De l’instabilité macro-économique à la malédiction des ressources naturelles

Majda Seghir ()

Mondes en développement, 2017, vol. n° 179, issue 3, 31-44

Abstract: In this work, we reconsider the hypothesis of the oil curse literature in the light of macroeconomic instability as the main driver of the curse in oil exporting countries. Based on a gradual regime switching model, we examine the potential nonlinearities in the economic growth's responsiveness to macroeconomic instability within a panel smooth transition regression model. Our findings highlight a nonlinear and negative impact of real exchange rate appreciation, high public expenditures and price instability on economic growth. These effects are amplified in highly oil dependent countries.

Keywords: Dutch Disease; Macroeconomic Instability; Panel SmoothTransition Regression; Oil Exporting Countries (search for similar items in EconPapers)
Date: 2017
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