The Effect of Oil Prices on the Economic Growth of Oil Exporting Countries Bordering the Caspian Sea: Panel Data Analysis

Bolganbayev, Artur; Myrzabekkyzy, Kundyz; Baimaganbetov, Sabit; Kelesbayev, Dinmukhamed

doi:10.32479/ijeep.11835

Cited by 13 publications

(22 citation statements)

References 7 publications

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“…The implementation of the concept of sustainable development in the state policies of the countries of the world community provides for the decarbonization of the economy, including the transition to renewable energy sources [43]. Such processes form the risks of economic changes for countries exporting energy resources, including oil [44], which affects the interests of all economic agents [45], including the banking sector. At the level of an individual, economic changes can act as factors of negative emotions, interfere with a person's well-being [46], thus jeopardizing the achievement of the sustainable development goals.…”

Section: Methodsmentioning

confidence: 99%

Banking Sector Profitability: Does Household Income Matter?

2022

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Household incomes, their level and dynamics are one of the factors that ensure the achievement of the Sustainable Development Goals. At the same time, stable development of the banking sector, which is impossible without steady earnings, determines economic growth, which also positively affects reaching the Sustainable Development Goals. The paper examines the impact of household income on the return on assets of the banking sector in Russia using annual time series from 2003 to 2019. The study was conducted using formalized economic and mathematical methods of analysis by linear regression with least squares tests on the significance of the model, with tests for redundancy of insignificant variables (Wald test), Ramsey test on the functionality of the model, White and Breusch Pagan test for heteroscedasticity (heterogeneity of observations) and multicollinearity by method of inflation factors, graphic method. The Multiple Linear Regression (MLR) model was used. The results show that (1) an increase in the growth rate of household income and deposits in the non-financial sector has a positive effect on the return on assets of the banking sector; (2) an increase in the growth rate of the price of Brent crude oil and non-performing loans negatively affect the dependent variable; and (3) the regions that have the greatest (positive and negative) impact on profitability of whole bank sector in Russia were identified. Increasing household incomes and eliminating inequality in the incomes of the population of different regions will have a positive impact not only on social well-being but will also provide the banking sector with the opportunity for profitable operation and create conditions for sustainable growth. Our conclusions are useful for the regulator and individual banks and can be taken into account when developing and implementing policies aimed at sustainable development.

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Section: Methodsmentioning

confidence: 99%

Banking Sector Profitability: Does Household Income Matter?

2022

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“…Because when a country bases its economy only on oil and similar natural resource exports, it can be adversely affected by fluctuations in world oil prices. Studies on the effect of fluctuations in global oil prices on Kazakhstan's GDP also support this effect (Bolganbayev et al, 2021;Kelesbayev et al, 2022b;Aldıbekova, 2018).…”

Section: Introductionmentioning

confidence: 93%

“…They argued that using energy primarily in the production of products with high added value is more rational for Kazakhstan in terms of both economic development and energy saving. Bolganbayev et al (2021), in their article titled "The Effect of Oil Prices on the Economic Growth of Oil Exporting Countries Bordering the Caspian Sea: Panel Data Analysis", examined the effects of oil price fluctuations on the economic growth of Russia, Iran, Kazakhstan, and Azerbaijan. They used the panel data analysis method and quarterly data for the period 2007-2020.…”

Section: Literature Reviewmentioning

confidence: 99%

The Effect of Electricity Generation, Thermal Energy Production, Fixed Capital Investment, and Consumer Price Index on Economic Growth in Kazakhstan

Bolganbayev

Sabenova²,

Mombekova

et al. 2022

IJEEP

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Many local and global factors affect the growth of national economies. Among these factors, energy production is one of the main sources of economic growth. This study examines the impact of energy production, especially electricity generation and thermal energy production, on economic growth in Kazakhstan. To provide a better explanation for the effect of energy production on economic growth, we also included fixed capital investment and consumer price index variables in our research model. Thus, economic growth data, fixed capital investments, consumer price index, electricity generation, and thermal energy production are determined as research variables. Research data were obtained from the databases of the World Bank and the National Bureau of Statistics of the Republic of the Agency of Strategic Planning and Reforms of Kazakhstan. The data range is from 2002 to 2020. The findings showed that fixed capital investment has the most dominant effect on economic growth. This is a natural result from a macroeconomic point of view. Another critical finding is that both electricity generation and fixed capital investments have a positive effect on economic growth. When the variable of the amount of electricity generated is included in the model, the explanatory power of the model increases from 85% to 90.7%. However, the effect of thermal energy production was found to be statistically insignificant. This insignificance is a research problem that needs to be analyzed in detail, taking into account the general energy production structure of Kazakhstan.

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“…COVID-19 and its impacts has also brought to the surface a number of new studies and approaches, as evidenced by the creation of the Recovery and Resilience Facility in the European Union, which provides 723.8 billion EUR in loans and grants to Member States (European Commission, 2022). The concept of resilience was first introduced in the study on the vulnerability of oil-exporting countries (Nagy, Sebestyénné Szép, 2016).…”

Section: Wstępmentioning

confidence: 99%

Measuring the Social, Economic and Environmental Resilience – A Case Study of the Hungarian Cities

Nagy,

Szép

2023

Economic and Regional Studies / Studia Ekonomiczne I Regionalne

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Subject and purpose of the work: The COVID-19 and 2021-2022 energy crises shed new light on urban resilience. Cities face many more challenges and external shocks. This study aims to measure urban resilience. Materials and methods: For this purpose, a composite indicator was developed, composed of three (social, economic and environmental) resilience components called the Complex Resilience Index. It is applied to study Hungarian settlements in selected years (2000, 2006, 2012, 2018). Based on the results further analysis was conducted. The spatial structure of urban resilience is studied in two ways. First, the spatial differences between cities in the four selected years was examined using the relative range index, which is the difference between the highest and lowest city values relative to the average. Second, spatial patterns were mapped using one of the most commonly used indicators of spatial autocorrelation, the so-called Local Moran I indicator. The next step is to create five clusters to highlight the differences between groups in terms of population and per capita income in the selected years and to analyse the role of resilience in changing these indicators. Results: The identification of these groups provides important information for spatial planning and policy. Hungarian settlements were also ranked based on the Complex Resilience Index. The results show that urban resilience can be measured with a composite indicator (Complex Resilience Index) and that the social, economic and environmental resilience components provide further insights. In the Hungarian urban network, the most resilient elements are Budapest, some regional centres, some county capitals, the metropolitan area of Budapest, and the most developed small and medium-sized cities in the Transdanubian region. Conclusions: The difference in the Complex Resilience Index between cities increases over time, and as a result, the Local Moran I clusters become narrower. The rate of change in the specific income and its relative spread has the opposite sign to resilience. As resilience increases, the average change in income and its relative spread decreases, and as a result of that, stability increases.

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The Effect of Oil Prices on the Economic Growth of Oil Exporting Countries Bordering the Caspian Sea: Panel Data Analysis

Cited by 13 publications

References 7 publications

Banking Sector Profitability: Does Household Income Matter?

Banking Sector Profitability: Does Household Income Matter?

The Effect of Electricity Generation, Thermal Energy Production, Fixed Capital Investment, and Consumer Price Index on Economic Growth in Kazakhstan

Measuring the Social, Economic and Environmental Resilience – A Case Study of the Hungarian Cities

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