Parker, Michael; Parker, Tammy; Qayyum, Arif
January 2008
Journal of Economics & Economic Education Research;2008, Vol. 9 Issue 1, p93
Academic Journal
The Middle East has been a center of attention during the past century. The countries of the Middle East have large reserves of raw materials, especially crude oil. In this article we are going to look at the effects of the Iraq situation on the business cycle of the neighboring countries. The countries we consider are Iran, Saudi Arabia, Jordan, Syria, and United Arab Emirates. Some of these countries such as Saudi Arabia, Emirates, Syria and Iran are rich in oil resources while others Arab countries like Jordan do not have these natural resources. We will investigate how the Kuwait war in 1992 and the Iraq war in 2003 have affected the economic conditions in these countries, specifically the interrelatedness of their business cycles. The econometric methods of cointegration and common feature testing will be utilized.


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