Oil Exports, Non-Oil GDP, and Investment in the GCC Countries

Nasri Harb

Review of Development Economics, 2009, vol. 13, issue 4, pages 695-708

Abstract: This paper studies the long-run and short-run relationships between oil exports, non-oil GDP, and investment in five major oil-exporting countries. Its goal is to verify the effect of natural resources exports on economic performance. It considers the effect of cross-sectional correlations and uses the corresponding panel unit-root tests to study the long-run characteristics of the data series. The results show that resources' exports have no long-run relationship with the macroeconomic variables. A VAR analysis is used to estimate the short-run dynamics and shows that the effect of oil exports on those variables depends on local policies. Copyright © 2009 Blackwell Publishing Ltd.

Date: 2009

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