OIL BOOM AND SAVING RATE IN OPEC MEMBERS

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KHEYR KHAHAN J.; BARADARAN SHORAKA H.R.

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Journal: Iranian Journal of Economic Research Year:2003 | Volume:5 | Issue:16 Page(s): 101-132

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Information Journal Paper

Title

OIL BOOM AND SAVING RATE IN OPEC MEMBERS

Author(s)

KHEYR KHAHAN J. | BARADARAN SHORAKA H.R. | Issue Writer Certificate

Keywords

OIL BOOMQ4

SAVING RATEQ2

POLITICAL ECONOMYQ2

INTEREST GROUPSQ4

VARACITY EFFECTQ4

OPECQ4

Abstract

The low rate of economic growth in resource-abundant countries remains as a paradox for economists and socio-political scientists. There have been various explanations for these phenomena. One of the latest explanations considers the under-development of legal institutions as the major factor, which is indicated by non-cooperative and rent seeking behavior of the INTEREST GROUPS, leading to serious economic difficulties. This paper examines the case of OIL BOOM in the context of modern approaches of POLITICAL ECONOMY. The SAVING RATE reaction is explained within the conflicting positions of INTEREST GROUPS in an oil exporting economy. The "Varacity Effect" is introduced and examined, indicating a counter cyclical behavior for the SAVING RATE in a developing economy, where the rise in aggregate consumption may exceed the effects of resource boom. An econometric analysis of oil exporting economies indicates the experience of VARACITY EFFECT in all OPEC members after the OIL BOOM. In conclusion, it is argued that initiation of certain institutional reforms is crucial for improving the savings behavior and overall performance of resource-based economies.

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APA: Copy

KHEYR KHAHAN, J., & BARADARAN SHORAKA, H.R.. (2003). OIL BOOM AND SAVING RATE IN OPEC MEMBERS. IRANIAN ECONOMIC RESEARCH, 5(16), 101-132. SID. https://sid.ir/paper/2753/en

Vancouver: Copy

KHEYR KHAHAN J., BARADARAN SHORAKA H.R.. OIL BOOM AND SAVING RATE IN OPEC MEMBERS. IRANIAN ECONOMIC RESEARCH[Internet]. 2003;5(16):101-132. Available from: https://sid.ir/paper/2753/en

IEEE: Copy

J. KHEYR KHAHAN, and H.R. BARADARAN SHORAKA, “OIL BOOM AND SAVING RATE IN OPEC MEMBERS,” IRANIAN ECONOMIC RESEARCH, vol. 5, no. 16, pp. 101–132, 2003, [Online]. Available: https://sid.ir/paper/2753/en

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