Terms of trade and macroeconomic stability in the Libyan economy

Authors

  • Hussen Faraj Alhwij كلية الاقتصاد/ جامعة المرقب Author

Keywords:

terms of trade, macroeconomic stability, the Libyan economy, Augmented ARDL

Abstract

The main aim of this study is to investigate the nature of relationship between terms of trade and macroeconomic stability in the Libyan economy during the period 1970-2022. In order to achieve its objective, the study utilized Augmented ARDL and Toda-Yamamoto non-Granger causality test. The main findings of the study indicated a positive long run relationship between terms of trade and macroeconomic instability in the Libyan economy. 

References

أولاً- المراجع العربية:

البكري، كامل. (2001). الاقتصاد الدولي التجارة الخارجية والتمويل. الدار الجامعية. الاسكندرية.

جيرونيلام، فرانسيس. (1991) الاقتصاد الدولي. ترجمة: محمد عزيز ومحمود الفاخري. بنغازي: جامعة قاريونس.

سلفاتور، دومينيك. (1993). الاقتصاد الدولي. ترجمة: محمد رضا العدل وعبد العظيم أنيس. ديوان المطبوعات الجامعية. الجزائر.

ثانياً- المراجع الأجنبية:

Bhagwati, J. (1958). Immiserizing growth: a geometrical note. The Review of Economic Studies, 25(3), 201-205.‏

Bleaney, M., & Greenaway, D. (2001). The impact of terms of trade and real exchange rate volatility on investment and growth in sub-Saharan Africa. Journal of development Economics, 65(2), 491-500.‏

Castillo, P., & Salas, J. (2010). The terms of trade as drivers of economic fluctuations in developing economies: An empirical study. Centro de Estudios Monetarios Latinoamericanos, CEMLA.‏

Dabús, C., & Delbianco, F. (2019). Exports, terms of trade and economic growth: Evidence from countries with different level of openness. Journal of Reviews on Global Economics, 8, 327-336.‏

Dibooğlu, S., & Aleisa, E. (2004). Oil prices, terms of trade shocks, and macroeconomic fluctuations in Saudi Arabia. Contemporary Economic Policy, 22(1), 50-62.‏

Hadass, Y. S., & Williamson, J. G. (2003). Terms-of-trade shocks and economic performance, 1870–1940: Prebisch and Singer revisited. Economic Development and Cultural Change, 51(3), 629-656.‏

Hernández, G. (2011). Terms of trade and output fluctuations in Colombia (No. 2011-04). Working Paper.‏

Jawaid, S. T., & Raza, S. A. (2013). Effects of terms of trade on growth performance of India. Economic Modelling, 33, 940-946.‏

Jawaid, S. T., & Waheed, A. (2011). Effects of terms of trade and its volatility on economic growth: a cross country empirical investigation. Transition Studies Review, 18, 217-229.‏

Sam, C. Y., McNown, R., & Goh, S. K. (2019). An augmented autoregressive distributed lag bounds test for cointegration. Economic Modelling, 80, 130-141.‏

Sarkar, P., & Singer, H. W. (1991). Manufactured exports of developing countries and their terms of trade since 1965. World development, 19(4), 333-340.‏

Toda, H. Y., & Yamamoto, T. (1995). Statistical inference in vector autoregressions with possibly integrated processes. Journal of econometrics, 66(1-2), 225-250.

Wong, H. T. (2010). Terms of trade and economic growth in Japan and Korea: an empirical analysis. Empirical Economics, 38, 139-158.‏

Downloads

Published

2025-03-02