Preprint Article Version 1 This version is not peer-reviewed

Resource–Economic Growth Nexus, Role of Governance, Financial Development, Globalisation and War: Dynamic Approach

Version 1 : Received: 5 April 2019 / Approved: 8 April 2019 / Online: 8 April 2019 (12:57:47 CEST)

How to cite: Niknamian, S. Resource–Economic Growth Nexus, Role of Governance, Financial Development, Globalisation and War: Dynamic Approach . Preprints 2019, 2019040096 (doi: 10.20944/preprints201904.0096.v1). Niknamian, S. Resource–Economic Growth Nexus, Role of Governance, Financial Development, Globalisation and War: Dynamic Approach . Preprints 2019, 2019040096 (doi: 10.20944/preprints201904.0096.v1).

Abstract

This study reassesses the resource–economic growth nexus by incorporating several channels. Advanced panel time series techniques are used to analyse panel time series data from 1980 to 2015 in 31 oil-rich countries. Results show that oil rent augments economic growth; thus, oil rent is conducive rather than impediment for economic growth. The role of governance in economic growth is significant in the selected countries. Oil rent exerts a positive significant impact on economic growth in countries with good governance compare to countries with poor governance. Financial development is an unimportant channel in the resource–growth nexus because FD is often unable to mobilise oil rent from the government to the private sector in oil-rich countries. Globalisation is advantageous for countries and promote economic growth. Moreover, war exerts a significant negative effect on growth in the long term.

Subject Areas

Resource; Economic Growth; Governance; War; Cross-Sectionally Augmented Distributed Lag (CS-ARDL)

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