Arian Daneshmand; Mojgan Rostamirad
Abstract
The objective of this study is to investigate policy shocks to the ecological footprints of 33 oil-exporting countries for the period 1961-2017. For this purpose, we apply the panel stationarity tests with both sharp and smooth breaks developed by Bahmani-Oskooee et al. (2014) and Carrion-i-Silvestre ...
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The objective of this study is to investigate policy shocks to the ecological footprints of 33 oil-exporting countries for the period 1961-2017. For this purpose, we apply the panel stationarity tests with both sharp and smooth breaks developed by Bahmani-Oskooee et al. (2014) and Carrion-i-Silvestre et al. (2005) to test the persistence of shocks on environmental degradation. The overall results suggest that shocks to the ecological footprint as an indicator of environmental degradation in oil-exporting countries have temporary effects. In other words, the ecological footprint under the two assumptions of long-term homogeneous variance and long-term heterogeneous variance has a mean-reverting behavior. The results of the univariate test also reveal that the ecological footprint is stationary at a 10% significance level for all oil-exporting countries except Canada, Congo, Egypt, Indonesia, and Iran. This implies that policymakers should design effective long-run policies to reduce the ecological footprint in these countries.
Hamid Molaei; Abolghasem Golkhandan; Davood Gol Khandan
Volume 3, Issue 10 , April 2014, , Pages 201-229
Abstract
Asymmetric effects of oil shocks mean the difference between the positive and negative effects of oil shocks. Empirical studies show that these asymmetric effects can affect economic growth in oil-exporting countries as well as importing countries. In this regard, this paper tries to investigate the ...
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Asymmetric effects of oil shocks mean the difference between the positive and negative effects of oil shocks. Empirical studies show that these asymmetric effects can affect economic growth in oil-exporting countries as well as importing countries. In this regard, this paper tries to investigate the asymmetric effects of oil shocks on economic growth in oil-exporting countries (including Iran) during the period 1980-2011by using hidden panel Cointegration. This approach, in addition to analyzing the long-term non-liner relationship between the variables, has another important capability for modeling asymmetry between different variables. Firstly, it has been shown that there is a long relationship between cumulative positive and negative components in crude oil prices and GDP in these countries by using Kao panel co-integration (hidden co-integration verification). Then, their long- run asymmetric relationships are measured by using dynamic ordinary least squares (DOLS). The results of this study show the negative effects of oil shocks are more than the positive effects on the economic growth of oil-exporting countries.
