Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries

Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries

This paper investigates the relationship between oil terms of trade growth volatility and economic growth in the GCC countries. Further it explores the possible effect of Islamic financial development on such relationship. By analyzing a sample of five GCC countries over the period of 1996–2016, we...

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Main Authors: Kaouthar Gazdar, M. Kabir Hassan, M. Faisal Safa, Rihab Grassa
Format: Article
Language:English
Published: Elsevier 2019-09-01
Series:Borsa Istanbul Review
Online Access:http://www.sciencedirect.com/science/article/pii/S2214845017302077
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spelling doaj-8c9f68a9686d432687ffea3c721e1be82020-11-24T21:21:02ZengElsevierBorsa Istanbul Review2214-84502019-09-01193197206Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countriesKaouthar Gazdar0M. Kabir Hassan1M. Faisal Safa2Rihab Grassa3College of Islamic Economics and Finance, University Umm-AL Quraa (KSA), Saudi Arabia; LEFA (IHEC Carthage), TunisiaDepartment of Economics and Finance, University of New Orleans, New Orleans, LA, 70148, USA; Corresponding author.School of Business, McKendree University, 701 College Road, Lebanon, IL, 62254, USAISCAE, University of Manouba, Tunisia; UMS University, Dubai, United Arab EmiratesThis paper investigates the relationship between oil terms of trade growth volatility and economic growth in the GCC countries. Further it explores the possible effect of Islamic financial development on such relationship. By analyzing a sample of five GCC countries over the period of 1996–2016, we find empirical evidence of a significant positive relationship between oil terms of trade growth volatility and economic growth. Our results also indicate that the effect of oil terms of trade growth volatility on growth is reinforced by the development of Islamic financial system. Keywords: Islamic financial development, Oil volatility, Growth volatility, JEL Classification: G20, O13, O40http://www.sciencedirect.com/science/article/pii/S2214845017302077
collection DOAJ
language English
format Article
sources DOAJ
author Kaouthar Gazdar
M. Kabir Hassan
M. Faisal Safa
Rihab Grassa
spellingShingle Kaouthar Gazdar
M. Kabir Hassan
M. Faisal Safa
Rihab Grassa
Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
Borsa Istanbul Review
author_facet Kaouthar Gazdar
M. Kabir Hassan
M. Faisal Safa
Rihab Grassa
author_sort Kaouthar Gazdar
title Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
title_short Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
title_full Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
title_fullStr Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
title_full_unstemmed Oil price volatility, Islamic financial development and economic growth in Gulf Cooperation Council (GCC) countries
title_sort oil price volatility, islamic financial development and economic growth in gulf cooperation council (gcc) countries
publisher Elsevier
series Borsa Istanbul Review
issn 2214-8450
publishDate 2019-09-01
description This paper investigates the relationship between oil terms of trade growth volatility and economic growth in the GCC countries. Further it explores the possible effect of Islamic financial development on such relationship. By analyzing a sample of five GCC countries over the period of 1996–2016, we find empirical evidence of a significant positive relationship between oil terms of trade growth volatility and economic growth. Our results also indicate that the effect of oil terms of trade growth volatility on growth is reinforced by the development of Islamic financial system. Keywords: Islamic financial development, Oil volatility, Growth volatility, JEL Classification: G20, O13, O40
url http://www.sciencedirect.com/science/article/pii/S2214845017302077
work_keys_str_mv AT kaouthargazdar oilpricevolatilityislamicfinancialdevelopmentandeconomicgrowthingulfcooperationcouncilgcccountries
AT mkabirhassan oilpricevolatilityislamicfinancialdevelopmentandeconomicgrowthingulfcooperationcouncilgcccountries
AT mfaisalsafa oilpricevolatilityislamicfinancialdevelopmentandeconomicgrowthingulfcooperationcouncilgcccountries
AT rihabgrassa oilpricevolatilityislamicfinancialdevelopmentandeconomicgrowthingulfcooperationcouncilgcccountries
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