Abstract
AbstractThis study investigated the impact of natural resources on economic growth among the Organization of the Petroleum Exporting Countries (OPEC) by controlling for institutional quality and financial development during the period 2008–2018. The study applied the recent generalised method of moment estimation method proposed by Kripfganz (2019, Generalized method of moments estimation of linear dynamic panel data models. London Stata Conference, pp. 1–128). The results revealed a negative and significant impact of natural resource rents on economic growth. However, oil rents showed a positive and statistically significant impact on economic growth. Similarly, institutional quality has been found to have positive and significant contribution to economic growth. Finally, financial development has also been found to have positive and significant impact on economic growth of the OPEC member countries.
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