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The Relationship between Non-Oil Trade and GDP in Petroleum Exporting Countries
[journal article]
Abstract This paper investigates the causal relationship between non-oil international trade and the GDP in a panel of 11 selected oil exporting countries by using panel unit root tests and panel cointegration analysis. A three-variable model is formulated with oil revenues as the third variable. The results... view more
This paper investigates the causal relationship between non-oil international trade and the GDP in a panel of 11 selected oil exporting countries by using panel unit root tests and panel cointegration analysis. A three-variable model is formulated with oil revenues as the third variable. The results show a strong causality from oil revenues and economic growth to trade in the oil exporting countries. Yet, non-oil trade does not have any significant effects on GDP in short- and long-run. It means that it is the oil and GDP that drives the trade in mentioned countries, not vice versa. According to the results, decision makings should be employed to achieve sustainable growth through higher productivity and substantially enlarging the economic base diversification in the future.... view less
Keywords
crude oil; export; foreign trade; economic growth; gross domestic product
Classification
National Economy
Free Keywords
Granger Causality; Non-Oil Trade; Oil Exporting Countries; Panel Cointegration; Panel Unit Root
Document language
English
Publication Year
2014
Page/Pages
p. 63-70
Journal
International Letters of Social and Humanistic Sciences (2014) 12
ISSN
2300-2697
Status
Published Version; peer reviewed