- Autor
- Bada Oladejo Tokunbo (Covenant University, Nigeria), Adetiloye Kehinde Adekunle (Covenant University, Nigeria), Olokoyo Felicia Omowunmi (Covenant University, Nigeria), Ukporhe Grace (Covenant University, Nigeria)
- Tytuł
- Determinants of International Reserves Among Organisation of Petroleum Exporting Countries (OPEC)
Determinanty rezerw międzynarodowych w ramach Organizacji Krajów Eksportujących Ropę Naftową (OPEC) - Źródło
- Comparative Economic Research, 2022, vol. 25, nr 3, s. 111-133, tab., bibliogr. 44 poz.
- Słowa kluczowe
- Rezerwy, Ropa naftowa, Ceny ropy naftowej, Handel międzynarodowy
Reserves, Oil, Oil prices, International trade - Uwagi
- Klasyfikacja JEL: F14, F23, F31, F41, F43
summ., streszcz. - Firma/Organizacja
- Organizacja Krajów Eksportujących Ropę Naftową
Organization of the Petroleum Exporting Countries (OPEC) - Abstrakt
- Państwa członkowskie Organizacji Krajów Eksportujących Ropę Naftową (OPEC) są nieustannie przedmiotem zainteresowania mediów w obszarze cen i wielkości dostaw ropy naftowej na rynek międzynarodowy. Jedną z ekonomicznych przyczyn tego zainteresowania jest kwestia płynności i chęci gromadzenia rezerw międzynarodowych przez poszczególne kraje. W niniejszej pracy przeanalizowano determinanty tworzenia rezerw międzynarodowych w ramach organizacji na tle motywów utrzymywania rezerw. zmienne przyjęte na podstawie danych z lat 2005-2018 zostały przetestowane przy pomocy systemu uogólnionych metod momentów (Sy-GMM). Zmiennymi tymi były: inflacja, kursy walutowe, ceny ropy naftowej, stopień zależności od ropy naftowej, kryzysy gospodarcze i inne. Wyniki analizy pokazują, że inflacja miała ujemny wpływ zewnętrzny i wewnętrzny, podczas gdy napływ BIZ był istotnie ujemy. Kryzysy gospodarcze i otwartość gospodarcza miały statystycznie istotny, dodatni wpływ na akumulację rezerw międzynarodowych, natomiast ceny ropy i kursy walutowe nie były istotnymi determinantami akumulacji rezerw międzynarodowych. Artykuł rekomenduje maksymalizację wykorzystania możliwości, jakimi dysponują członkowie organizacji w czasie kryzysów gospodarczych, w celu gromadzenia rezerw, co umożliwi im uniezależnienie się od eksportu ropy naftowej i uwzględnienie w ich eksporcie także innych produktów oraz zwiększenie otwartości gospodarki na konkurencję, co powinno wzmocnić gospodarkę. (abstrakt oryginalny)
Member countries of the Organisation of Petroleum Exporting Countries (OPEC) are always in the news regarding the prices and supply of crude oil to the international market. One of the economic reasons for this is liquidity and the desire to accumulate international reserves by the respective countries. This paper examined the determinants of international reserves among the cartel against the backdrop of the motives for keeping reserves. With data from 2005 to 2018, the adopted variables that were tested with the system of generalised methods of moments (Sy-GMM) are inflation, exchange rates, oil prices, crude oil dependence, economic crises and others. The results and outputs show that inflation was negatively impactful externally and internally, while FDI inflows recorded negative significance. Economic crises and economic openness were positively significant, while oil prices and exchange rates were not significant determinants of international reserves accumulation. The paper recommends the maximisation of opportunities available by members during economic crises to accumulate reserves that will enable them to diversify from dependence on crude oil exports to include other products and a higher level of openness to open the economy up for competition to make the economies stronger. (original abstract) - Pełny tekst
- Pokaż
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- Cytowane przez
- ISSN
- 1508-2008
- Język
- eng
- URI / DOI
- http://dx.doi.org/10.18778/1508-2008.25.24