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

• Authors: Oladejo Tokunbo Bada , Kehinde Adekunle Adetiloye , Felicia Omowunmi Olokoyo , Grace Ukporhe

Title variants

PL

Determinanty rezerw międzynarodowych w ramach Organizacji Krajów Eksportujących Ropę Naftową (OPEC)

Abstracts

PL

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.

EN

Member countries of the Organisation of Petroleum Exporting Countries (OPEC) are always in the news regarding the prices and supply of crude oil to the international market. One of the economic reasons for this is liquidity and the desire to accumulate international reserves by the respective countries. This paper examined the determinants of international reserves among the cartel against the backdrop of the motives for keeping reserves. With data from 2005 to 2018, the adopted variables that were tested with the system of generalised methods of moments (Sy‑GMM) are inflation, exchange rates, oil prices, crude oil dependence, economic crises and others. The results and outputs show that inflation was negatively impactful externally and internally, while FDI inflows recorded negative significance. Economic crises and economic openness were positively significant, while oil prices and exchange rates were not significant determinants of international reserves accumulation. The paper recommends the maximisation of opportunities available by members during economic crises to accumulate reserves that will enable them to diversify from dependence on crude oil exports to include other products and a higher level of openness to open the economy up for competition to make the economies stronger.

Keywords

PL

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

EN

international reserves; Organisation of Petroleum Exporting Countries; crude oil prices, exchange rates; international trade

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Comparative Economic Research. Central and Eastern Europe
• Year: 2022
• Volume: 25
• Issue: 3
• Pages: 111-133

Dates

published

2022

Contributors

author

Oladejo Tokunbo Bada

• Covenant University, Department of Finance, Ota, Nigeria

• https://orcid.org/0000000178233785

author

Kehinde Adekunle Adetiloye

• Ph.D., Associate Professor, Covenant University, Department of Finance, Ota, Nigeria

• https://orcid.org/0000000271710793

author

Felicia Omowunmi Olokoyo

• Ph.D., Associate Professor, Covenant University, Department of Finance, Ota, Nigeria

• https://orcid.org/0000000301760194

author

Grace Ukporhe

• Covenant University, Department of Finance, Ota, Nigeria

• https://orcid.org/0000000152458986

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Identifiers

DOI

10.18778/1508-2008.25.24

Biblioteka Nauki

2106290