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Effects of Oil Price Changes on Regional Real Income Per Capita in Kazakhstan: Panel Data Analysis

Author

Listed:
  • Sabit Baimaganbetov

    (Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.)

  • Dinmukhamed Kelesbayev

    (Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.)

  • Rima Yermankulova

    (Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.)

  • Bibigul Izzatullaeva

    (Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.)

  • Botagoz Almukhambetova

    (Khoja Akhmet Yassawi International Kazakh-Turkish University, Turkestan, Kazakstan.)

Abstract

The study examines the effect of Brent oil prices on the regional real per capita income in Kazakhstan by a panel data analysis of sixteen states and a quarterly time series between the years of 2008-2015. The long-term relationship between the series was examined with the help of Westerlund (2007) cointegration test. In this context, a positive and significant relationship was found between long-term oil price changes and per capita regional real income growth. In addition, causal relations between variables were investigated by Dumitrescu and Hurlin (2012) using panel Granger causality test. Empirical findings from both the co-integration and the Granger causality test show that the increase in oil prices has an important positive effect on the real income of the Kazakhstan regions.

Suggested Citation

  • Sabit Baimaganbetov & Dinmukhamed Kelesbayev & Rima Yermankulova & Bibigul Izzatullaeva & Botagoz Almukhambetova, 2019. "Effects of Oil Price Changes on Regional Real Income Per Capita in Kazakhstan: Panel Data Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 9(4), pages 356-362.
    • Handle: RePEc:eco:journ2:2019-04-44
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    Citations

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    Cited by:

    1. Artur Bolganbayev & Kundyz Myrzabekkyzy & Sabit Baimaganbetov & Dinmukhamed Kelesbayev, 2021. "The Effect of Oil Prices on the Economic Growth of Oil Exporting Countries Bordering the Caspian Sea: Panel Data Analysis," International Journal of Energy Economics and Policy, Econjournals, vol. 11(6), pages 432-437.
    2. Sabit Baimaganbetov & Dinmukhamed Kelesbayev & Gulzhan Baibosynova & Rima Yermankulova & Botagoz Dandayeva, 2021. "The Impact of Oil Prices on the Food Inflation in Kazakhstan," International Journal of Energy Economics and Policy, Econjournals, vol. 11(3), pages 73-79.

    More about this item

    Keywords

    Kazakhstan; Oil Prices; Cross Sectional Dependence; Panel Cointegration;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • E64 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Incomes Policy; Price Policy
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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