This paper investigates the nexus between energy consumption and economic growth in Bangladesh over the period 1971–2018 using the autoregressive distributed lag (ARDL) approach to cointegration. The main contribution of this study is the inclusion of exogenous dynamic (globalisation) and endogenous factor (political risk indicator measured by political terror scale (PTS)) to the energy consumption–economic growth nexus. The study explores an energy consumption–economic growth nexus where globalisation and PTS have both positive and negative influences on this relationship in the short run and long run. The Toda–Yamamoto Granger causality test confirms the feedback hypothesis, that is bidirectional causal relationship between energy consumption and economic growth, and the result is further verified by the impulse response function. Therefore, policymakers should enhance the availability of energy for people and industries to continue the existing momentum of economic growth. Besides, the government should cautiously deal with both the globalisation and political risk issues about energy consumption–economic growth nexus in Bangladesh.

中文翻译：

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外生和内生动态范围内的能源消费-经济增长关系：来自孟加拉国的证据

本文使用自回归分布滞后 (ARDL) 协整方法研究了 1971 年至 2018 年期间孟加拉国能源消费与经济增长之间的关系。本研究的主要贡献是将外生动力（全球化）和内生因素（由政治恐怖量表 (PTS) 衡量的政治风险指标）纳入能源消费-经济增长关系。该研究探讨了能源消费与经济增长的关系，即全球化和 PTS 在短期和长期对这种关系既有正面影响，也有负面影响。Toda-Yamamoto Granger 因果检验证实了反馈假设，即能源消费与经济增长之间存在双向因果关系，其结果由脉冲响应函数进一步验证。所以，政策制定者应增加人们和工业的能源供应，以继续保持现有的经济增长势头。此外，政府应谨慎处理孟加拉国能源消费与经济增长关系的全球化和政治风险问题。