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

Benhua Yang Dept. of Economics, Whittmore School of Business and Economics, University of New Hampshire, Durham, NH, 3824, USACorrespondence[email protected]

Yewfoong Lam Dept. of Economics, Texas Tech University, 248 Holden Hall, Lubbock, TX, 79409-1014, USA

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.

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

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

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