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

Author

Listed:
  • Jalili, Zahra

    (University of Tabriz, Iran)

  • Bishak, Mohammad Reza Salmani

    (University of Tabriz, Iran)

  • Azad, Ali Motafakker

    (University of Tabriz, Iran)

  • Salmani, Behzad

    (University of Tabriz, Iran)

  • Haghighat, Jaafar

    (University of Tabriz, Iran)

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.

Suggested Citation

  • Jalili, Zahra & Bishak, Mohammad Reza Salmani & Azad, Ali Motafakker & Salmani, Behzad & Haghighat, Jaafar, 2019. "Resource-Economic Growth Nexus, Role of Governance, Financial Development, Globalization, and War: A Dynamic Approach," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 34(3), pages 520-545.
    • Handle: RePEc:ris:integr:0780
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    Cited by:

    1. Le, Thai-Ha & Bui, Manh-Tien & Uddin, Gazi Salah, 2022. "Economic and social impacts of conflict: A cross-country analysis," Economic Modelling, Elsevier, vol. 115(C).

    More about this item

    Keywords

    Resource; Economic Growth; Governance; War; Cross-sectionally Augmented Distributed Lag (CS-ARDL);
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • F60 - International Economics - - Economic Impacts of Globalization - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • H56 - Public Economics - - National Government Expenditures and Related Policies - - - National Security and War
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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