EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES
Despite huge petroleum revenues with high development needs, the growth of international reserves in OPEC countries has been negligible. This study examined the impact of educational factors using different levels of literacy in stimulating the macroeconomic determinants of international reserves i...
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| Format: | Article |
| Language: | English |
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Izdevnieciba “Baltija Publishing”
2022-03-01
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| Series: | Baltic Journal of Economic Studies |
| Subjects: | |
| Online Access: | http://baltijapublishing.lv/index.php/issue/article/view/1743 |
| _version_ | 1818159795454083072 |
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| author | Oladejo Tokunbo Bada Kehinde Adekunle Adetiloye Felicia Omowunmi Olokoyo |
| author_facet | Oladejo Tokunbo Bada Kehinde Adekunle Adetiloye Felicia Omowunmi Olokoyo |
| author_sort | Oladejo Tokunbo Bada |
| collection | DOAJ |
| description |
Despite huge petroleum revenues with high development needs, the growth of international reserves in OPEC countries has been negligible. This study examined the impact of educational factors using different levels of literacy in stimulating the macroeconomic determinants of international reserves in OPEC member countries using data from 2008 to 2018 from World Bank Development Indicators for 15 member countries. The study used a dynamic panel model, and the data were analyzed using System of Generalized Method of Moments (SGMM). The results show that educational levels such as adult literacy, youth literacy, tertiary and secondary enrollment mitigate the negative impact of the exchange rate and stimulate the impact of crude oil prices, while tertiary enrollment stimulates the impact of foreign direct investment and reduces the negative impact of economic crises. Overall, youth literacy was most significant for these economies, while economic crises were significantly positive at all levels as a major determinant of international reserve accumulation. Therefore, it was concluded that education contributes to the economy's accumulation of more reserves. In particular, the study recommended that national governments provide adequate funding for the education sector to improve the quality of education at the junior and high school levels in order to provide adequate knowledge and skills to enhance foreign investment.
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| first_indexed | 2024-12-11T15:51:40Z |
| format | Article |
| id | doaj.art-09c308f477c54265a10337676aadf43c |
| institution | Directory Open Access Journal |
| issn | 2256-0742 2256-0963 |
| language | English |
| last_indexed | 2024-12-11T15:51:40Z |
| publishDate | 2022-03-01 |
| publisher | Izdevnieciba “Baltija Publishing” |
| record_format | Article |
| series | Baltic Journal of Economic Studies |
| spelling | doaj.art-09c308f477c54265a10337676aadf43c2022-12-22T00:59:32ZengIzdevnieciba “Baltija Publishing”Baltic Journal of Economic Studies2256-07422256-09632022-03-018210.30525/2256-0742/2022-8-2-11-21EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIESOladejo Tokunbo Bada0Kehinde Adekunle Adetiloye1Felicia Omowunmi Olokoyo2Covenant University, NigeriaCovenant University, Nigeria (corresponding author)Covenant University, Nigeria Despite huge petroleum revenues with high development needs, the growth of international reserves in OPEC countries has been negligible. This study examined the impact of educational factors using different levels of literacy in stimulating the macroeconomic determinants of international reserves in OPEC member countries using data from 2008 to 2018 from World Bank Development Indicators for 15 member countries. The study used a dynamic panel model, and the data were analyzed using System of Generalized Method of Moments (SGMM). The results show that educational levels such as adult literacy, youth literacy, tertiary and secondary enrollment mitigate the negative impact of the exchange rate and stimulate the impact of crude oil prices, while tertiary enrollment stimulates the impact of foreign direct investment and reduces the negative impact of economic crises. Overall, youth literacy was most significant for these economies, while economic crises were significantly positive at all levels as a major determinant of international reserve accumulation. Therefore, it was concluded that education contributes to the economy's accumulation of more reserves. In particular, the study recommended that national governments provide adequate funding for the education sector to improve the quality of education at the junior and high school levels in order to provide adequate knowledge and skills to enhance foreign investment. http://baltijapublishing.lv/index.php/issue/article/view/1743macroeconomic factorsinternational reservesSy-GMMyouth literacy |
| spellingShingle | Oladejo Tokunbo Bada Kehinde Adekunle Adetiloye Felicia Omowunmi Olokoyo EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES Baltic Journal of Economic Studies macroeconomic factors international reserves Sy-GMM youth literacy |
| title | EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES |
| title_full | EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES |
| title_fullStr | EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES |
| title_full_unstemmed | EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES |
| title_short | EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES |
| title_sort | educational factors as determinant of international reserves accumulation in organisation of petroleum exporting countries |
| topic | macroeconomic factors international reserves Sy-GMM youth literacy |
| url | http://baltijapublishing.lv/index.php/issue/article/view/1743 |
| work_keys_str_mv | AT oladejotokunbobada educationalfactorsasdeterminantofinternationalreservesaccumulationinorganisationofpetroleumexportingcountries AT kehindeadekunleadetiloye educationalfactorsasdeterminantofinternationalreservesaccumulationinorganisationofpetroleumexportingcountries AT feliciaomowunmiolokoyo educationalfactorsasdeterminantofinternationalreservesaccumulationinorganisationofpetroleumexportingcountries |