Harb, Nasri (2008): Oil Exports, Non Oil GDP and Investment in the GCC Countries. Forthcoming in: Review of Development Economics
Preview |
PDF
MPRA_paper_15576.pdf Download (672kB) | Preview |
Abstract
This paper studies the long and short-run relationship 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 the 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 our series. The results show that resources' exports have no long-run relationship with the macro 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.
Item Type: | MPRA Paper |
---|---|
Original Title: | Oil Exports, Non Oil GDP and Investment in the GCC Countries |
Language: | English |
Keywords: | GCC, Natural Resources, Oil, Productivity, Investment, Labor Force, Unit root, Growth, Cointegration, VAR. |
Subjects: | O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O43 - Institutions and Growth C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F43 - Economic Growth of Open Economies |
Item ID: | 15576 |
Depositing User: | Nasri Harb |
Date Deposited: | 07 Jun 2009 03:21 |
Last Modified: | 28 Sep 2019 01:04 |
References: | Abu-Quarn, A. S., & Abu-Bader, S. (2004). The Validity of the ELG Hypothesis in the MENA Region: Cointegration and Error Correction Model Analysis Applied Economics, 36(15), 11. Al-Yousif, Y. (1997). Exports and Economic Growth: Some Empirical Evidence from the Arab Gulf Countries. Applied Economics, 29(6), 5. Altman, M. (2003). Staple Theory and Export-Led Growth: Constructing Differential Growth. Australian Economic History Review, 43(3), 26. Auty, R. (2001). The Political Economy of Resource-Driven Growth. European Economic Review, 45, 7. Bai, J., & Ng, S. (2002). Determining the number of Factors in Approximate Factor Models. Econometrica, 70(1), 31. Bai, J., & Ng, S. (2004). A PANIC Attack on unit roots and Cointegration. Econometrica, 72(4), 51. Baldwin, R. E. (1956). Patterns of Development in Newly Settled Regions. Manchester School(24), 19. Baldwin, R. E. (1966). Economic Development and Export Growth: A Study of Northern Rhodesia, 1920-1960. Berkley and Los Angeles, CA: University of California Press. Blomstrom, M., Lipsey, R., & Zejan, M. (1996). Is Fixed Investment the Key to Economic Growth? Quarterly Journal of Economics, 111(1), 8. Brunnschweiler, C. (2008). Cursing the Blessing? Natural Resource Abundance, Institutions, and Economic Growth. World Development, 36(3), 21. De Long, J. B., & Summers, L. H. (1991). Equipment Investment and Economic Growth. Quarterly Journal of Economics, 106(2), 58. Deaton, A. (1999). Commodity Prices and Growth in Africa. Journal of Economic Perspectives, 13(3), 17. Dhumale, R. (2000). Public Investment in the Middle East and North Africa: Towards Fiscal Efficiency. Development Policy Review, 18(18), 3. Giles, J. A., & Williams, C. L. (2000). Export-led Growth: a Survey of the Empirical Literature and Some non-Causality Results. Part1. The Journal for International Trade and Economic Development, 9(3), 77. Gylfason, T. (2001). Natural Resources, Education and Economic Development. European Economic Review, 45(4-6), 13. Hirschman, A. O. (1958). The Strategy of Economic Development. New Heaven, CT: Yale University Press. Im, K.-S., Lee, J., & Tieslau, M. (2005). Panle LM Unit-Root Tests with Level Shifts. Oxford Bulletin of Economics and Statistics, 67(3), 27. Im, K., Pesaran, H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1), 12. Innis, H. A. (1930). The Importance of Staple Products. In W. T. E. M. H. Watkins (Ed.), Approaches to Canadian Economic History. Kapizewski, A. (2001). Nationals and Expatriates: Population and Labor Dilemmas of the Gulf Cooperation Council States. Lebanon: Ithaca Press. Moon, H., & Perron, B. (2004). Testing for a Unit Root in Panels with Dynamic Factors. Journal of Econometrics, 122(1), 46. North, D. C. (1955). Location Theory and Regional Economic Growth. Journal of Political Economy(63), 16. North, D. C. (1959). Agriculture in Regional Economic Growth. Journal of Farm Economics(41), 9. Omran, M., & Bolbol, A. (2003). Foreign Direct Investment, Financial Development, and Economic Growth: Evidence from the Arab Countries. Review of Middle East Economics and Finance, 1(3), 19. Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory, 20(3), 31. Pesaran, H. (2003). A Simple Panel Unit Root Test in the Presence of Cross Section Dependence. Cambridge University. Pesaran, H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. University of Cambridge and USC. Pesaran, H. (2007). A Simple Panel Unit Root Test in the Presence of Cross Section Dependence. Journal of Applied Econometrics, 22(2), 48. Podrecca, E., & Carmeci, G. (2001). Fixed Investment and Economic Growth: New Results on Causality. Applied Economics, 33(2), 6. Prebish, R. (1950). The Economic Development of Latin America and its Principal Problems. Lake Success, NY: United Nations. Qin, D., Cagas, M. A., Quising, P., & He, X.-H. (2006). How much does investment drive economic growth in China? Journal of Policy Modeling 28(7), 24. Rogers, M. (2003). A Survey of Economic Growth. The Economic Record, 79(244), 24. Ross, M. L. (2001). Does Oil Hinders Democracy? World Politics, 53(3), 37. Sachs, J. D., & Warner, A. M. (1995). Natural Resource Abundance and Economic Growth: NBER Working Papers. Sachs, J. D., & Warner, A. M. (1997). Natural Resource Abundance and Economic Growth. .Unpublished manuscript, Cambridge, MA. Sala-i-Martin, X., & Subramanian, A. (2003). Addressing the Natural Resource Curse: an Ilustration from Nigeria.Unpublished manuscript. Shafik, N. (1994). Big Spending, Low Returns: The paradox of Human Resource Development in the Middle East and Nort Africa. Washington, DC: World Bank. Shah, N. M. (2005). Restrictive Labor Immigration Policies on the Oil-Rich Gulf: Implications for Sending Asian Countries Paper presented at the XXV IUSSP International Population Conference, Tours. Stijns, J.-P. C. (2005). Natural Resource Abundance and Economic Growth Revisited. Resources Policy, 30(2), 24. Westerlund, J. (Forthcoming). Panel Cointegration Tests of the Fisher Effect. Journal of Applied Econometrics. |
URI: | https://mpra.ub.uni-muenchen.de/id/eprint/15576 |