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Oil rents and economic growth in oil producing countries: evidence from a macro panel

2015-07Journal article Restricted access
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dc.contributor.authorFuinhas, José Alberto
dc.contributor.authorMarques, António Cardoso
dc.contributor.authorCouto, Alcino Pinto
dc.date.accessioned2019-01-14T10:21:33Z
dc.date.available2019-01-14T10:21:33Z
dc.date.issued2015-07
dc.description.abstractIn this paper, new approaches are taken to explore two new dimensions of the oil growth nexus that are relevant when focusing on oil producing countries. Based on panel regressions, we regress per capita income on the ratio of oil production to primary energy consumption and oil rents per capita, adding control variables and exploring a relationship analysis within a multivariate oil-growth nexus framework. The per capita oil consumption-economic growth nexus is examined in a panel of oil producing countries over a long time span (1970–2012), controlling for the exports of goods and services, the ratio of oil production to primary energy consumption, the oil rents, and international crude oil prices. The phenomenon of cross-sectional dependence that is present in the panel confirms that these countries share common spatial patterns, unobserved common factors, or both. The cointegration/long memory relationships, as well as the panel data estimators’ appropriateness, are both analysed and discussed. A dynamic Driscoll-Kraay estimator, with fixed effects, is shown to be adequate to cope with the phenomena of heteroskedasticity, contemporaneous correlation, first order autocorrelation and cross-sectional dependence, present in the panel. Oil consumption drives economic growth, but only on the short-run. The ratio of oil production to primary energy consumption has exerted a positive impact on growth in both the short- and longrun. Oil prices only exert a positive effect on growth in the short-run. Oil rents depress growth in both the short- and long-run, suggesting that it is more a curse than a blessing for the economies.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.doi10.1007/s10644-015-9170-xpt_PT
dc.identifier.urihttp://hdl.handle.net/10400.6/6757
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.subjectOil productionpt_PT
dc.subjectOil rentspt_PT
dc.subjectOil-growth nexuspt_PT
dc.subjectMacro panelspt_PT
dc.titleOil rents and economic growth in oil producing countries: evidence from a macro panelpt_PT
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage279pt_PT
oaire.citation.issue3-4pt_PT
oaire.citation.startPage257pt_PT
oaire.citation.volume48pt_PT
person.familyNameFuinhas
person.familyNameMarques
person.familyNameCouto
person.givenNameJosé Alberto
person.givenNameAntónio Cardoso
person.givenNameAlcino Pinto
person.identifierR-000-7ZC
person.identifier1880954
person.identifier.ciencia-id7817-FFB9-9DC0
person.identifier.ciencia-idBE19-EAEF-30CF
person.identifier.ciencia-id0A15-4C58-C509
person.identifier.orcid0000-0002-6937-5420
person.identifier.orcid0000-0002-9906-3874
person.identifier.orcid0000-0001-7100-0786
person.identifier.ridP-1603-2017
person.identifier.ridD-2235-2011
person.identifier.scopus-author-id36168979700
person.identifier.scopus-author-id36169680100
rcaap.embargofctCopyright cedido à editora no momento da publicaçãopt_PT
rcaap.rightsclosedAccesspt_PT
rcaap.typearticlept_PT
relation.isAuthorOfPublication3261ccf1-fcd4-48ad-bf1d-a8834c5f17ad
relation.isAuthorOfPublication0dfb8b49-b2ad-4a47-8478-a3ac0a8c639f
relation.isAuthorOfPublication8f7d5efa-de2a-4747-85db-a2a9280126dc
relation.isAuthorOfPublication.latestForDiscovery8f7d5efa-de2a-4747-85db-a2a9280126dc

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