Mohsen Mehrara; Hamid Abrishami; Seyed Mohammad Hadi Sobhanian
Volume 16, Issue 49 , February 2012, , Pages 177-204
Abstract
In this study we have dealt with the non-linear effects of economic growth on the energy consumption growth in countries depending on petroleum revenues (OPEC member countries)as well as the BRIC countries. For this end, the panel data from 1980 to 2006 for both groups of above-mentioned countries was ...
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In this study we have dealt with the non-linear effects of economic growth on the energy consumption growth in countries depending on petroleum revenues (OPEC member countries)as well as the BRIC countries. For this end, the panel data from 1980 to 2006 for both groups of above-mentioned countries was employed and analyzed on the basis of threshold error correction model. The results indicate that in both group of countries, the effects of economic growth are non-linear so that the high economic growth rates (the economic growth rates more than threshold level of 0.01 for OPEC and 0.09 for BRIC) has increased the energy consumption growth with more severity. Of course, the effects of economic growth on the energy consumption growth in BRIC member countries are by far higher. Therefore, although an economic growth rate higher than threshold level may lead to environmental pollution in the OPEC member countries, but these countries should have less anxiety about the detrimental environmental effects of their economic growth compared to the BRIC countries.
Ali Bagheri
Volume 16, Issue 46 , April 2011, , Pages 1-18
Abstract
This paper, which is developed within the framework of political economy of petroleum starts by a brief reviewing of OPEC’s policy instrument based on members’ excess production capacities and quota systems for managing the global oil market. The basic shortcoming in modeling OPEC’s ...
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This paper, which is developed within the framework of political economy of petroleum starts by a brief reviewing of OPEC’s policy instrument based on members’ excess production capacities and quota systems for managing the global oil market. The basic shortcoming in modeling OPEC’s economic behavior is then examined. The analytical framework used in this paper for speculations on the future role of OPEC in a diversified future energy market incorporates the impacts of the followings on expected OPEC’s supply: Non-OPEC production potentials of crude oil, long-term supply of unconventional sources of crude oil and long-term potentials of production from renewable sources of energies. It is concluded that there are a number of evidences to support the scenario of continuity of the significant share of OPEC’s crude oil production in the future diversified energy mix, hence enhancing OPEC’s role in the management of global energy market.
Ali Emami Meibodi; Mohammad Shamsoddin
Volume 14, Issue 43 , July 2010, , Pages 81-109
Abstract
The introduction of the new oil exchanges and development of oil derivatives transactions have dramatically changed the mechanism of oil price movements. Expectations of monetary policies and directions of money flows between the financial and commodity markets have played fundamental roles in deriving ...
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The introduction of the new oil exchanges and development of oil derivatives transactions have dramatically changed the mechanism of oil price movements. Expectations of monetary policies and directions of money flows between the financial and commodity markets have played fundamental roles in deriving the oil prices in the world markets.This paper investigates the effect of the U.S. monetary policy on the real prices of oil and the real revenues of the OPEC member countries using the Dornbusch’s overshooting model. The results show the negative long run Co-integration between oil prices and the U.S. interest rates. The results of the Random Effect Model also reveal that the difference between the real interest rates of the U.S. and that of the OPEC members has a negative impact on the oil revenues of the OPEC members.
Ali Emami Meibodi
Volume 8, Issue 28 , October 2006, , Pages 107-122
Abstract
The crude oil price has shown some drastic changes since 1950. In a competitive or monopoly market one would expect that the real price to rise steadily as the marginal cost rises, not to jump sharply. Is it possible to explain these large movements in the oil prices on the basis of economic theory of ...
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The crude oil price has shown some drastic changes since 1950. In a competitive or monopoly market one would expect that the real price to rise steadily as the marginal cost rises, not to jump sharply. Is it possible to explain these large movements in the oil prices on the basis of economic theory of resource depletion? If we can understand the real reasons of the past oil price movements, we can hope to be able to foresee what may happen in the future.
In this paper, the Hotelling-type model (Robinson, 1975 & Ulph, 1984) has been applied to analyse the factors effecting oil price movements.
Jafar Kheirkhahan; Hamid Reza Baradaran Shoraka
Volume 5, Issue 16 , October 2003, , Pages 101-132
Abstract
The low rate of economic growth in resource-abundant countries remains as a paradox for economists and socio-political scientists. There have been various explanations for this phenomena.One of the latest explanations considers the under-development of legal institutions as the major factor، which is ...
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The low rate of economic growth in resource-abundant countries remains as a paradox for economists and socio-political scientists. There have been various explanations for this phenomena.One of the latest explanations considers the under-development of legal institutions as the major factor، which is indicated by non-cooperative and rent seeking behavior of the interest groups، leading to serious economic difficulties.This paper examines the case of oil boom in the context of modern approaches of political economy. The saving rate reaction is explained within the conflicting positions of interest groups in an oil exporting economy. The "Varacity Effect" is introduced and examined، indicating a counter cyclical behavior for the saving rate in a developing economy، where the rise in aggregate consumption may exceed the effects of resource boom.An econometric analysis of oil exporting economies indicates the experience of varacity effect in all OPEC members after the oil boom.In conclusion، it is argued that initiation of certain institutional reforms are crucial for improving the savings behavior and overall performance of resource-based economies.
