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Governance, fiscal expenditure, and economic growth in OIC countries: Role of natural resources and information communication technology

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  • Erum, Naila
  • Sohag, Kazi
  • Said, Jamaliah
  • Musa, Kazi
  • Asghar, Muhammad Mansoor

Abstract

This research examines the impact of fiscal expenditures on economic growth, incorporating considerations of governance quality, natural resources, and information communication technologies (ICT). In pursuit of this objective, we employ a Cross Sectional Augmented Autoregressive Distributed Lags (CS-ARDL) methodology to analyse panel time series data spanning from 1984 to 2019. Our sample comprises 43 member countries of the Organization of Islamic Cooperation (OIC). The findings of our investigation reveal that over the long term, fiscal expenditure acts as a hindrance to economic growth. Conversely, the quality of governance emerges as a significant driver of sustained economic growth. Notably, our study underscores the notion that in OIC nations, economic growth is fostered by the combined influence of fiscal expenditures and governance quality. Furthermore, our analysis underscores the importance of natural resources and ICT as covariates that significantly shape the nexus between economic growth and fiscal expenditure.

Suggested Citation

  • Erum, Naila & Sohag, Kazi & Said, Jamaliah & Musa, Kazi & Asghar, Muhammad Mansoor, 2024. "Governance, fiscal expenditure, and economic growth in OIC countries: Role of natural resources and information communication technology," Resources Policy, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:jrpoli:v:90:y:2024:i:c:s0301420724000849
    DOI: 10.1016/j.resourpol.2024.104717
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    More about this item

    Keywords

    Fiscal expenditures; Quality of governance; CS-ARDL;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models

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