The Study of the Most Effective Factors Explaining Economic Growth in OIC Countries: Bayesian Panel Likelihood Approach

Ali Besharat (a.besharat@tabrizu.ac.ir), Reza Ranjpour (reza.ranjpour@gmail.com) and Seyed Kamal Sadeghi (sadeghiseyedkamal@gmail.com)
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Ali Besharat: Ph.D. Candidate in Economics, University of Tabriz
Reza Ranjpour: Associate Professor of Economics, University of Tabriz
Seyed Kamal Sadeghi: Associate Professor of Economics, University of Tabriz

Quarterly Journal of Applied Theories of Economics, 2018, vol. 5, issue 3, 239-263

Abstract: The defects of growth models and the methods of examining relevant empirical evidence, as well as the multiplicity of sources and factors of economic growth, have led to uncertainty about the accuracy of the model specification and impeded consensus among researchers about the key determinants of economic growth. The purpose of this paper is to determine the most important growth factors in OIC member states. For this purpose, a sample of these countries has been selected during period 1975 - 2015 and using the Bayesian Maximum Likelihood Approach (BML) in the context of panel data, among the many factors that can affect growth, endogenously and through various exams in many repetitions, the factors that have the greatest impact are selected and introduced as the robust factors. According to the results, saving rates (SR), foreign direct investment (FDI), investment (ISH), total factors productivity (TFP), and research and development expenditures (R & D) have had the greatest impact on economic growth in these countries. The results could be used to build appropriate patterns for explaining economic growth issues in OIC member states and better management of the economic growth process.

Keywords: Maximum Bayesian Trust; Economic growth; R & D; Productivity; Foreign Direct Investment; Organization of Islamic Cooperation (search for similar items in EconPapers)
JEL-codes: C11 C33 E31 O47 O57 (search for similar items in EconPapers)
Date: 2018
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