Publications

Modeling and Forecasting Industrial Electricity Demand for Saudi Arabia: Uncovering Regional Characteristics

Jeyhun Mikayilov, Ryan Alyamani, Abdulelah Darandary, Muhammad Javid, Fakhri Hasanov, Saleh T. AlTurki, Rey B. Arnaiz

The objective of this study is to investigate Saudi Arabia’s industrial electricity consumption at the regional level. We apply structural time series modeling to annual data over the period of 1990 to 2019. In addition to estimating the size and…

Mikayilov, Jeyhun

Alyamani, Ryan

Darandary, Abdulelah

Javid, Muhammad

Hasanov, Fakhri

Saleh T. AlTurki

Rey B. Arnaiz

Oil Market Shocks and Financial Instability in Asian Countries

Fakhri Hasanov, Leila Dagher

There is no commodity whose interlinkages with the macroeconomy have been studied as extensively as oil, starting with Hamilton’s (1983) seminal study. Thousands of subsequent studies have examined the relationship between oil prices and various economic variables, including the stock…

Hasanov, Fakhri

Dagher, Leila

The Impact of Total Factor Productivity on Energy Consumption: Theoretical Framework and Empirical Validation

Science Direct

Jeyhun Mikayilov, Fakhri Hasanov

Sectoral Employment Analysis for Saudi Arabia

Taylor & Francis

Jeyhun Mikayilov, Fakhri Hasanov, Muhammad Javid

Sectoral Investment Analysis for Saudi Arabia

Muhammad Javid, Fakhri Hasanov, Carlo Andrea Bollino, Marzio Galeotti

This study aims to investigate the determinants of short- and long-run investment behavior in Saudi Arabia for eight non-oil sectors. Saudi Arabia is currently proceeding with its historic Vision 2030 reform plan, which aims to significantly increase the private sector’s…

Javid, Muhammad

Hasanov, Fakhri

Bollino, Carlo Andrea

Galeotti, Marzio

Saudi Non-oil Exports Before and After COVID-19: Historical Impacts of Determinants and Scenario Analysis

Fakhri Hasanov, Fred Joutz, Muhammad Javid

The diversification of the non-oil sector, including its exports, is at the core of Saudi Vision 2030. This study investigates Saudi non-oil exports in a novel way. Specifically, it differs from previous studies on this topic owing to its modeling…

Hasanov, Fakhri

Joutz, Fred

Javid, Muhammad

Sectoral Employment Analysis for Saudi Arabia

Taylor & Francis Online

This study aims to explore the impact of output and wage on labour demand in Saudi Arabia at sectoral level. We applied cointegration and equilibrium correction methods to the time-series data of 10 sectors over 1995–2016 using the demand side…

Fakhri Hasanov, Jeyhun Mikayilov, Moayad H. Al-Rassasi, Mohammed Alabdullah

Estimating Different Order Polynomial Logarithmic Environmental Kuznets Curves

Springer Link

This paper contributes to the environmental literature by (i) demonstrating that the estimated coefficients and the statistical significance of the non-leading terms in quadratic, cubic, and quartic logarithmic environmental Kuznets curve (EKC) specifications are arbitrary and should therefore not be…

Fakhri Hasanov, Jeyhun Mikayilov, Lester C. Hunt

Fiscal Multipliers for Saudi Arabia Revisited

H.E. Dr. Majid Al Moneef, Fakhri Hasanov

Fiscal policy lies at the heart of key macroeconomic and budgetary decisions and is central to understanding the dynamics of oil rich economies. Fiscal multipliers, including spending multipliers, indicate how changes to fiscal policy can stimulate economic growth, to what…

H.E. Dr. Majid Al Moneef

Hasanov, Fakhri

Regional Heterogeneous Drivers of Electricity Demand in Saudi Arabia

Jeyhun Mikayilov, Abdulelah Darandary, Ryan Alyamani, Fakhri Hasanov, Hatem Al Atawi

Aggregate residential electricity consumption in Saudi Arabia has increased rapidly over the past several decades, largely due to population increases and fast economic growth (SAMA 2019). The growth in electricity consumption has been driven, among other factors, by government-administered prices…

Mikayilov, Jeyhun

Darandary, Abdulelah

Alyamani, Ryan

Hasanov, Fakhri

Al Atawi, Hatem

Gasoline Demand in Saudi Arabia: Are The Price and Income Elasticities Constant?

Taylor & Francis

Jeyhun Mikayilov, Fred Joutz, Fakhri Hasanov

Regional Heterogeneous Drivers of Electricity Demand in Saudi Arabia: Modeling Regional Residential Electricity Demand

Science Direct

Jeyhun Mikayilov, Abdulelah Darandary, Ryan Alyamani, Fakhri Hasanov, Hatem Al Atawi

Gasoline Demand in Saudi Arabia: Are the Price and Income Elasticities Constant?

Taylor and Francis Online

The paper investigates gasoline consumption in case of oil-exporting country applying Time-varying Coefficient Cointegration approach to the data from 1980 to 2017. Empirical estimations show that long-run income and price elasticities are not constant and are responsive to price and…

Jeyhun Mikayilov, Fred Joutz, Fakhri Hasanov

The Impact of Fiscal Policy on Non-Oil GDP in Saudi Arabia

Fakhri Hasanov, Nader AlKathiri, Saad Alshahrani, Ryan Alyamani

A clear objective of Saudi Vision 2030, the strategic roadmap for the future of the Kingdom of Saudi Arabia, is to put the non-oil sector at the heart of the country’s economic development. The vision realization programs (VRPs), such as…

Hasanov, Fakhri

AlKathiri, Nader

Alshahrani, Saad

Alyamani, Ryan

CO2 Emissions-Economic Growth Relationship Revisited: New Insights from the Time-Varying Cointegration Approach

Czech Statistical Office

One of the most discussed topics of Environmental economics is the choice of the appropriate functional form to examine the income-environmental impact relationship. Since the developing economies encounter different development stages, the use of relevant specification and technique gains special…

Jeyhun Mikayilov, Fakhri Hasanov, Nicholas Apergis

Electricity Incentives for Agriculture in Saudi Arabia. Is That Relevant to Remove Them?

Science Direct

Saudi Arabia has been implementing the domestic energy price reform (EPR) and fiscal reform since the end of 2015 under the Fiscal Balance Program (FBP), one of the key realization programs of Saudi Vision 2030 (SV2030). The EPR aims to…

Fakhri Hasanov, Sa’d Shannak

Electricity Demand Modeling in Saudi Arabia: Do Regional Differences Matter

Jeyhun Mikayilov, Fakhri Hasanov, Waheed Olagunju, Mohammad H. Al-Shehri

Energy is a pervasive input to all business and recreational activities. As such, total energy demand is an important indicator that helps explain the pattern of economic development within a country. Identifying and understanding the key determinants of electricity demand…

Mikayilov, Jeyhun

Hasanov, Fakhri

Waheed Olagunju

Mohammad H. Al-Shehri

Electricity demand modeling in Saudi Arabia: Do regional differences matter?

Science Direct

The paper examines the electricity demand behavior for Saudi Arabia, using annual data for the period of 1990–2016, at regional level. The study finds that income, price and population are the main drivers of electricity demand at regional level. Although,…

Jeyhun Mikayilov, Fakhri Hasanov, Mohammad H. Al-Shehri, Waheed Olagunju

Modeling Sectoral Employment in Saudi Arabia

Fakhri Hasanov, Jeyhun Mikayilov, Moayad H. Al-Rassasi, Mohammed Al-Abdullah, Fred Joutz, Muhammad Javid

Achieving the desired level of employment is central to macroeconomic policy. Regulators should have a better understanding of employment dynamics in order to design appropriate policies and test their impact. Healthy employment levels not only benefit household income and the production factor of firms, but also…

Hasanov, Fakhri

Mikayilov, Jeyhun

Moayad H. Al-Rassasi

Mohammed Al-Abdullah

Joutz, Fred

Javid, Muhammad

Revisiting Energy Demand Relationship: Theory and Empirical Application

MPI

In this paper, we revisit the theoretical framework for energy demand. We then use this theoretical framework to empirically model the Saudi Arabian industrial electricity demand. We show, in the case of Saudi Arabian data, that imposing parsimonious energy demand…

Fakhri Hasanov, Jeyhun Mikayilov