جستجوی مقالات مرتبط با کلیدواژه « opec member countries » در نشریات گروه « اقتصاد »

The global competitiveness index of the economy in different countries shows the potential of countries for production and growth and competition in the world arena. Several factors affect this index. One of these variables is the innovation level of countries, which is measured using the global innovation index. Based on this, this study examines the effect of global innovation index on the global competitiveness of OPEC member countries during the time period of 2010-2022 using panel data. The countries investigated in this study include Iran, Saudi Arabia, Qatar, Kuwait, Iraq, and the United Arab Emirates. The results of the model estimation have shown that the global economic innovation index has a positive and significant effect on the global competitiveness index of countries. Other research results have shown that research and development expenses and the productivity of all production factors have a positive and significant effect on the competitiveness of OPEC member countries. Also, the cross effect of innovation and research and development has a positive and significant effect on the competitiveness of countries.

The effect of crude oil prices on the economic activity of countries has been considered for decades.  In this period of time, the empirical link between oil price and economic activity has been continuously investigated, but the measured results have shown different results and are contradictory.  Therefore, the present study aims to investigate the effect of crude oil prices on the set of economic activities in selected OPEC countries in the period 2000 to 2019.  This research uses the panel data method and the system of simultaneous equations approach by the three-stage least squares (3SLS) method.  The results obtained from the estimation of the considered models indicate a positive and significant effect of crude oil price on the consumer price index and liquidity volume, respectively, at the rate of 221/0 and 200/1.  Also, the results indicating the negative and significant effect of crude oil price on exchange rate and interest rate are -195/0 and -175/0, respectively.

The index of global economic competitiveness in different countries shows the ‎potential of countries for production and growth and competition in the world arena. ‎Several factors affect this index. One of these variables is the innovation level of ‎countries, which is measured using the global innovation index. Based on this, this ‎study examines the effect of the global innovation index on the global competitiveness ‎of OPEC member countries during the period of 2010-2022 using panel data. The ‎countries investigated in this study include Iran, Saudi Arabia, Qatar, Kuwait, Iraq, and ‎the UAE. The results of the estimation of the model have shown that the global ‎economic innovation index had a positive and significant effect on the global ‎competitiveness index of countries. Other research results have shown that research and ‎development expenses and the productivity of all production factors have a positive ‎and significant effect on the competitiveness of OPEC member countries. Also, the ‎cross effect of innovation and research and development has a positive and significant ‎effect on the competitiveness of countries.‎The index of global economic competitiveness in different countries shows the ‎potential of countries for production and growth and competition in the world arena. ‎Several factors affect this index. One of these variables is the innovation level of ‎countries, which is measured using the global innovation index. Based on this, this ‎study examines the effect of the global innovation index on the global competitiveness ‎of OPEC member countries during the period of 2010-2022 using panel data. The ‎countries investigated in this study include Iran, Saudi Arabia, Qatar, Kuwait, Iraq, and ‎the UAE. The results of the estimation of the model have shown that the global ‎economic innovation index had a positive and significant effect on the global ‎competitiveness index of countries.

Nowadays, urbanization, which is closely related to economic development and industrialization, has become one of the driving forces of energy demand. The most prominent feature of urbanization is the physical growth of urban areas. This phenomenon has become an important social process in the 21st century, especially in many developing countries such as OPEC. The acceleration of urbanization leads to an increasing contradiction between economic growth and environmental development. The process of urbanization not only involves a large number of rural people moving to cities but also involves economic transformation and improvement of the industrial structure, which inevitably leads to the creation of urban infrastructures with large investments. Thus, it increases energy consumption (Liu and Peng, 2018). Although extensive research has been carried out on the relationship between urbanization and energy consumption, there are few studies about the OPEC countries.  Many studies have shown that urbanization can affect energy consumption or energy intensity through several channels. First, urban infrastructure must consume more energy through the expansion of economic activities. This is because urbanization leads to a shift from traditional agriculture with little energy consumption to industrial manufacturing with more consumption. Second, modern buildings need more energy (such as for air conditioners and elevators). Third, in cities, motor vehicles consume a large value of energy (Bloomi and Al-Shari, 2017).At the same time, new technologies (for example, energy-saving urban buildings, efficient household appliances, district heating systems, and energy-efficient transportation) reduce energy consumption in buildings and transportation in large cities.In addition, according to Tubler's law of geography, geographical locations are interdependent, and nearby places are more affected than distant places. So, according to the econometric literature, ignoring the space dimension in modeling causes errors in estimation and statistical inference (Seif and Hamidi Zari, 2017). In other words, although energy consumption varies among OPEC member countries, they may be spatially dependent due to geographical proximity, socio-economic interactions and common shocks, such as production technology and energy consumption patterns. This study examines the direct and indirect effects of urbanization on energy consumption.Since spatial interactions are the focus of this research and there are spatial interactions between urbanization and energy consumption, a simple econometric model cannot account for the impacts of spatial factors on energy consumption. Therefore, the research model is taken from the study of Sheng et al. (2018) and business variables, government expenditures and the space panel method are added to it.Urbanization may also affect energy consumption in suburban areas, which involves potential spatial (or indirect) effects of energy consumption on urban areas. The present study examines the effects of urbanization on energy consumption using random regression of effects on population, wealth and technology (STIRPAT) in a selection of OPEC member countries. In this regard, the space panel model and time series data during the period 1990-2020 have been used. The variables of trade, population, GDP, technology, total energy consumption and urbanization are extracted from the World Bank database. Based on the results of model estimation, the relationship between trade and energy consumption in OPEC member countries is negative and significant. Open trade allows developing economies to import advanced technologies from developed economies. The use of advanced technology reduces energy intensity. This process is called technical effect.Government spending also has a significant negative impact on energy consumption. Over the past decades, the allocation of energy subsidies has led to its excessive consumption in OPEC member countries. But recently, with increasing government spending and budget deficit problems, governments have adopted contractionary fiscal policies. The elimination of energy carrier subsidies is one of the plans to improve the budget, which has led to higher energy prices and lower demand.Industrialization has a positive and significant relationship with energy consumption in OPEC member countries. Given the role and importance of energy in the production of various industries, it can be said that energy has a very large share in industrialization. Industrial activities, such as high-tech production, consume more energy than agricultural production. According to the findings, with the long-term direct effects of industrialization variables, trade and economic growth have positive effects, whereas urbanization and government spending have negative effects on energy consumption. The results of indirect effects indicate the positive impacts of urbanization, trade and government spending and the negative impacts of industrialization and economic growth on energy consumption. The total effects of urbanization, industrialization and trade on energy consumption are positive, and economic growth and government spending have negative effects on energy consumption. Accordingly, it is suggested for in the OPEC member countries, to consider the effects of the spatial spillover of energy consumption to control it.

Stress in financial markets is defined as the force influencing the behavior of economic agents in the form of uncertainty and changing expectations, the critical values ​​of which are called financial crisis. Increasing oil revenues may have positive effects on aggregate supply through increased investments, especially public sector investment, as well as the import of capital and intermediate goods and the introduction of new technologies. An increase in the value of the national currency, which can result from a positive oil shock, actually lowers the price of imported capital and intermediate goods. Due to the importance of discussing Financial Stress Index and its relationship with economic variables affecting countries in this study with the aim of investigating the transfer of fluctuation of Financial Stress Index on macroeconomic indicators of  selected OPEC member countries, this issue has been studied. In this research, using multivariate GARCH models, BEKK and VAR models, the research hypotheses have been tested and analyzed. The data of the present study have been reviewed daily during the years 2010 to 2020. The results of the study indicate that the Financial Stress Index causes a surge in interest rates, liquidity and inflation in Iran, Kuwait and Qatar.

This study intended to examine the correlation between the stock market return and the oil price return within a multivariate GARCH model. To this end, the correlation of these two variables with the spillover rate, conditional mean, oil price fluctuations, and the stock market indexes of 10 OPEC members, i.e. Algeria, Iran, Iraq, Kuwait, Nigeria, Qatar, Venezuela, Saudi Arabia, the UAE, and Ecuador, were examined in the form of monthly times series for the 2014–2019 time span. The results showed that there is a positive correlation between the oil price volatility and the stock market return in OPEC member countries. In addition, there is a greater correlation between the oil price fluctuations and the stock return in countries where oil revenues make a bigger contribution to GDP. It was also concluded that the oil price volatility spreads to that of the stock returns.

Based on the list released by the international organization for standardization (ISO) on January 1st, 2014, there are almost 250 types of currencies in the world for product/service trade and financial flows. The most obvious types of currency are the US dollar, Canadian dollar, Euro, British pound , Japanese Yen, Switzerland Frank, Chinese Yuan, etc. (Evans, 2014).Exchange rate is determined by its supply and demand while the governments can affect it through different ways. The amount and nature of government involvement in the exchange rate markets define the exchange rate systems. In fact, the exchange rate systems are a framework for determination of the price. There are generally three groups of exchange rate systems including floating, fixed, and managed system. In the floating exchange rate system, the exchange rate is only determined by the market forces without the involvement of the government. The exchanges change continuously because the exchange supply and demand have volatility. In the managed exchange rate system, the exchange rate can be changed while the governments participate in the exchange markets to affect the exchange rates. In the fixed exchange rate system, the governments demand for stabilizing the exchange rates through participation in the market or regulating systems (Rittenberg, 2012).

Selecting an appropriate exchange rate system is of great importance for an economy because it affects the exchange rate and other economic variables of a country (e.g. the general level of prices and production). Determination of the exchange rate system after the collapse of Bretton Woods system became more important because there was already a kind of fixed and somewhat adjustable exchange rate system in the countries. After the collapse of Bretton Woods system, the countries such as the petroleum exporting countries questioned which exchange rate system is more important for their economies. In such countries, the petroleum export was considered as a main factor affecting the exchange rate because this factor affects both export and government revenues as well as the exchange rate system in such countries. One of the important frameworks to select the exchange rate system was the exchange rate protective property. Based on this framework, each exchange rate system protecting the economy of the country against the entered shocks is appropriate for its economy (Komijani&Arabi, 2002).

The main purpose of this study was to determine the framework exchange rate system for OPEC member countries during 1990-2015. By using the method and results of this study, the exchange rate markets and policymakers can select an appropriate system for their countries to have the minimum volatility for the exchange rate resulting in no negative effect on the economy of their country.is study, the models of Argy, Multiple-criteria and decision-making were used to select the proper exchange rate system in OPEC member countries.In the first model, after explaining the Argy model and presenting six price and production functions for all fixed, floating, and managed exchange rate systems, Chow, Hausman, Breusch and Pagan, Heteroscedasticity of variance, and autocorrelation tests were performed by STATA software. Then, based on the data collected for 1990-2015, the parameters of the above six parameters were estimated by GLS method and the production and price values were calculated by Excel software. Finally, the loss function was obtained for each country and exchange rate system by calculating and adding the numerical value of production and price variance.

The results showed that the managed rate system was selected as an appropriate system for all OPEC member countries except Ecuador, Qatar, and Nigeria because the loss function value for this type of exchange rate system was less than the other exchange rate systems. The appropriate exchange rate system for all above mentioned countries was the fixed exchange rate system. As a general result in the studied period, the proper exchange rate system for OPEC member countries was the managed exchange rate system. In the second model, the analytical hierarchy model was used. so that, the factors affecting the evaluation and selection of an appropriate exchange rate system were categorized in three groups of fixed, managed, floating, and 33 sub criteria. The results obtained from by using the weight of qualitative data in Expert Choice software showed that the managed exchange rate system with the weight of 70.1% was the most appropriate exchange rate system and floating exchange rate system with the weight of 19.6 and fixed exchange rate system with the weight of 10.6 were respectively after the managed exchange rate system. In addition, in the managed exchange rate system, the export with the weight of  29.8%, general level of prices and production with the weight of  22.5, and economic efficiency with the weight of 13.3% were the most effective sub criteria for the managed exchange rate system.

As the results of both models indicated, the proper exchange rate system for OPEC member countries was the managed exchange rate system.Based on the important role of exchange rate system in determination of exchange rate and its effectiveness on macroeconomic variables and helping the policymakers to better select the exchange rate system, considering the managed floating exchange rate system is suggested.

Always economic growth is one of the most important indicates for economic development. Thus، more production is important and effective way to achieve economic development. In The other hand energy production is considered as the one of the inputs. This study، examines the causality relationship between energy consumption، economic growth and price among OPEC member countries. This study uses annual data over the period 1978-2008 by using panel data technique. Results Our show that a two-way Causality relationship are between the variables as energy consumption and economic growth in the long run، while the one-way causality relationship is from economic growth to price increase. As well as two-way causality relationship are between the variables energy consumption، economic growth and prices in the short term.

This study examines the time series behavior of oil production for OPEC member countries in a fractional integration modeling framework. It’s aim is to identify the potential for structural breaks and outliers. The analysis is based on a monthly data from January 1973 to October 2008 for 12 OPEC member countries. The results indicate that a mean reverting persistence in breaks has been experienced in ten of twelve oil production countries. Thus; it is obvious that shocks affect on the structure of OPEC oil production and have persistent effects in the long run for all countries. In some countries is expected the effects to be permanent.

Openness and its relation with economic growth is one of the controversial issues in economics. Recent years, various mechanisms of openness influencing on economic growth is considered. One of the mentioned mechanisms is the impact of openness on economic growth through economic growth in tradingpartners countries. By Using an unbalanced panel data analysis, this study evaluates the impact of trading partner's economic growth on economic growth of the member countries of the Organization of Petroleum Exporting Countries (OPEC) for the period of 1960- 2004. The results indicate that there is statistically positive and significant effect of trading partners’ economic growth, investment, human capital and opennesson economic growth in OPEC member countries and there is negative effect among initial GDP, inflation, government expenditure andeconomic growth in OPEC member countries. The results are robust and are not sensitive where other determinants of economic growth were added to the model. This is also true in different samples.

Democracy is a concept that encompasses people´s participation in decision-making in community to determine political، economic، social and cultural structure، freedom of expression، freedom to create coalitions، protest right and so on. Wealth and income effects of natural resources on a country''s political institutions and democracy have always been sources of the important issues at the intersection of political science and economics. “Polity2” index which refers to the type of regimes of countries is considered as a representative of the level of democracy. This paper desire to investigate correctness or incorrectness of the hypothesis implying on a positive and significant linkage between democracy and human development in OPEC-member countries، by using panel data approach during 1996-2010. Estimation results confirm a positive and significant relationship between democracy and human development index of mentioned countries.

Although there are numerous studies in the literature that look at the theoretical effects of automatic stabilizers and their efficiency, few of them present empirical evidence. This paper conducts an empirical study on the effects of fiscal policy as an automatic stabilizer. In the first part of this paper we attempt to study the cyclicality of fiscal policy and for this purpose, the method of panel data is applied to 8 OPEC member countries for the period of 1976-2009. The results show that the fiscal policy for the selected countries is counter-cyclical. The main purpose of this paper is to study the relationship between fiscal policy (measured by government expenditures, tax revenues and transfers) and fluctuations of economy during business cycles (measured by GDP, private GDP and consumption) among 8 OPEC member countries by applying panel data approach for the period 1976-2005. The results show that there is a strong and negative correlation between tax revenues (relative to GDP) and fluctuations of output. This paper also show that government expenditures (relative to GDP) are positively correlated with the fluctuations of output. The results indicate that tax revenues, as an efficient fiscal policy tool, help to smooth the fluctuations of output. On the other hand, the results show that government expenditures increase the fluctuations of output. Furthermore, we check for the robustness of our results by introducing a list of control variables (openness, GDP, GDP per capita and GDP growth) and introducing these variables into our model does not affect our main results. So, this observation supports the idea that in countries that are exposed to business cycles with more fluctuations, it is desirable to increase tax revenues (relative to GDP) by expanding tax base to help smooth these fluctuations.