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Oil Exports, Non-Oil GDP, and Investment in the GCC Countries

  • Nasri Harb

This paper studies the long-run and short-run relationships between oil exports, non-oil GDP, and investment in five major oil-exporting countries. Its goal is to verify the effect of natural resources exports on economic performance. It considers the effect of cross-sectional correlations and uses the corresponding panel unit-root tests to study the long-run characteristics of the data series. The results show that resources' exports have no long-run relationship with the macroeconomic variables. A VAR analysis is used to estimate the short-run dynamics and shows that the effect of oil exports on those variables depends on local policies. Copyright � 2009 Blackwell Publishing Ltd.

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Article provided by Wiley Blackwell in its journal Review of Development Economics.

Volume (Year): 13 (2009)
Issue (Month): 4 (November)
Pages: 695-708

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Handle: RePEc:bla:rdevec:v:13:y:2009:i:4:p:695-708
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