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Effective Comparison of Global Financial Crisis (2007) on Inflation of OPEC Countries and Selected Countries of G8

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Listed:
  • Yazdan Naghdi

    (Assistant Professor of Economics at Islamic Azad University-Firoozkooh Branch)

  • Soheila Kaghazian
  • Nasibeh Kakoei

Abstract

This study has attempted to examine and compare the effects of 2007 financial crisis on inflation in OPEC countries and selected countries of G8, based on a panel data regression model during 2000-2010. It should be noted that the selected countries of G8 group are 5 industrial countries member of this group, including: America, Italy, Britain, France and Japan, that crisis has been seen faster in them than other countries. Growth economic variables (real sector of the economy), oil price and stock price index (i.e. financial market) have been considered as affected shared variables of the financial crisis in both countries group. According to the obtained results, the only affected variable by the crisis in OPEC countries, is oil price which has positive and significant effect on inflation in the above mentioned countries so that one percent increase in oil price lead to about 0.08 percent increase on inflation, on the other hand, according to survey results there is no relationship between output and inflation in OPEC countries, so it reflects weak manufacturing structure sector (real sector of the economy) in these countries

Suggested Citation

  • Yazdan Naghdi & Soheila Kaghazian & Nasibeh Kakoei, 2013. "Effective Comparison of Global Financial Crisis (2007) on Inflation of OPEC Countries and Selected Countries of G8," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 16(49), pages 91-114, September.
    • Handle: RePEc:rej:journl:v:16:y:2013:i:49:p:91-114
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    References listed on IDEAS

    as
    1. Ahmadzadeh Mashinchi, Sina, 2010. "The impact of the global economic crisis on non-oil operations of ports in Iran," MPRA Paper 38100, University Library of Munich, Germany.
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      Keywords

      Inflation; Financial Crisis; OPEC; Panel Data; G8;
      All these keywords.

      JEL classification:

      • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
      • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
      • G01 - Financial Economics - - General - - - Financial Crises

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