Document Type : ORIGINAL ARTICLE
Authors
1 Professor of Economics, Bu-Ali Sina University, Hamedan, Iran
2 Ph.D. Student of Economics, Bu-Ali Sina University, Hamedan, Iran
Abstract
Oil plays an important role in financing the country and can be used as a positive tool for improving total factor productivity and can reduce technical gap with developed countries. But most of the oil countries with oil revenues, despite the considerable value of these resource revenues, do not have appropriate economic performance. Therefore, this study utilizes a system of simultaneous equations to evaluate the direct and indirect effects of oil on the economy's total factor productivity during the period 1978-2013. The results by 3SLS show, the direct effect of oil revenues on total factor productivity is negative and significant. Also the effect of oil revenues on the equations of human capital accumulation, domestic research and development accumulation and financial development equations are negative and significant and in the research and development spillovers of trade partners and information and communication technology accumulation equations are positive and non-significant. According to the results, the effect of human capital, domestic research and development accumulation, research and development spilloversof trade partners, and information and communication technology equations are positive and significant and the effect of financial development on total factor productivity is positive and non- significant. Therefore, it is expected that politicians and decision-makers with the management of appropriate resources (coordination of supply and demand side policies with a focus on the development of knowledge-based components market) take steps in order to create endogenous technical change and improve total factor productivity.
Keywords
Main Subjects
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