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Oil Exports, Non‐Oil GDP, and Investment in the GCC Countries

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  • Nasri Harb

Abstract

This paper studies the long‐run and short‐run relationships between oil exports, non‐oil GDP, and investment in five major oil‐exporting countries. Its goal is to verify the effect of natural resources exports on economic performance. It considers the effect of cross‐sectional correlations and uses the corresponding panel unit‐root tests to study the long‐run characteristics of the data series. The results show that resources' exports have no long‐run relationship with the macroeconomic variables. A VAR analysis is used to estimate the short‐run dynamics and shows that the effect of oil exports on those variables depends on local policies.

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  • Nasri Harb, 2009. "Oil Exports, Non‐Oil GDP, and Investment in the GCC Countries," Review of Development Economics, Wiley Blackwell, vol. 13(4), pages 695-708, November.
    • Handle: RePEc:bla:rdevec:v:13:y:2009:i:4:p:695-708
    DOI: 10.1111/j.1467-9361.2009.00524.x
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    Cited by:

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    2. Roman Horváth & Ayaz Zeynalov, 2014. "The Natural Resource Curse in Post-Soviet Countries : The Role of Institutions and Trade Policies," Working Papers 341, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
    3. Horváth, Roman & Zeynalov, Ayaz, 2016. "Natural resources, manufacturing and institutions in post-Soviet countries," Resources Policy, Elsevier, vol. 50(C), pages 141-148.
    4. Amiri, Hossein & Samadian, Farzaneh & Yahoo, Masoud & Jamali, Seyed Jafar, 2019. "Natural resource abundance, institutional quality and manufacturing development: Evidence from resource-rich countries," Resources Policy, Elsevier, vol. 62(C), pages 550-560.
    5. Anis Khayati, 2019. "The Effects of Oil and Non-oil Exports on Economic Growth in Bahrain," International Journal of Energy Economics and Policy, Econjournals, vol. 9(3), pages 160-164.

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    More about this item

    JEL classification:

    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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