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Theoretical and empirical applications of petroleum production function framework for analysis of the Phenomenon of Plenty

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  • Sergey Uzhegov

    () (Universite Paris 1 Pantheon-Sorbonne)

Abstract

The current study examines how analysis of the Phenomenon of Plenty, paradox of economic underperformance of resource rich nations, could benefit from theoretical and empirical application of suggested petroleum production function framework, basing on sample oil abundant countries of the Commonwealth of Independent States, in particular Russia, Azerbaijan, and Kazakhstan. Proposed approach displays capacity of oil economy production function to shed light on larger scope of theoretical issues. Empirical testing of suggested theoretical framework exhibited ability of proxied components of devised production function, capturing main metrics of the Phenomenon of Plenty and additionally factoring in corruption, to exert a strong impact on the majority of twelve principal macroeconomic indicators monitored by CIS supranational institutions: with most pronounced influence on gross domestic product, industrial production, capital investments, and export to CIS countries.

Suggested Citation

  • Sergey Uzhegov, 2011. "Theoretical and empirical applications of petroleum production function framework for analysis of the Phenomenon of Plenty," Business and Economic Horizons (BEH), Prague Development Center, vol. 6(3), pages 18-39, September.
  • Handle: RePEc:pdc:jrnbeh:v:6:y:2011:i:3:p:18-39
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    More about this item

    Keywords

    Oil economy; Phenomenon of Plenty; petroleum production function framework; capital openness; CIS;

    JEL classification:

    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)

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