Abstract
We investigate the Granger non-causality relationship between oil prices and the economic diversification process in the GCC countries during the period 1989-2017. This paper uses Pedroni's (2004) panel cointegration tests and the panel non-causality test of Dumitrescu-Hurlin (2012). We find that oil price changes Granger cause the movements in the diversification progression. It indicates that economic diversification of the GCC countries is not a priority to the GCC governments because their role is changing. As a result, the GCC countries should give priority to economic diversification if it is a strategic plan for their economies.
| Original language | English |
|---|---|
| Pages (from-to) | 334-341 |
| Number of pages | 8 |
| Journal | Economics and Business Letters |
| Volume | 9 |
| Issue number | 4 |
| DOIs | |
| Publication status | Published - Dec 2020 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Keywords
- Economic diversification
- Granger non-causality test
- Oil prices
- Panel analysis
- The GCC countries
ASJC Scopus subject areas
- Business and International Management
- General Economics,Econometrics and Finance
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