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Applied Economics Letters Volume 15, 2008 - Issue 13
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Original Articles

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
Pages 1011-1014 | Published online: 23 Oct 2008
 
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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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