RELATIONSHIP BETWEEN ECONOMIC GROWTH AND GOVERNMENT SIZE IN SELECTED OPEC COUNTRIES: A MULTIVARIATE ANALYSIS USING PANEL DATA TECHNIQUES

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FALAHI MOHAMMAD ALI; KHODAPARAST MASHHADI MAHDI; SALIMIFAR MOSTAFA; HAGHNEJAD AMIN

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Journal: Journal of Quantitative Economics Year:2011 | Volume:8 | Issue:2 (29) Page(s): 79-94

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Title

RELATIONSHIP BETWEEN ECONOMIC GROWTH AND GOVERNMENT SIZE IN SELECTED OPEC COUNTRIES: A MULTIVARIATE ANALYSIS USING PANEL DATA TECHNIQUES

Author(s)

FALAHI MOHAMMAD ALI | KHODAPARAST MASHHADI MAHDI | SALIMIFAR MOSTAFA | HAGHNEJAD AMIN | Issue Writer Certificate

Keywords

GOVERNMENT SIZEQ2

ECONOMIC GROWTHQ2

COINTEGRATIONQ2

PANEL DATAQ2

GRANGER CAUSALITYQ2

Abstract

This paper investigates the interaction effects and the causal relationship between government consumption expenditures on goods and services and non-oil gross domestic product for a panel of 9 selected OPEC countries over the period of 1970-2006. In the multivariate framework, three control variables; inflation, openness and oil revenues are used as control variables to avoid the problem of omitted variables bias. Using econometric techniques including panel COINTEGRATION, and panel generalized method of moment; three sets of results have been obtained: first, there is a strong evidence of positive bidirectional causality between non-oil ECONOMIC GROWTH and GOVERNMENT SIZE in the short-run; there is a positive unidirectional causality running from non-oil ECONOMIC GROWTH to GOVERNMENT SIZE in the long-run; the results of the strong causality confirm those of the short-run causality. Based on these findings, both Wagner’s law and Keynes view are supported. Second, inflation and oil revenues have negative and significant impacts non-oil ECONOMIC GROWTH; the impact of openness on non-oil ECONOMIC GROWTH is statistically insignificant. Third, inflation and openness have negative and significant impacts on GOVERNMENT SIZE, while a positive and significant impact is found for oil revenues.

Cites

بررسی ارتباط غیرخطی بین متغیرهای کلان اقتصادی و اندازه دولت در ایران

References

کاربرد داده های ترکیبی در اقتصادسنجی

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APA: Copy

FALAHI, MOHAMMAD ALI, KHODAPARAST MASHHADI, MAHDI, SALIMIFAR, MOSTAFA, & HAGHNEJAD, AMIN. (2011). RELATIONSHIP BETWEEN ECONOMIC GROWTH AND GOVERNMENT SIZE IN SELECTED OPEC COUNTRIES: A MULTIVARIATE ANALYSIS USING PANEL DATA TECHNIQUES. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), 8(2 (29)), 79-94. SID. https://sid.ir/paper/110767/en

Vancouver: Copy

FALAHI MOHAMMAD ALI, KHODAPARAST MASHHADI MAHDI, SALIMIFAR MOSTAFA, HAGHNEJAD AMIN. RELATIONSHIP BETWEEN ECONOMIC GROWTH AND GOVERNMENT SIZE IN SELECTED OPEC COUNTRIES: A MULTIVARIATE ANALYSIS USING PANEL DATA TECHNIQUES. JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW)[Internet]. 2011;8(2 (29)):79-94. Available from: https://sid.ir/paper/110767/en

IEEE: Copy

MOHAMMAD ALI FALAHI, MAHDI KHODAPARAST MASHHADI, MOSTAFA SALIMIFAR, and AMIN HAGHNEJAD, “RELATIONSHIP BETWEEN ECONOMIC GROWTH AND GOVERNMENT SIZE IN SELECTED OPEC COUNTRIES: A MULTIVARIATE ANALYSIS USING PANEL DATA TECHNIQUES,” JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW), vol. 8, no. 2 (29), pp. 79–94, 2011, [Online]. Available: https://sid.ir/paper/110767/en

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