Determinants of International Reserves Among Organisation of Petroleum Exporting Countries (OPEC)

Oladejo Tokunbo  Bada; Kehinde Adekunle Adetiloye; Felicia Omowunmi Olokoyo; Grace Ukporhe

doi:10.18778/1508-2008.25.24

Autor

Oladejo Tokunbo Bada Covenant University, Department of Finance, Ota, Nigeria https://orcid.org/0000-0001-7823-3785
Kehinde Adekunle Adetiloye Ph.D., Associate Professor, Covenant University, Department of Finance, Ota, Nigeria https://orcid.org/0000-0002-7171-0793
Felicia Omowunmi Olokoyo Ph.D., Associate Professor, Covenant University, Department of Finance, Ota, Nigeria https://orcid.org/0000-0003-0176-0194
Grace Ukporhe Covenant University, Department of Finance, Ota, Nigeria https://orcid.org/0000-0001-5245-8986

DOI:

https://doi.org/10.18778/1508-2008.25.24

Słowa kluczowe:

rezerwy międzynarodowe, Organizacja Krajów Eksportujących Ropę Naftową, ceny ropy naftowej, kursy wymiany, handel międzynarodowy

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.

Pobrania

Brak dostępnych danych do wyświetlenia.

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