Natural resources as blessings and finance-growth nexus: A bootstrap ARDL approach in an emerging economy
Amine Lahiani and
Resources Policy, 2019, vol. 60, issue C, 277-287
This paper examines the link between financial development and economic growth in Pakistan by considering important role of natural resources in production function for the period of 1972–2017. Capital and labour are additional contributing factors of economic growth. To determine the integrating properties of the variables, we apply SOR unit root test containing information for sharp and smooth structural breaks in the series. We also employ the bootstrapping ARDL bounds testing approach to examine the cointegration between the factors of production. The causal relationship between financial development, natural resources, capital, labour and economic growth is tested by applying the VECM Granger causality test in the presence of structural breaks.
Keywords: Financial development; Natural resources; Economic growth; Blessings hypothesis (search for similar items in EconPapers)
JEL-codes: O13 O40 C12 C22 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jrpoli:v:60:y:2019:i:c:p:277-287
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