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Journal: JOURNAL OF QUANTITATIVE ECONOMICS (QUARTERLY JOURNAL OF ECONOMICS REVIEW) | Year:1387 | Volume:5 | Issue:4 (19) | Start Page:55 | End Page:79

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Title

INSTITUTIONAL QUALITY, ECONOMIC GROWTH AND OIL REVENUES IN OIL DEPENDENT COUNTRIES DURING THE PERIOD 1975-2005: A PANEL COINTEGRATION APPROACH

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 Start Page 55 | End Page 79

Abstract

 Conventional economics implies that the increase in natural resource of a country leads to more long-run growth; nevertheless, the remarkable experimental observations disclose that natural resources not only have had the effective impact on long-run growth but they have also decreased it. This conundrum between theories and experimental observations has been called as "RESOURCE CURSE". The principle aim of this paper is the study of RESOURCE CURSE in oil-exporter countries in which the conspicuous share of gross domestic production arise from oil revenues. This research adopts PANEL COINTEGRATION methodology to explore long-run effects and use error-correction model for estimating the short-run effects of oil revenues on non-oil gross domestic productions. The sample data includes 35 oil abundant countries covering the period 1975-2005. We find that the RESOURCE CURSE is avoided by countries with sufficiently good institutions so that curse is converted to blessing with improvement of INSTITUTIONAL QUALITY. We test the channels of the RESOURCE CURSE proposed in the literature and find that a substantial part of it is explained by high oil incomes volatility. Moreover, the effect of trade openness on ECONOMIC GROWTH in the long-run is positive, statistically significant, and economically sizable.

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