The relationship between oil reserves and oil extraction has recently become of interest to research community. Current empirical literature lacks an identification strategy that addresses endogeneity problem. This study takes advantage of (arguably) exogenous reserves discoveries to identify the effect of size of reserves on oil production. Our findings show that although in general oil produc...

Abstract I n this paper, we investigate the existence and the nature of real exchange rate misalignment in Organization of the Petroleum Exporting Countries (OPEC). To do this we estimated a cross country basic real exchange rate determination model for 1990-2012 and extracted historic trend of misalignment. The results imply that all OPEC countries have had misalignment -...

Oil is the driving force for the modern economy as a cheap energy source and its reliable supply of oil is therefore a crucial element of economic growth. Oil resources however, are unevenly distributed and concentrated into only a few, on average, emerging economies. Inefficient and ineffective resource management can jeopardize the secure flow of oil. Especially since these supplying countrie...

The energy shocks of the 1970's had significant effects on the global economy. Were they engineered by an effective cartel of OPEC members acting to share the market by controlling output and influencing market prices? If OPEC was an effective cartel sharing the market among its members, there would be a long-run relationship between each member's individual production and total OPEC output. On...

The effective real exchange rate is one of the variables that can Misalignment from equilibrium values, Performance affects macroeconomic indicators and creates an unstable uncertain environment in economy. Therefore, order to investigate factors affecting OPEC member countries during period 1980-1980, first, framework least dynamic ordinary squares method (DOLS), for determining have been inve...

abstract i n this paper, we investigate the existence and the nature of real exchange rate misalignment in organization of the petroleum exporting countries (opec). to do this we estimated a cross country basic real exchange rate determination model for 1990-2012 and extracted historic trend of misalignment. the results imply that all opec countries have had misalignment -of different kinds tho...

Session title: Agriculture and Energy: new direct and indirect links can lead to unintended consequences The food commodity price boom of 2003-08 was the most notable in the last several decades. It substantially impacted global economic activity. It affected developing nations by impacting real output, the balance of payments, government budgetary positions and most importantly the well being ...