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Oil exports and non-oil exports

Author

Listed:
  • Huseyin Karamelikli
  • Guray Akalin
  • Unal Arslan

Abstract

Purpose - The purpose of this paper is to examine the dynamic relationship between oil exports, non-oil exports, imports and economic growth in the Organization of Petroleum Exporting Countries (OPEC), covering the period 1972-2013 by using panel data analysis. Design/methodology/approach - The results from the dynamic panel data methods are as follows: there exists the cross-sectional dependence on each variable. According to the cross-sectionally augmented panel unit root tests, all variables are stationary at the first difference.Westerlund and Edgerton (2007)LM Bootstrap cointegration test shows that there is a long-term relationship between variables. Findings - The results obtained by the Common Correlated Effects (CCE) estimator indicate that the increase in oil exports has a positive impact on the GDP of all countries, while the increase in oil exports has a negative impact on the non-oil exports of some countries. Originality/value - In this study, the relationship between oil exports, economic growth, imports and non-oil exports of the 12 OPEC member countries is tested by considering the cross-sectional dependence between 1972 and 2013. In the study, the authors found a positive relationship as a result of researching the impact of oil exports on economic growth in the frame of CCE panel estimations results.

Suggested Citation

  • Huseyin Karamelikli & Guray Akalin & Unal Arslan, 2017. "Oil exports and non-oil exports," Journal of Economic Studies, Emerald Group Publishing Limited, vol. 44(4), pages 540-551, September.
    • Handle: RePEc:eme:jespps:jes-01-2016-0015
    DOI: 10.1108/JES-01-2016-0015
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    Citations

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    Cited by:

    1. Titus Isaiah Zayone & Shida Rastegari Henneberry & Riza Radmehr, 2020. "Effects of Agricultural, Manufacturing, and Mineral Exports on Angola’s Economic Growth," Energies, MDPI, vol. 13(6), pages 1-17, March.
    2. Yang, Jinxuan & Rizvi, Syed Kumail Abbas & Tan, Zhixiong & Umar, Muhammad & Koondhar, Mansoor Ahmed, 2021. "The competing role of natural gas and oil as fossil fuel and the non-linear dynamics of resource curse in Russia," Resources Policy, Elsevier, vol. 72(C).
    3. Sweidan, Osama D. & Elbargathi, Khadiga, 2022. "The effect of oil rent on economic development in Saudi Arabia: Comparing the role of globalization and the international geopolitical risk," Resources Policy, Elsevier, vol. 75(C).
    4. Vatsa, Puneet & Hu, Baiding, 2021. "Intra-federal effects of oil prices: Evidence from Canada," Resources Policy, Elsevier, vol. 74(C).

    More about this item

    Keywords

    Economic growth; Panel data analysis; Export; OPEC; Q43; Q34; C23;
    All these keywords.

    JEL classification:

    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • Q34 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Natural Resources and Domestic and International Conflicts
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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