Oil Exports and Economic Growth: A Comparative Study

Joshua J. Lewer
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Joshua J. Lewer: Bradley University

Journal of Economic Insight, 2009, vol. 35, issue 2, 41-59

Abstract: The world's essential need for oil and its sharp rise in real price during the 1970's and 2000's suggests that petroleum exports may be a better stimulator for economic growth than other exports for developing countries. Using advanced time-series techniques, a simultaneous equations model is developed to examine the relationship between oil exports and economic growth for ten petroleum producing countries over a thirty year period. While the empirical results indicate that both oil exports and "non-oil" exports were significantly related to the economic development for over half of the countries, the crude spot price had mixed growth results. Interestingly, the results of this paper suggest that by focusing on their comparative advantage in producing petroleum related goods, oil-exporting countries receive benefits from international trade equal to the size of their non-petroleum products and services.

JEL-codes: C32 F14 Q32 (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:mve:journl:v:35:y:2009:i:2:p:41-59

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