Reducing energy intensity and coping with climate change are important policy issues that face all countries. This study examines the impact of business cycles (recessions and expansions) on energy intensity in sixteen emerging countries in 1990–2014. We find that during periods of economic expansion (recessions), business cycles reduce (increase) energy intensity. We also study the moderating effect of foreign direct investment (FDI) between business cycles and energy intensity and find that FDI lowers (raises) energy intensity in countries with high (low) level economic development. In addition, this study finds a nonlinear relationship between business cycles and energy intensity. Policy implications of the findings are discussed.

降低能源强度和应对气候变化是各国面临的重要政策问题。本研究考察了 1990-2014 年商业周期（衰退和扩张）对 16 个新兴国家能源强度的影响。我们发现，在经济扩张（衰退）期间，商业周期会降低（增加）能源强度。我们还研究了外国直接投资 (FDI) 在商业周期和能源强度之间的调节作用，发现 FDI 降低（提高）经济发展水平高（低）水平的国家的能源强度。此外，本研究发现商业周期与能源强度之间存在非线性关系。讨论了调查结果的政策含义。