Resource booms and economic development: the time series dynamics for 17 oil-rich countries

Benhua Yang and Yewfoong Lam

Applied Economics Letters, 2008, vol. 15, issue 13, 1011-1014

Abstract: This article examines the time series properties of oil prices and economic development for 17 oil-rich developing countries. Cointegration and error-correction estimation results indicate that in the majority of cases oil booms are followed by increases in both GDP per capita and investment.

Date: 2008
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DOI: 10.1080/13504850600972402

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