/ijeep.14291

Keywords:

Insurance services; Technological advancement; Globalization; Transportation energy; Industry value added; Quantile regression

Abstract

The increasing globalization and information communication associated with commerce are confronted with the risk experienced over the years in the various production sectors of the economies. The research studied the influence of ICTs capital goods exports, industrial value addition, transportation energy, and globalization on insurance & financial services in a panel of 29 selected European and Central Asian nations. The research spanned from 2012 to 2021 and used a Panel quantile regression model. It was shown that insurance and financial services increased dramatically between the 0.40th and 0.90th quantiles due to technological progress. In addition, for quantiles between 0.10th and 0.90th, industrial value added is positively correlated with increased insurance and financial services. Quantile 0.10t show a negative and significant association between transportation energy and insurance risks. In contrast, quantiles between 0.40th and 0.90th show a positive and significant relationship, indicating a U-shaped relationship between these two variables. The causality findings validated the technology-led industrialization and transportation energy, while a bidirectional association was identified between globalization and transportation energy across nations. The variance decomposition results suggested that industrial value added, globalization, and technological advancement would exert greater variance shocks on the insurance and financial services sector over time. The study concludes that the progression of technology contributes to the maintenance of insurance performance in the age of globalization. This performance might be enhanced by developing more effective transportation energy services and industrial production.

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Published

2023-03-24

How to Cite

Sriyanto, S., Imran, M., Khan, S., Zaman, K., Khan, H. ur R., Lutfiansyach, ‪Dadang Y., Parmono, P., Pathath, A. W., & Jabor, M. K. (2023). Harnessing the Power of Globalization: A Study of the Association between Globalization, Transportation Energy, and Insurance and Financial Services in Europe and Central Asia. International Journal of Energy Economics and Policy, 13(2), 453–461. https://doi.org/10.32479/ijeep.14291

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Articles