Bada, Oladejo Tokunbo and Adetiloye, K. A. and Olokoyo, F. O. (2022) EDUCATIONAL FACTORS AS DETERMINANT OF INTERNATIONAL RESERVES ACCUMULATION IN ORGANISATION OF PETROLEUM EXPORTING COUNTRIES. Baltic Journal of Economic Studies, 8 (2).
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Abstract
There has been tepid growth of international reserves in OPEC economies despite huge chunks of oil revenue with high developmental needs. This study investigated the influence of educational factors using various levels of literacy in stimulating macroeconomic determinants of international reserves in OPEC member states with data between 2008 and 2018 obtained from World Bank Development Indicators across 15 member states. The study employed dynamic panel model and analysed the data using System of Generalised Method of Moment (SGMM). The findings show that educational levels, such as, adult, youth literacy, tertiary school and secondary school enrolment mitigate the adverse effect of exchange rate and stimulate the effect of crude oil prices while tertiary enrolment stimulate the effect of foreign direct investment and reduce the adverse effect of economic crises. In all, youth literacy was most impactful for these economies while economic crises were significantly positive at all levels as a primary determinant of international reserve accumulation. It was therefore concluded that educational enhance the economy to accumulate more reserves. The study recommended among others that national governments should ensure adequate funding is channelled to educational sector to improve the quality of education at institutions youth and secondary education levels in order to harness adequate knowledge and skills to enhance the efficiency of foreign investments.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | macroeconomic factors, international reserves, Sy-GMM, youth literacy. |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HF Commerce > HF5601 Accounting |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management Faculty of Law, Arts and Social Sciences > School of Social Sciences |
| Depositing User: | nwokealisi |
| Date Deposited: | 19 Apr 2023 16:28 |
| Last Modified: | 19 Apr 2023 16:28 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/16828 |
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