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Economic resilience of OIC member states and the factors affecting it: An approach to maintaining economic security

Document Type : Original Article

Authors

1 Assistant Professor of Economics, Department of Economics, Faculty of Science and Technology, Ahl al-Bayt International University (AS), Tehran, Iran

2 Associate Professor of Economics, Department of Theoretical and Industrial Economics, Faculty of Economics and Accounting, Islamic Azad University, Central Tehran Branch, Tehran, Iran

3 Master of Economics, Department of Economics, Faculty of Science and Technology, Ahl al-Bayt International University (AS), Tehran, Iran

https://doi.org/10.34785/J025.2022.024

Abstract

Increasing economic resilience and promoting it against various monetary, financial and natural resource shocks to maintain economic security of countries has been discussed in the economic literature.In this study, the effect of oil revenues on the economic resilience of OIC member countries is investigated. In order to calculate the economic resilience of countries, the Briguglio resilience index has been used and the indicators have been combined using the Morris method. In the study of the effect of oil revenues on the economic resilience of the OIC member countries, the ordinary least squares and DOLS methods. The results of the study indicate that oil revenues have a positive and significant effect on the long-term economic resilience of countries. Also, the existence of political and economic stability along with controlling inflation and reducing unemployment in the economy have been identified as other factors affecting the resilience of selected Islamic countries. Therefore, in order to promote economic resilience, the economic policymakers of these countries should put the revenues from oil exports to develop economic infrastructure and apply monetary and fiscal discipline policies to control inflation and unemployment and increase the country''s political and economic stability.

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References
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Economic Policies and Research
Volume 1, Issue 2
August 2022
Pages 83-112
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