چکیده:
The purpose of this study is to explain the factors affecting economic growth gap between OPEC and East Asia countries. For this, by using the Shapley–Owen–Shorrocks and Oaxaca–Blinder variance decomposition methods the causes of the economic growth gap between OPEC and East Asia countries were analyzed over the period 1996-2018.The results of the Shapley–Owen–Shorrocks decomposition revealed that in East Asia countries, institutional and policy variables(government consumption, inflation, rule of law, trade) and human capital explain 53.31 and 31.38 percent of economic growth fluctuations, respectively. In contrast, in OPEC countries institutional and policy variables and physical capital(investment, Fertility rate) explain 66.72 and 17.75 percent of economic growth fluctuations, respectively. According to the results of the Oaxaca–Blinder decomposition, about 43 percent of the economic growth gap between East Asia and OPEC countries is due to explained components(mainly rule of law, investment, human capital) and 57 percent due to unexplained components(mainly the return of Investment, human capital, inflation, rule of law). Accordingly, efficient use of factors in relation to their endowments has a more important role in explaining the economic growth gap of countries. A noteworthy point in this regard is the important role of institutional and policy variables. Since not only institutional and policy variables but also other variables such as human capital, fertility rate and investment are greatly influenced by governance, in order to promote economic growth in OPEC countries, including Iran, it is recommended that factors affecting good governance be seriously considered by policymakers.
خلاصه ماشینی:
Explaining the difference in economic growth between OPEC member countries and East Asia: Shapley-Owen-Shorrocks and Oaxaca-Blinder variance decomposition approach Fereshteh Mohamadian Assistant Professor, Department of Economics, University of Ilam, Ilam, Iran Abstract The aim of the present study is to determine the factors affecting the difference in the economic growth rate between OPEC member countries and East Asian countries.
To this end, by employing the Shapley-Owen-Shorrocks and Oaxaca-Blinder variance decomposition methods, the factors affecting the economic growth gap between OPEC member countries and East Asian countries during the period 1996-2018 were analyzed.
The results of the Shapley-Owen-Shorrocks decomposition revealed that in East Asian countries, policy factors (government expenditure, inflation, rule of law, and trade) and human capital explain 31.
Based on the results obtained from the Oaxaca-Blinder decomposition, approximately 43% of the economic growth gap between East Asian countries and OPEC member countries arises from predictable components (mainly rule of law, investment, and human capital), and 57% is due to unpredictable components (mainly investment efficiency, human capital, inflation rate, and rule of law).
Oaxaca–Blinder Decomposition The main objective of this article is to investigate the factors of economic growth difference in OPEC member countries and East Asian countries by employing two methods, SOSD and OBD.
The results obtained from SOSD revealed that for East Asian countries, 85 percent of economic growth can be explained by political factors (government expenditure, inflation, rule of law, and trade) and human capital.
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