Economic Growth in the Middle East Countries

Subject Areas : Labor and Demographic Economics

amirreza souri ¹ , mohammad hassan sabouri deilami ² , javad attaran ³

1 - دانشجوی دکتری اقتصاد
2 - دانشجوی دکتری اقتصاد
3 - دانشجوی دکتری مدیریت

Received: 2015-04-22 Accepted : 2015-04-22 Published : 2011-04-01

Keywords: panel data, Oil Demand function, crude oil price, Gross Domestic Production, Stationary, Co-integration Tests,

Abstract :

The purpose of this paper is to examine the relationship between crude oil demand and economic growth in Middle East by panel unit root and co-integration developed techniques during 1980-2007. By developing a model, the crude oil demand, oil price and GDP and their growth rates will be explained. In continue, we are going to estimate two various models for oil demand function and the effect of economic growth on Middle East oil demand. The findings represent that the demand function is asymmetric in respect to price and income. Also, economic growth rate is the most important factor for increasing crude oil consumption in Middle East countries. On the other hand, these countries’ oil demand elasticity based upon the price and income is low, but income elasticity is higher than price. However, the findings suggest that oil demand is more important than economic growth. It is because of these countries’ disability in replacing crude oil by new energy sources. 

References:

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