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It is found that political stability has significant positive effect on growth even after controlling for key macroeconomic variables.Political stability is more important for lower income countries than higher income countries.Since the end of World War II, Muslim countries have been plagued by sixteen major wars, many coups, political, religious and ethnic insurgency, and revolutions.
Islam is a pro-growth and pro-human development religion and there is a long history of tremendous economic development in Islam but unfortunately since the last two centuries Muslim countries have derailed from the development...
more Islam is a pro-growth and pro-human development religion and there is a long history of tremendous economic development in Islam but unfortunately since the last two centuries Muslim countries have derailed from the development trajectory.
However, while being a simple macroeconomic factor, exchange rates are considered to be one of the most important determinants of an open economy’s relative level of health.
The purpose of this report is to analyze and examine the behavior of Indonesian Rupiah with respect to five major currencies over the past 14 years (2001-2014).
More importantly, political instability (or risk) is found to be higher in the OIC countries and is a deterrent to economic growth.
Also, for the lower and middle income OIC countries, political instability appears to affect economic growth more severely perhaps due to the absence of strong economic and political institutions.
This paper makes an initial attempt to investigate whether political stability affects economic growth in OIC oil dependent countries by using relatively advanced dynamic GMM and quantile regression.
This would add new theoretical dimension in political economy with the help of advanced econometric modeling which has been less explored in literature.
In a growing body of literature, the impact of finance and human development on growth has been emphasized but so far little empirical evidence to support this for OIC countries.
In this paper an initial attempt has been made to investigate the relationship between finance, human development and economic growth in 44 OIC countries by applying dynamic Generalized Method of Moments (GMM), which overcomes the problems of OLS and other advanced static panel techniques.