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Oil Exports and Economic Growth: A Comparative Study

Author

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  • Joshua J. Lewer

    (Bradley University)

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.

Suggested Citation

  • Joshua J. Lewer, 2009. "Oil Exports and Economic Growth: A Comparative Study," Journal of Economic Insight, Missouri Valley Economic Association, vol. 35(2), pages 41-59.
    • Handle: RePEc:mve:journl:v:35:y:2009:i:2:p:41-59
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    Cited by:

    1. Pekarčíková, Kateřina & Vaněk, Michal & Sousedíková, Radmila, 2022. "Determinants of economic growth: Panel data analysis of OPEC," Resources Policy, Elsevier, vol. 79(C).

    More about this item

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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