The Effect of Components of Knowledge Based Economy on Terms of Trade in Selected Oil Producer Countries

Document Type : Research Paper

Authors

1 Professor, Department of Economics, Faculty of Social Sciences and Economics, Alzahra University

2 Post-Doctoral Researcher, Department of Economic, Faculty of Social Sciences and Economics, Alzahra University

3 MA in International Business Management, Buinzahra Branch, Islamic Azad University, Iran

10.30465/jnet.2022.37689.1765

Abstract

The low-income elasticity of demand for raw materials and traditional goods such as crude oil in comparison to industrial goods, the monopoly structure of the market in industrial countries, and the competitive conditions in the supply of primary materials, and the technological advances toward economization of consumption of imported raw materials have caused the terms of trade to the detriment of developing countries, the exporter of raw materials is in progress. This is if this group of countries, by improving the componets a knowledge-based economy, can change the structure of export goods toward the new, varied, high-value industrial products, and the negative effects of the reducing the relative price of raw materials exports and improving the terms of trade. Therefore, the present study tried to investigate the effect of economic incentives and institutional regime, the system of innovations, education and human resource development, and the information and communication technology infrastructure as components a knowledge-based economy on the terms of trade in the selected group of developing countries and also, a selection of developed or emerging oil-producing countries during the period 2003-2018. For this purpose, the research model was estimated using dynamic panel data and Generalized Moment Method. However, the coefficients of real effective exchange rate variables and the abundance of resources in selected developing countries are negative and significant. Therefore, changing the structure of production from source-oriented to innovation-oriented in these countries is recommended.

Keywords

References

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History

  • Receive Date: 16 August 2021
  • Revise Date: 21 October 2021
  • Accept Date: 14 December 2021

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