Abstract Is crude oil price detrimental to domestic private investment for an emerging economy? The role of public sector investment and financial sector development in an era of globalization
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Is crude oil price detrimental to domestic private investment for an emerging economy? The role of public sector investment and financial sector development in an era of globalization

机译：原油价格对新兴经济体的国内私人投资有害吗？全球化时代公共部门投资和金融部门发展的作用

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AbstractUsing annual data for the period 1980-2014, this study attempts to examine the impact of the international price of crude oil on private investment in India by endogenizing public sector investment, real interest rate, financial sector development, economic growth and economic globalization as other additional key determinants in a private investment model. This framework also serves as additional objective of verifying whether public sector investment crowds out or crowds in private investment in India and whether real interest rate as a monetary policy channel variable is effective in influencing the private investment. From our empirical estimation, we observed that crude oil price, public investment, and real interest rate have detrimental effects on the growth of domestic private investment, whereas financial sector development, economic growth, and globalization help to boost up private investment. From a policy perspective, the study suggests that India should intensively shift its focus towards both the production and consumption of renewable energies and tap other alternative potential sources of energy in order to offset the risks arising on account of India's heavy reliance on imports of crude oil from other oil exporting countries. This study further urges that the role of international crude oil price, public sector investment, and real interest rate can't be under-emphasized while designing a comprehensive growth-oriented energy policy strategy for India in order to achieve a sustainable economic development of the economy.Highlights•It examines the impact of international crude oil price on private investment.•Crude oil price, public investment and interest rate deter private investment.•Financial development, growth, and globalization have favourable impacts.•India should focus on using renewable energies to offset risks on current account.•It proves inefficacy of interest rate in raising investment and hence the growth.
机译： 摘要 此研究使用1980-2014年期间的年度数据，试图检验国际原油价格对墨西哥私人投资的影响。印度通过将公共部门投资，实际利率，金融部门发展，经济增长和经济全球化内生化，作为私人投资模型中的其他其他关键决定因素。该框架还充当了另一个目标，即检验印度的公共部门投资是挤占还是挤占私人投资，以及实际利率作为货币政策渠道变量是否有效地影响了私人投资。根据我们的经验估计，我们观察到原油价格，公共投资和实际利率对国内私人投资的增长具有不利影响，而金融部门的发展，经济增长和全球化则有助于促进私人投资。从政策的角度来看，该研究建议印度应将重心转移到可再生能源的生产和消费上，并利用其他潜在的能源来源，以抵消印度严重依赖原油进口而产生的风险。来自其他石油出口国。该研究进一步敦促在为印度设计以增长为导向的综合能源政策战略以实现印度可持续经济发展时，不能过分强调国际原油价格，公共部门投资和实际利率的作用。经济。 突出显示 • 它会检查国际原油价格对私人投资的影响。 • 原油价格，公共投资和利率阻碍了私人 • 金融发展，增长和全球化产生有利影响。 •< / ce：label> 印度应着重使用可再生能源来抵消经常账户的风险。 • 这证明了利率在提高投资和因此增长方面的效率低下。

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