A Quantitative and Statistical Analysis of the Significance of Natural Resources in a Nation’s Economy

Stelian Stancu, Ion-Florin Răducu (), Andreea Pernici, Alexandru Isaic-Maniu and Mihai Sabin Muscalu
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Stelian Stancu: Romanian Academy, Informatics and Economic Cybernetics Department, Bucharest University of Economic Studies, Centre for Industrial and Services Economics
Ion-Florin Răducu: Bucharest University of Economic Studies
Andreea Pernici: Bucharest University of Economic Studies
Alexandru Isaic-Maniu: Romanian Academy, Centre for Industrial and Services Economics
Mihai Sabin Muscalu: Romanian Academy, Centre for Industrial and Services Economics

Chapter Chapter 14 in Transformational Drivers of National Economies: A New Analytical Framework Addressing Transitional Growth Model, 2026, pp 253-264 from Springer

Abstract: Abstract It has been emphasized that natural resources are crucial to a country’s socio-economic reality, influencing both the level of well-being and survival. The utilization of finite natural resources must consider the necessity for future generations to benefit from them, as the depletion of non-renewable resources renders them irrecoverable within historical timeframes. Consequently, each nation should conduct qualitative and/or quantitative analyses to record effective and authentic policies in resource management and to facilitate rational decision-making for economic development. The purpose of this paper is to use the VAR/VECM model (Vector Auto-Regressive/Vector Error Correction Model) to forecast the evolution of electricity prices in the United States. These are a few of the most popular models for forecasting and time-series analysis. VAR could be used for three purposes: forecasting economic time series, developing and evaluating economic models and assessing the consequences of various policy options. It eventually became the most common method of time-series modelling.

Keywords: Natural Resources; VAR; VECM; Time Series; Electricity Price (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-032-18962-2_14

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DOI: 10.1007/978-3-032-18962-2_14

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