Natural resource endowment and output growth: How crucial is deficit financing in managing resource-rich African economies?

Journal of Social and Economic Development - Tập 21 Số 2 - Trang 353-369 - 2019
Ekundayo Peter Mesagan1, Akanni Ismaila Yusuf2, Azubuike Isaac Ogbuji2
1Department of Economics, School of Management and Social Sciences, Pan Atlantic University, Lekki-Lagos, Nigeria
2Department of Finance, University of Lagos, Lagos, Nigeria

Tóm tắt

Từ khóa


Tài liệu tham khảo

African Development Bank (AFDB 2018). African statistical year book. https://www.afdb.org/en/documents/document/african-statistical-yearbook-2018-101789/ . Accessed 20 Feb 2019

Allcott H, Keniston D (2017) Dutch disease or agglomeration? The local economic effects of natural resource booms in modern America. Rev Econ Stud 85(2):695–731

Aslanli K (2015) Fiscal sustainability and the state oil fund in Azerbaijan. J Eur Stud 6(2):114–121

Azhgaliyeva D (2014) The effect of fiscal policy on oil revenue fund: the case of Kazakhstan. J Eur Stud 5(2):157–183

Barbier EB (2002) The role of natural resources in economic development. In: Kym A (ed) Australia’s economy in its international context. The Joseph Fisher lectures, vol 2. University of Adelaide Press, Australia, pp 487–516

Ben-Salha O, Dachraoui H, Sebri M (2018) Natural resource rents and economic growth in the top resource-abundant countries: a PMG estimation. Resour Policy. https://doi.org/10.1016/j.resourpol.2018.07.005 (in press)

Bova E, Medas P, Poghosyan T (2018) Macroeconomic stability in resource-rich countries: the role of fiscal policy. J Bank Financ Econ 1(9):103–122

BP Statistical Review of World Energy (BPS 2018) Data on world energy by countries and regions. http://www.bp.com/statisticalreview . Accessed 17 Dec 2018

Bulte EH, Damania R, Deacon RT (2005) Resource intensity, institutions, and development. World Dev 33(7):1029–1044

Charles A, Mesagan E, Saibu M (2018) Resource endowment and export diversification: implications for growth in Nigeria. Stud Bus Econ 13(1):29–40

Cologni A, Manera M (2013) Exogenous oil shocks, fiscal policies and sector reallocations in oil-producing countries. Energy Econ 35:42–57

Corden WM, Neary JP (1982) Booming sector and de-industrialisation in a small open economy. Econ J 92(368):825–848

Dizaji SF (2014) The effects of oil shocks on government expenditures and government revenues nexus (with an application to Iran’s sanctions). Econ Model 40:299–313

Doro E, Kufakurinani U (2018) Resource curse or governance deficit? The role of parliament in Uganda’s oil and Zimbabwe’s diamonds. J S Afr Stud 44(1):43–57

Eregha PB, Mesagan EP (2016) Oil resource abundance, institutions and growth: evidence from oil-producing African countries. J Policy Model 38(3):603–619

Eregha P, Mesagan E (2017) Energy consumption, oil price and macroeconomic performance in energy dependent African countries. Appl Econ 46:74–89

Eregha PB, Mesagan EP, Ayoola OO (2015) Petroleum products prices and inflationary dynamics in Nigeria. Empir Econ Quant Econ Lett 4(4):108–122

Farzanegan MR (2011) Oil revenue shocks and government spending behaviour in Iran. Energy Econ 33(6):1055–1069

Gylfason T, Zoega G (2006) Natural resources and economic growth: the role of investment. The world economy. Blackwell Publishing, Oxford

Haber S, Menaldo V (2011) Do natural resources fuel authoritarianism? A reappraisal of the resource curse. Am Polit Sci Rev 105(1):1–26

Hamdi H, Sbia R (2013) Dynamic relationships between oil revenues, government spending and economic growth in an oil-dependent economy. Econ Model 35:118–125

Mehrara M, Oskoui KN (2007) The sources of macroeconomic fluctuations in oil exporting countries: a comparative study. Econ Model 24(3):365–379

Mesagan EP, Bello MO (2018) Core infrastructure and industrial performance in Africa: Do institutions matter? Int Rev Econ 65(4):539–562

Mesagan EP, Shobande OA (2016) Role of Apex Banks: the case of Nigerian economy. J Econ Bus Res 22(2):171–186

Mesagan PE, Unar AA, Idowu JO, Alamu AS (2019) Oil resource abundance in Nigeria and Iran: contrapuntal effect on social and economic welfare. BizEcons Q 4:3–22

Omojolaibi JA, Okenesi TNP, Mesagan EP (2016) Fiscal policy and private investment in selected West African countries. CBN J Appl Stat 7(1):277–309

Pedroni P (1999) Critical values for cointegration tests in heterogeneous panels with multiple regressors. Oxf Bull Econ Stat 61:653–670

Pedroni P (2000) Fully modified OLS for heterogeneous cointegrated panels. Adv Econ 15:93–130

Perry G, Olivera M (2009) Natural resources, institutions and economic performance. A FEDESARROLLO publication, November 15 version

Polterovich V, Popov V, Tonis A (2008) Mechanisms of resource curse, economic policy and growth. New Economic School Working Paper #WP/2008/000

Rieck A, Schuknecht L (2018) Political economy of government solvency: the institutional framework for stability and sustainability. In: Eusepi G, Wagner RE (eds) Debt default and democracy. Edward Elgar Publishing, Cheltenham

Robinson JA, Torvik R, Verdier T (2017) The political economy of public income volatility: with an application to the resource curse. J Public Econ 145:243–252

Sachs JD, Warner AM (2001) The curse of natural resources. Eur Econ Rev 45(4–6):827–838

Sala-i-Martin X, Subramanian A (2013) Addressing the natural resource curse: an illustration from Nigeria. J Afr Econ 22(4):570–615

Satti SL, Farooq A, Loganathan N, Shahbaz M (2014) Empirical evidence on the resource curse hypothesis in oil abundant economy. Econ Model 42:421–429

Snudden S (2016) Cyclical fiscal rules for oil-exporting countries. Econ Model 59:473–483

Torvik R (2002) Natural resources, rent-seeking and welfare. J Dev Econ 67(2):455–470

Usui N (1997) Dutch disease and policy adjustments to the oil boom: a comparative study of Indonesia and Mexico. Resour Policy 23(4):151–162

World Development Indicators (2019) The World Bank, Databank. http://databank.worldbank.org/data/reports.aspx?source=world-development-indicators . Accessed 5 Feb 2019