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A Quantitative and Statistical Analysis of the Significance of Natural Resources in a Nation’s Economy

In: Transformational Drivers of National Economies: A New Analytical Framework Addressing Transitional Growth Model

Author

Listed:
  • Stelian Stancu

    (Romanian Academy, Informatics and Economic Cybernetics Department, Bucharest University of Economic Studies, Centre for Industrial and Services Economics)

  • Ion-Florin Răducu

    (Bucharest University of Economic Studies)

  • Andreea Pernici

    (Bucharest University of Economic Studies)

  • Alexandru Isaic-Maniu

    (Romanian Academy, Centre for Industrial and Services Economics)

  • Mihai Sabin Muscalu

    (Romanian Academy, Centre for Industrial and Services Economics)

Abstract

It has been emphasized that natural resources are crucial to a country’s socio-economic reality, influencing both the level of well-being and survival. The utilization of finite natural resources must consider the necessity for future generations to benefit from them, as the depletion of non-renewable resources renders them irrecoverable within historical timeframes. Consequently, each nation should conduct qualitative and/or quantitative analyses to record effective and authentic policies in resource management and to facilitate rational decision-making for economic development. The purpose of this paper is to use the VAR/VECM model (Vector Auto-Regressive/Vector Error Correction Model) to forecast the evolution of electricity prices in the United States. These are a few of the most popular models for forecasting and time-series analysis. VAR could be used for three purposes: forecasting economic time series, developing and evaluating economic models and assessing the consequences of various policy options. It eventually became the most common method of time-series modelling.

Suggested Citation

  • Stelian Stancu & Ion-Florin Răducu & Andreea Pernici & Alexandru Isaic-Maniu & Mihai Sabin Muscalu, 2026. "A Quantitative and Statistical Analysis of the Significance of Natural Resources in a Nation’s Economy," Springer Proceedings in Business and Economics, in: Luminita Chivu & Valeriu Ioan-Franc & George Georgescu & Ignacio De Los Ríos Carmenado & Jean-Vasile (ed.), Transformational Drivers of National Economies: A New Analytical Framework Addressing Transitional Growth Model, chapter 0, pages 253-264, Springer.
    • Handle: RePEc:spr:prbchp:978-3-032-18962-2_14
    DOI: 10.1007/978-3-032-18962-2_14
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