Financialization, Growth and Resource Curse: The MENA Evidence
Yazarlar (2)
Prof. Dr. Erdal Özmen Orta Doğu Teknik Üniversitesi, Türkiye
Doç. Dr. Fatma TAŞDEMİR Sinop Üniversitesi, Türkiye
| Bildiri Türü | Tebliğ/Bildiri | Bildiri Dili | Ingilizce |
| Bildiri Alt Türü | Tam Metin Olarak Yayınlanan Tebliğ (Uluslararası Kongre/Sempozyum) | ||
| Bildiri Niteliği | Alanında Hakemli Uluslararası Kongre/Sempozyum | ||
| Kongre Adı | ERF 28th Annual Conference | ||
| Kongre Tarihi | 26-03-2022 / 30-03-2022 | ||
| Basıldığı Ülke | Misir | Basıldığı Şehir | |
| Bildiri Linki | https://erf.org.eg/publications/financialization-growth-and-resource-curse-the-mena-evidence/ | ||
| UAK Araştırma Alanları |
Dışa Açık Makro İktisat
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| Özet |
| This study investigates whether the sensitivity of growth to natural resource endowments (NRE) may change depending on the endogenously estimated threshold level for international financial integration (IFI) in 13 Middle East and North Africa (MENA) countries during the 1970-2019 period. Our dynamic panel threshold estimation results suggest that NRE encourages growth up to a certain threshold level of IFI beyond which the impact of NRE decreases for the sample of Gulf Cooperation Council (GCC) countries whilst it becomes negative for the non-GCC economies. We also decompose IFI as resident-driven asset flows (capital outflows) and non-resident-driven liability flows (capital inflows) to investigate whether the direction of financial integration matters. We find that asset flows drive the NRE-growth relation for the sample of GCC countries. The positive relationship between NRE and growth diminishes with more capital outflows. Liability flows provide data-driven estimated threshold for the non-GCC countries. The effect of NRE is growth enhancing in economies with less capital inflows whilst this tends to dampen growth in economies with more capital inflows. |
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