The Largest Think Tank in the Middle East Acknowledges the Research of the UrFU Economist

12:25, May 29, 2023

Kazi Sohag awarded for best article on oil shocks and financial stability

Kazi Sohag, Senior Researcher at the Graduate School of Economics and Management and UrFU Associate Professor at the Department of Economics, received the award for the best article from the Economic Research Forum, the largest economic think tank in the Middle East and North Africa. His research article "Oil shocks and financial stability in MENA countries" was recognized at the 29th conference "The Future of MENA Development Path: Risks and Opportunities in an Emerging World in Cairo".

"We examined the connection between financial instability and three sources of oil price volatility, namely oil supply and demand shocks, and financial risks in the Middle East and North Africa. For this purpose, we analyzed data from 11 countries from September 2006 to August 2019. We found that financial stress is strongly felt during oil supply and demand shocks, especially in the long run. In the short run, however, financial risks become a source of financial stress. The data we have obtained will be useful not only for politicians, but also for financial analysts," explains Kazi Sohag.

The conference focused on the risks and opportunities for the region in the new environment. As noted by the organizers, the structural characteristics of the Middle East and North Africa are related to the diversification of economies, the quality of economic and political institutions, high levels of inequality, poverty, youth unemployment and informal employment, which are exacerbated by external shocks. A shift in priorities, active economic and social policies, especially in terms of digital transformation, green economy and financial technology, which are necessary for a new development model, will help to improve the situation.

Reference 

Economic Research Forum is a regional network whose experts conduct research to promote sustainable economic development in the Arab countries, Iran and Turkey. ERF has offices in Egypt (Cairo) and the United Arab Emirates (Dubai). The organization was established in 1993.