Resource-Economic Growth Nexus, Role of Governance, Financial Development, Globalization, and War: A Dynamic Approach

Zahra Jalili (), Mohammad Reza Salmani Bishak, Ali Motafakker Azad, Behzad Salmani and Jaafar Haghighat
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Zahra Jalili: University of Tabriz, Iran, Postal: Ph.D Student in Economics, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran,, Tel: +989358043365
Mohammad Reza Salmani Bishak: University of Tabriz, Iran, Postal: Assistant Professor, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran
Ali Motafakker Azad: University of Tabriz, Iran, Postal: Professor, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran.
Behzad Salmani: University of Tabriz, Iran, Postal: Professor, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran.
Jaafar Haghighat: University of Tabriz, Iran, Postal: Professor, Faculty of Economics and Management, University of Tabriz, Tabriz, Iran.

Journal of Economic Integration, 2019, vol. 34, issue 3, 520-545

Abstract: This study reassesses the resource-economic growth nexus by incorporating several channels. Panel time series techniques are used to analyze panel time series data from 1980 to 2015 in 31 oil-rich countries. The results show that oil rent augments economic growth; thus, oil rent is conducive for, rather than an impediment to, economic growth. The role of governance in economic growth is significant in the examined countries. Financial development is an unimportant channel in the resource-growth nexus because it is often unable to mobilize oil rent from the government to the private sector in oil-rich countries. Globalization is advantageous for countries as it promotes economic growth. Finally, war exerts a significant negative effect on growth in the long term.

Keywords: Resource; Economic Growth; Governance; War; Cross-sectionally Augmented Distributed Lag (CS-ARDL) (search for similar items in EconPapers)
JEL-codes: C61 F60 G10 H56 O13 O43 (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:ris:integr:0780

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