بررسی تأثیر حکمرانی درآمدهای نفتی بر رشد اقتصادی کشورهای عضو اوپک با تأکید بر توسعه بازار سهام رویکرد مدل (PVAR GMM)

نوع مقاله : علمی

نویسندگان

1 دانشگاه سیستان و بلوچستانُ، زاهدان، ایران

2 گروه اقتصاد ، دانشگاه سیستان و بلوچستان، زاهدان، ایران

3 دانشگاه سیستان وبلوچستان

چکیده

مدیریت درآمد حاصل از منابع طبیعی و نحوه تخصیص آن بین مصرف و سرمایه گذاری بر رشد اقتصادی تأثیر بسزایی دارد. نقش توسعه بازار مالی از طریق بازار سهام بر تأثیر حکمرانی درآمدهای نفتی یا تأثیر سرمایه‌گذاری درآمدهای نفتی توسط بخش دولتی و خصوصی بر رشد اقتصادی در مطالعات پیشین کمتر مورد توجه بوده است. مطالعه حاضر به بررسی تأثیر حکمرانی درآمدهای نفتی بر رشد اقتصادی کشورهای منتخب عضو اوپک پرداخته است. نتایج نشان می دهد که شاخص های حکمرانی درآمدهای نفتی یا به عبارت دیگر، سهم سرمایه‌گذاری بخش دولتی از درآمدهای نفتی و سهم سرمایه‌گذاری بخش خصوصی از درآمدهای نفتی، تأثیر مثبتی بر رشد اقتصادی در کشورهای مورد بررسی دارند. همچنین، شاخص‌های توسعه بازار سهام تأثیر مثبت و معناداری بر رشد اقتصادی دارد. اثر متقابل سهم سرمایه‌گذاری بخش دولتی و خصوصی از درآمدهای نفتی و شاخص‌های توسعه بازار سهام، باعث تقویت اثر سهم سرمایه‌گذاری بخش دولتی و خصوصی از درآمدهای نفتی بر رشد اقتصادی می‌شود. در نهایت، درآمدهای نفتی از تأثیر معنادار مثبتی بر رشد اقتصادی کشورهای مورد بررسی برخوردار می‌باشد، اما، با افزایش سرعت درآمدهای نفتی، رشد اقتصادی کشورهای مورد بررسی کاهش یافته و بیانگر وجود پدیده نفرین منابع طبیعی یا بیماری هلندی در کشورهای مورد بررسی می‌باشد.

کلیدواژه‌ها

موضوعات

عنوان مقاله [English]

Effect of Oil Revenue Governance on Economic Growth of OPEC Member Countries with Emphasis on Stock Market Development Using PVAR GMM Approach

نویسندگان [English]

  • mohsen jafari 1
  • Marziyeh Esfandiari 2
  • Mosayeb Pahlavani 3
1 university of sistan and baluchestan
2 Department of Economics , university of Sistan and Baluchestan, Zahedan, Iran
3 Associate Professor, Economics Department, University of Sistan and Baluchestan
چکیده [English]

In this study the impact of oil revenue governance on the economic growth of selected OPEC member countries with an emphasis on the development of the stock market, using the PVAR GMM method was investigated. For this purpose, the required data related to the research variables was gathered from Global Financial Development Database (GFDD), World Development Indicators (WDI), International Monetary Fund (IMF) and the database of selected OPEC member countries (Iran, Iraq, Saudi Arabia, Kuwait, Venezuela, Nigeria, Algeria, United Arab Emirates and Libya) during 2003-2022 and STATA software was used for data analysis. The results showed that the governance indicators of oil revenues, or in other words, the share of public sector investment from oil revenues and the share of private sector investment from oil revenues, have a positive and significant effect on economic growth in the studied countries. Also, the development indicators of the stock market have positive and significant effect on the economic growth in the studied countries. In addition, the mutual effect of the share of public and private sectors investment from oil revenues and stock market development indicators strengthens the effect of the share of public and private sector investment from oil revenues on economic growth. Finally, oil revenues have a significant positive effect on the economic growth of considered countries, but with the increase in the rate of oil revenues, the economic growth of considered countries will decrease, which indicate the existence of the curse of natural resources or the Dutch disease in studied countries.

کلیدواژه‌ها [English]

  • Oil revenue governance
  • stock market
  • economic growth
  • natural resource curse
  • PVAR GMM model

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پژوهشنامه اقتصاد کلان Macroeconomics Research Letter
دوره 18، شماره 39
بهمن 1402
صفحه 73-97

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  • تاریخ دریافت: 25 مهر 1402
  • تاریخ بازنگری: 16 دی 1402
  • تاریخ پذیرش: 23 دی 1402

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