Identifying the factors affecting the economic growth of oil-producing countries

Özlem Gül Bozkurt, Cumhur Erdem and İlhan Eroğlu

International Journal of Trade and Global Markets, 2015, vol. 8, issue 2, 97-111

Abstract: The objective of this study is to identify the factors that have an impact on the economic growth of oil-producing countries. To meet this objective, annual time series data for 28 countries were included in panel data analyses. According to the findings of the first analysis covering the countries with R%D data (19 countries), economic growth is positively affected by the amount of oil exported, export value index, financial openness index, public expenditures on education, foreign direct investment and expenditures on R%D. The findings of the second analysis, covering the countries without R%D data (nine countries), show that export value index, corruption perception index, economic freedom index and external debt have a positive effect on economic growth.

Keywords: economic growth; oil-producing countries; FDI; foreign direct investment; corruption perception; R%D expenditure; research and development; panel data; oil producers; oil exports; export value; financial openness; public expenditure; education expenditure; economic freedom; external debt. (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijtrgm:v:8:y:2015:i:2:p:97-111

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