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Resource booms and economic development: the time series dynamics for 17 oil-rich countries

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  • Benhua Yang
  • Yewfoong Lam

Abstract

This article examines the time series properties of oil prices and economic development for 17 oil-rich developing countries. Cointegration and error-correction estimation results indicate that in the majority of cases oil booms are followed by increases in both GDP per capita and investment.

Suggested Citation

  • Benhua Yang & Yewfoong Lam, 2008. "Resource booms and economic development: the time series dynamics for 17 oil-rich countries," Applied Economics Letters, Taylor & Francis Journals, vol. 15(13), pages 1011-1014.
    • Handle: RePEc:taf:apeclt:v:15:y:2008:i:13:p:1011-1014
    DOI: 10.1080/13504850600972402
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    References listed on IDEAS

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    1. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
    2. World Bank, 2004. "World Development Indicators 2004," World Bank Publications - Books, The World Bank Group, number 13890, December.
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    Cited by:

    1. Blanco, Luisa & Grier, Robin, 2012. "Natural resource dependence and the accumulation of physical and human capital in Latin America," Resources Policy, Elsevier, vol. 37(3), pages 281-295.

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