Int. J. of Trade and Global Markets   »   2015 Vol.8, No.2

 

 

Title: Identifying the factors affecting the economic growth of oil-producing countries

 

Authors: Özlem Gül Bozkurt; Cumhur Erdem; İlhan Eroğlu

 

Addresses:
Anadolu University, Eskişehir, Turkey
Department of Economics, Gaziosmanpaşa University, Tokat, Turkey
Department of Economics, Gaziosmanpaşa University, Tokat, Turkey

 

Abstract: The objective of this study is to identify the factors that have an impact on the economic growth of oil-producing countries. To meet this objective, annual time series data for 28 countries were included in panel data analyses. According to the findings of the first analysis covering the countries with R&D data (19 countries), economic growth is positively affected by the amount of oil exported, export value index, financial openness index, public expenditures on education, foreign direct investment and expenditures on R&D. The findings of the second analysis, covering the countries without R&D data (nine countries), show that export value index, corruption perception index, economic freedom index and external debt have a positive effect on economic growth.

 

Keywords: economic growth; oil-producing countries; FDI; foreign direct investment; corruption perception; R&D expenditure; research and development; panel data; oil producers; oil exports; export value; financial openness; public expenditure; education expenditure; economic freedom; external debt.

 

DOI: 10.1504/IJTGM.2015.069421

 

Int. J. of Trade and Global Markets, 2015 Vol.8, No.2, pp.97 - 111

 

Submission date: 14 Mar 2014
Date of acceptance: 10 Jul 2014
Available online: 15 May 2015

 

 

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