Table 6.
Correlation analysis.
| Variables | FEC | REC | TEC | GPR | FDI | ECG | BSD | IFR |
|---|---|---|---|---|---|---|---|---|
| FEC | 1.000 | |||||||
| REC | −0.956 | 1.000 | ||||||
| TEC | 0.684 | −0.830 | 1.000 | |||||
| GPR | 0.104 | −0.133 | 0.095 | 1.000 | ||||
| FDI | −0.198 | 0.167 | −0.086 | 0.022 | 1.000 | |||
| ECG | 0.170 | 0.012 | −0.284 | −0.095 | 0.165 | 1.000 | ||
| BSD | 0.370 | −0.263 | −0.062 | 0.049 | 0.216 | 0.381 | 1.000 | |
| IFR | 0.013 | −0.114 | 0.332 | −0.025 | −0.112 | −0.284 | −0.569 | 1.000 |
Acronyms: FEC = fossil fuel energy consumption, REC = renewable energy consumption, TEC = total energy consumption, GPR = geopolitical risk, FDI = foreign direct investment, ECG = economic growth, BSD = banking sector development, IFR = inflation rate.
Source: self-calculation.