Effects of Oil Price Changes on Regional Real Income Per Capita in Kazakhstan: Panel Data Analysis

Authors

  • Sabit Baimaganbetov Akhmet Yassawi University, Turkestan city, Kazakhstan
  • Dinmukhamed Kelesbayev Akhmet Yassawi University, Turkestan city, Kazakhstan
  • Rima Yermankulova Akhmet Yassawi University, Turkestan city, Kazakhstan
  • Bibigul Izzatullaeva Akhmet Yassawi University, Turkestan city, Kazakhstan
  • Botagoz Almukhambetova Akhmet Yassawi University, Turkestan city, Kazakhstan

Abstract

The study examines the effect of Brent oil prices on the regional real per capita income in Kazakhstan by a panel data analysis of sixteen states and a quarterly time series between the years of 2008-2015. The long-term relationship between the series was examined with the help of Westerlund (2007) cointegration test. In this context, a positive and significant relationship was found between long-term oil price changes and per capita regional real income growth. In addition, causal relations between variables were investigated by Dumitrescu and Hurlin (2012) using panel Granger causality test. Empirical findings from both the co-integration and the Granger causality test show that the increase in oil prices has an important positive effect on the real income of the Kazakhstan regions.Keywords: Kazakhstan, Oil Prices, Cross Sectional Dependence, Panel CointegrationJEL Classications:C23, E64, R11DOI: https://doi.org/10.32479/ijeep.8081

Downloads

Download data is not yet available.

Downloads

Published

2019-06-01

How to Cite

Baimaganbetov, S., Kelesbayev, D., Yermankulova, R., Izzatullaeva, B., & Almukhambetova, B. (2019). Effects of Oil Price Changes on Regional Real Income Per Capita in Kazakhstan: Panel Data Analysis. International Journal of Energy Economics and Policy, 9(4), 356–362. Retrieved from https://econjournals.com/index.php/ijeep/article/view/8081

Issue

Vol. 9 No. 4 (2019)

Section

Articles

License

Submission of an article implies that the work described has not been published previously , that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, will not be published elsewhere in the same form, without the written consent of the Publisher. The Editors reserve the right to edit or otherwise alter all contributions, but authors will receive proofs for approval before publication.