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Estimated the Index of Economic Vulnerability and Resilience Using Parametric Method: The Case of OPEC

Author

Listed:
  • Abounoori, Esmaiel

    (Professor of Economics, Semnan University)

  • Lajevardi, Hasan

    (Ph.D Candidate in Economics, Semnan University)

Abstract

The aims of this study is to estimate the resilience and economic vulnerability indicators. Vulnerability is a structural features that increase the weaknesses of a system during adverse shocks. Economic resilience is defined as the ability of economic policy of a country to withstand in the face of shocks and recover from the effects of them. Also this paper economic resilience and vulnerability index for OPEC member countries for the period of 1995 to 2013 is estimated. Using the method of multiple causes, multiple indicators (MIMIC) and using the method of maximum likelihood, resiliency and vulnerability index was estimated. After estimating the number of models, among them top models according to compatibility with the theoretical foundations and the significance test by fitting indicators were selected coefficients. The results show that Iraq, Angola, Libya and Nigeria have high vulnerability and the UAE, Qatar, Kuwait and Saudi Arabia affected are low. Iran's Net Index rating resiliency and among the 12 OPEC members is equal to 6.

Suggested Citation

  • Abounoori, Esmaiel & Lajevardi, Hasan, 2016. "Estimated the Index of Economic Vulnerability and Resilience Using Parametric Method: The Case of OPEC," Quarterly Journal of Applied Theories of Economics, Faculty of Economics, Management and Business, University of Tabriz, vol. 3(3), pages 25-44, November.
    • Handle: RePEc:ris:qjatoe:0049
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    More about this item

    Keywords

    Economic resiliency; Economic vulnerability; Structural equation; Multiple-Indicators Multiple-Causes (MIMIC).;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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