Минерально-сырьевые ресурсы как фактор глобальной конкурентоспособности

Natural resource dependence and the Dutch disease: Evidence from Sub-Saharan Africa

Using forest concentration data from Alabama, Arkansas, Georgia, Kentucky, Louisiana, North Carolina, South Carolina, and Virginia, this paper test whether or not the low-level of economic growth is related to forest resource intensity and Dutch Disease. Specifically, cross sectional data from 815 counties are used to evaluate how changes personal income growth is affected by concentration of forestry resources, government and business investment, educational investment and consumption. We find evidence that the county economies in the South may suffer from Dutch Disease.

Publisher Summary This chapter discusses the financial development and economic growth in underdeveloped countries. An observed characteristic of the process of economic development over time, in a market-oriented economy using the price mechanism to allocate resources, is an increase in the number and variety of financial institutions and a substantial rise in the proportion not only of money but also of the total of all financial assets relative to GNP and to tangible wealth. Typical statements indicate that the financial system somehow accommodates—or, to the extent that it malfunctions, it restricts—growth of real per capita output. Such an approach places emphasis on the demand side for financial services; as the economy grows it generates additional and new demands for these services, which bring about a supply response in the growth of the financial system. In this view, the lack of financial institutions in underdeveloped countries is simply an indication of the lack of demand for their services.

The nexus between foreign direct investment, natural resource endowment, and their impact on sustained economic growth, is contentious. This study investigates the resource curse hypothesis and the effects of FDI on economic growth in Kazakhstan. The study covers the period from 1990 to 2022 and employs the Autoregressive Distributed Lag (ARDL) model and Toda-Yamamoto causality methods. The Bounds cointegration results reveal the existence of long-term equilibria between per capita GDP and the predictors. The findings reveal a significant impact of oil rents on economic growth, contradicting the resource curse hypothesis and suggesting a resource boon instead. In stark contrast, the impact of FDI on Kazakhstan’s economic growth is found to be insignificant, despite the presence of a causal nexus. Furthermore, economic freedom and export diversification have a positive significant impact on economic growth, while inflation exhibits a negative but significant impact. Although governance has a direct impact on GDP per capita, it is deemed insignificant, as the negative average governance index implies poor governance. Expectedly, the result establishes a causal effect between export diversification, economic freedom, governance, oil rents, and economic growth. This underscores the fundamental role played by the interplay of diversification, economic freedom, governance, and oil rents in fostering sustainable economic growth. In addition, economic freedom stimulates gross fixed capital formation, indicating that it enhances domestic investment. Notably, the findings refute the crowding-out effect of FDI on domestic investment in Kazakhstan. Consequently, to escape the resource curse and the Dutch disease syndrome, the study advocates for enhancing good governance capabilities in Kazakhstan. Thus, we recommend that good governance could reconcile the twin goals of economic diversification and deriving benefits from oil resources, ultimately transforming oil wealth into a boon in Kazakhstan.

PurposeWith heterogeneous findings dominating the growth and natural resources relations, there is a need to explain the variances in Africa's growth process as induced by robust measures of factor endowments. This study used a comprehensive set of data from the updated database of the World Bank to capture the heterogeneous dimensions of natural resource endowments on growth with a particular focus on establishing complementary evidence on the resource curse hypothesis in energy and environmental economics literature in Africa. These comprehensive data on oil rent, coal rent and forest rent could provide new and insightful evidence on obscure relations on the subject matter.Design/methodology/approachThis paper considers the panel vector error correction model (PVECM) procedure to explain changes in economic growth outcomes as induced by oil rent, coal rent and forest rent. The consideration of the PVECM was premised on the panel unit root process that returns series that were cointegrated at the first-order differentials.FindingsThe paper found positive relations between oil rent, coal rent and economic development in Africa. Forest rent, on the other hand, is inversely related to economic growth in Africa. Trade and human capital are positively related to economic growth in Africa, while population growth is negatively associated with economic growth in Africa.Research limitations/implicationsShort-run policies should be tailored towards the stability of fiscal expenditure such that the objective of fiscal policy, which is to maintain the condition of full employment and economic stability and stabilise the rate of growth, can be optimised and sustained. By this, the resource curse will be averted and productive capacity will increase, leading to sustainable growth and development in Africa, where conditions for growth and development remain inadequately met.Originality/valueThe originality of this paper can be viewed from the strength of its arguments and methods adopted to address the questions raised in this paper. This study further illuminated age-long obscure relations in the literature of natural resource endowment and economic growth by taking a disaggregated approach to the component-by-component analysis of natural resources factors (the oil rent, coal rent and forest rent) and their corresponding influence on economic growth in Africa. This pattern remains underexplored mainly in previous literature on the subject. Many African countries are blessed with an abundance of these different natural resources in varying proportions. The misuse and mismanagement of these resources along various dimensions have been the core of the inclination towards the resource curse hypothesis in Africa. Knowing how growth conditions respond to changes in the depth of forest resources, oil resources and coal resources could be useful pointers in Africa's overall energy use and management. This study contributed to the literature on natural resource-induced growth dynamics by offering a generalisable conclusion as to why natural resource-abundance economies are prone to poor economic performance. This study further asks if mineral deposits are a source or reflection of ill growth and underdevelopment in African countries.

Africa began implementing the Sustainable Development Goals (SDGs) in 2015 emphasizing on sustainable management and effective use of natural capital to spur economic growth (Goals 12, 14, and 15). This study using World Bank data sets from 46 African countries selected for the years 2000 to 2022, examined the nexus between natural resource endowments and economic growth in Africa. We used the system generalized method of moments (sys-GMM) and dynamic panel threshold regression (DPTR) to analyze the data. The findings of the two-step sys-GMM estimation using 'xtabond2' revealed that when the institutional quality variable is added and excluded from the model, natural resource dependence negatively impacts economic growth, but the impact is greater when the institution is excluded. In the estimation of the interaction variable of natural resource dependence and institutional variable included in the model, natural resource dependence positively impacts economic growth. The results of the DPTR using "xthenreg" showed that when the threshold value of natural resource dependence is ≤ 1.73% of gross domestic product, natural resource dependence has a positive impact on economic growth and a negative impact when the threshold value is above 1.73%. Similarly, when the institutional quality threshold is ≤ 0.277, natural resources dependence impacts economic growth negatively; above the threshold (0.277), the impact is positive. In conclusion, natural resource endowment is a curse with no or low-quality institutions and a blessing with high-quality institutions. Thus, building strong institutions and proper utilization of natural resources helps to minimize the adverse impact of resource endowments on economic growth.

The nexus between foreign direct investment (FDI), natural resource endowment, and their impact on sustained economic growth is contentious. This study investigates the symptoms of resource curse hypothesis and the effects of FDI on Kazakhstan’s economic growth. This study covers from 1990 to 2022 and employs the autoregressive distributed lag model and Vector Error Correction method for causality. The Bounds cointegration results reveal the existence of long-term equilibria between GDP per capita and the predictors. The findings indicate a significant impact of oil rents on economic growth, contradicting the resource curse hypothesis and instead suggesting a resource boon. In stark contrast, the impact of FDI on Kazakhstan's economic growth is insignificant despite the presence of a causal nexus. Economic freedom, gross capital formation, governance, and export diversification have positive and significant effects on GDP per capita growth, with varying effects in the short- and long-run. As expected, the results establish a long-run causal relationship between export diversification, FDI, economic freedom, governance, oil rents, and economic growth. This underscores the fundamental role of the interplay between diversification, economic freedom, governance, and oil rent in fostering sustainable economic growth. Additionally, economic freedom stimulates gross fixed capital formation, indicating that it enhances domestic investment. Notably, these findings refute the crowding-out effect of FDI on domestic investment in Kazakhstan. Consequently, to avoid the resource curse and Dutch disease syndrome, this study advocates the enhancement of good governance capabilities in Kazakhstan. Therefore, we recommend that good governance be used to reconcile the twin goals of economic diversification and deriving benefits from oil resources, ultimately transforming oil wealth into a boon for Kazakhstan.

An ARDL panel model is implored to explore the relationship between external debt and economic growth in 9 Southern African countries over the period 2000-2018. The empirical results show that short term external debt negatively affects economic growth over the long haul just as in the short run while long term external debt shows a negative connection with economic growth for the short run and a negative significant connection among debt and economic growth over the long haul insinuating the external funds gained are not being utilized for economic activities such as investment, capital formulation and technology. These discoveries demonstrate the requirement for policymakers in Southern Africa to not exclusively depend on external debt as a means to stimulate economic growth but should utilize aggressive techniques to improve and advance their economies.

The relationship between natural resource endowments and economic growth and development has attracted much attention. Specifically, the Dutch disease phenomenon, which has crippled several economies, has been studied extensively. It is urgent to prevent the Guyanese economy from gravitating toward the negative tendencies associated with the disease. This paper reviews Trinidad and Tobago’s experience in managing and coping with the Dutch disease phenomenon and outlines lessons that Guyana can learn from its experience. Additionally, the paper presents Dutch disease theory and sovereign wealth fund theory and practice, stressing how the likely shocks to the Guyanese economy can be prevented or mitigated, using Trinidad’s experience as the benchmark.

Nigeria has all it takes to become Sub-Saharan Africa’s largest economy and a key contributor in the global economy as a result of her agricultural and natural resource endowment. Unfortunately, these resources are not sufficiently and efficiently utilized, resulting to some negative economic implications such as underdeveloped economy in world ranking, high unemployment status, poor standard of living, abject poverty, devaluating currency, lack of technological innovations and unstable economy among others. This paper investigates the impact of the Oil and Non-Oil producing sectors to Federal Government Revenue and Economic Growth in Nigeria, using the concept of multivariate time series vector autoregressive (VAR) model. The basic concepts and techniques of multivariate time series modelling and analysis such as Granger Causality tests; Lag Length Selection based on Information Criteria; Augmented Dickey-Fuller and Phillips-Perron Unit Root tests; Kwiatkowski-Phillips-Schmidt-Shin (kpss) Trend & Level Stationarity tests; Sectoral Contributions to Federal Government Revenue, Economic Growth and Growth Rates using Line & Bar Graphs are discussed in detail. The study applied a model for predicting annual Federal Government Revenue and Economic Growth at any time using their respective historical monetary values together with the historical monetary values of the other economic indicators. The empirical findings in this paper revealed that the Federal Government Revenue and Economic Growth are predictable using their historical values together with the historical values of the other indicators. Furtherance to the statistically significant contribution of both the Oil and Non-Oil producing sectors, it is imperative to diversify the Nigerian economy in order to boost Federal Government Revenue, improve the standard of living, alleviate poverty, create employment opportunities and accelerate a long-run sustainable Economic Growth and stability.

One of the driving forces of the modern economic system is global competitiveness and digitalization of the economy, which determine the position of states in world markets. At the same time, restrictions on free trade in the country may lead to deterioration of the activities of domestic entrepreneurs. However, the consequences of state regulation of prices on commodity markets may have ambiguous consequences for these factors, which is why the relevance of the study is determined. The purpose of the study is to identify the degree and nature of dependence in the EAEU member states of competitiveness and development of the digital economy on state regulation of commodity prices. The main methods presented in the work are general scientific methods, statistical methods and methods of economic and mathematical modeling. Within the framework of the study, statistical data were used to study the causal relationships of state regulation of commodity prices in the EAEU: the global competitiveness index, the digital competitiveness index, the digital knowledge index, the technological readiness index, the digital technology application index, the annual economic growth rate, the volume of investments in the economy of the EAEU countries, imports of goods in the EAEU countries. The evaluation of the regression analysis showed that market competition and inflation have a statistically significant impact only on global competitiveness, digital knowledge, the volume of investments, but there is no impact on digital competitiveness, technological readiness, the use of digital technologies, the pace of economic growth, imports, according to the study. Based on the results of the study, alternative scenarios were constructed for the development of the consequences of state regulation of commodity prices in the EAEU member states for global competitiveness and the development of the digital economy in the post-pandemic period.

Study on the mechanism of energy abundance and its effect on sustainable growth in regional economies: A case study in China

It is four decades since Malaya achieved independence and thirty-three years since Malaysia was formed. The country has been transformed economically, socially, culturally and politically during this period. Notwithstanding the current economic crunch in Malaysia, how should we explain Malaysia’s transformation in recent times? Economic theories provide one answer, but economic growth also depends on the relationship between the state and capitalist markets; the country’s natural resource endowments; and its cultural and political preconditions. In this book an analysis of these factors is developed under three main themes: the nature of Malaysia’s natural and human resource endowments; the relationship between society and the economy; and the interactions between a corporate culture and the culture of society at large.KeywordsResource EndowmentMalay PeninsulaSoutheast Asian RegionContinental MasseAsian MainlandThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Impact of energy intensity, green economy, and natural resources development to achieve sustainable economic growth in Asian countries

The paper examined public perception of the effects of poverty on economic growth in Ghana. It specifically examined public perception on the relationship between poverty and economic growth in Ghana using a combination of descriptive statistics and Logit Model to analyse the primary data collected. The result revealed that poverty does not lower investment, per capita income was not high enough to reflect Ghana’s resources, it was also discovered that poverty programmes are effective and standard of living were inadequate. The paper further discovered that unemployment rate was not too high in Ghana. Corruption does not pose any threat to poverty and economic growth. There existed low income inequality between the rich and the poor but income was not evenly distributed while inflation does not increased the plight of the poor or deteriorates the living standard of the poor. The result further discovered that government performance was inadequate, lifespan was low, Ghana was able to meet MDGs goal by the end of 2015 but may not be able to sustain the achievement beyond 2015. Above all, poverty decisively slowed down the pace of economic growth in Ghana. The result of the Logit model showed that unemployment, corruption, secondary school enrollment, government policy, life-expectancy and poverty retarded economic growth while investment, aggregate consumption expenditure, pattern of income distribution and inflation, enhanced economic growth in Ghana. The result further revealed that only investment, aggregate consumption expenditure and inflation are the determinants of economic growth in Ghana. The paper concluded that poverty slowed down the pace of economic growth in Ghana. The paper therefore recommends that government should introduce and maintain policies that will permit improved relationships between poverty and other variables except investment, welfare and inflation so that they can positively and significantly contribute to increase economic growth in Ghana.