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Oil and Growth in Transition Countries

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Abstract

This paper examines the impact of oil on economic growth in transition economies of the former Soviet Union (FSU) and Central and Eastern Europe (CEE). We use oil production and reserves data in a series of panel estimations to show that oil has had strong and robust positive growth effects between 1990-2006. This is confirmed when we consider the different oil ownership structures. Additionally, we find that privatization levels have had positive growth effects, while privatization speed has had negative effects on growth.

Suggested Citation

  • Christa N. Brunnschweiler, 2009. "Oil and Growth in Transition Countries," CER-ETH Economics working paper series 09/108, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    • Handle: RePEc:eth:wpswif:09-108
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    Cited by:

    1. Qi, Songqiao & Sun, Tianmin, 2024. "Resource curse in OPEC with varied levels of financial regulations and constraints: The role of oil price shocks and digital finance," Resources Policy, Elsevier, vol. 91(C).
    2. Alexeev, Michael & Chernyavskiy, Andrey, 2015. "Taxation of natural resources and economic growth in Russia's regions," Economic Systems, Elsevier, vol. 39(2), pages 317-338.
    3. Richard Pomfret, 2018. "Exploiting a natural resource in a poor country: The good, the bad and the ugly sides of the Kyrgyz Republic’s gold mine," Working Papers 372, Leibniz Institut für Ost- und Südosteuropaforschung (Leibniz Institute for East and Southeast European Studies).
    4. Noland, Marcus & Son, Hyun H., 2012. "Editors’ introduction transitional economies: Progress and pitfalls," Journal of Asian Economics, Elsevier, vol. 23(2), pages 107-110.
    5. Pomfret, Richard, 2012. "Resource management and transition in Central Asia, Azerbaijan and Mongolia," Journal of Asian Economics, Elsevier, vol. 23(2), pages 146-156.
    6. Michael Alexeev & Yao-Yu Chih, 2017. "Oil Price Shocks and Economic Growth in the Us," CAEPR Working Papers 2017-011, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
    7. Roman Horváth & Ayaz Zeynalov, 2014. "The Natural Resource Curse in Post-Soviet Countries : The Role of Institutions and Trade Policies," Working Papers 341, Leibniz Institut für Ost- und Südosteuropaforschung (Leibniz Institute for East and Southeast European Studies).
    8. Richard Pomfret, 2011. "Exploiting Energy and Mineral Resources in Central Asia, Azerbaijan and Mongolia," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 53(1), pages 5-33, March.
    9. Moradbeigi, Maryam & Law, Siong Hook, 2017. "The role of financial development in the oil-growth nexus," Resources Policy, Elsevier, vol. 53(C), pages 164-172.
    10. Horváth, Roman & Zeynalov, Ayaz, 2016. "Natural resources, manufacturing and institutions in post-Soviet countries," Resources Policy, Elsevier, vol. 50(C), pages 141-148.
    11. Balistreri, Edward J. & Hillberry, Russell H. & Rutherford, Thomas F., 2010. "Trade and welfare: Does industrial organization matter?," Economics Letters, Elsevier, vol. 109(2), pages 85-87, November.
    12. Zhandos Ybrayev, 2022. "Balance-of-payments-constrained growth model: an application to the Kazakhstan’s economy," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 12(4), pages 745-767, December.
    13. Mikidadu Mohammed, 2018. "Oil Production and Economic Growth in Angola," International Journal of Energy Economics and Policy, Econjournals, vol. 8(2), pages 127-131.
    14. Khanna, Arpita Asha, 2017. "Revisiting the Oil Curse: Does Ownership Matter?," World Development, Elsevier, vol. 99(C), pages 214-229.
    15. Alexeev, Michael & Conrad, Robert, 2011. "The natural resource curse and economic transition," Economic Systems, Elsevier, vol. 35(4), pages 445-461.

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    Keywords

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    JEL classification:

    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • P28 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Natural Resources; Environment

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