The economics of natural resources has been a subject of discussion for a number of years. One of the problems that natural resources economics studies is Resource Curse Theory, which refers to the situation where a number of natural resource exporting countries are negatively affected in terms of various economic, political, and social factors. This theory refers to an observed negative correlation between natural resource exports and the economic growth of countries engaging in these exports. This study empirically investigates the Resource Curse Theory. Applying panel data of oil rents share of GDP as different natural resource measurements, various econometric techniques were used in order to obtain robust results. Using panel data fixed effect estimator, a significant positive correlation between oil rents share of GDP and GDP growth rate is found. When using the two-stage least square approach, positive significant results are also found between oil rents share of GDP and GDP growth rate.
|Date of Award||2 Jun 2016|
- University Of Strathclyde
|Supervisor||Roger Perman (Supervisor) & Nikolaos Danias (Supervisor)|