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Role of natural resource abundance, international trade and financial development in the economic development of selected countries

Redmond, Trumel ; Nasir, Muhammad Ali

Resources policy, 2020-06, Vol.66, p.101591, Article 101591 [Periódico revisado por pares]

Kidlington: Elsevier Ltd

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  • Título:
    Role of natural resource abundance, international trade and financial development in the economic development of selected countries
  • Autor: Redmond, Trumel ; Nasir, Muhammad Ali
  • Assuntos: Correlation analysis ; Economic development ; Economic growth ; Economics ; Financial development ; Human development ; Impact analysis ; Institutional quality ; International finance ; International trade ; Least squares ; Money ; Natural resource abundance ; Natural resources ; Openness ; Random effects ; Trade openness
  • É parte de: Resources policy, 2020-06, Vol.66, p.101591, Article 101591
  • Descrição: Economic development in a contemporary setting encompasses a broad range of parameters. This balanced panel study of 30 countries uses two single-equation models to investigate the impacts of natural resource abundance, international trade, financial development, trade openness and institutional quality on two proxies for economic development – economic growth and a human development index. The data spans from 1990 to 2016 and the impact is assessed in aggregate as well as the countries' level of development in three groups – Lower-middle, Upper-middle and High Income Countries. Four panel estimation approaches are used: Fixed Effects (FE), Random Effects (RE), Panel Fully Modified Least Squares (FMOLS) and Panel Dynamic Least Squares (DOLS). While natural resource abundance has a significantly positive impact on economic growth, a primarily negative and insignificant effect on human development exists. Interestingly, international trade and broad money have significantly negative impacts on economic development. Trade openness’ positive effect exceeds that of institutional quality. The findings suggest that the variables have a stronger influence on economic growth as compared to human development. •Broader view of economic development examined with inclusion of a human development index in addition to usual economic growth proxy.•Economic growth positively impacted by natural resource abundance, trade openness and institutional quality.•Natural resource abundance and trade openness had a respective negative and positive effect on human development.•International trade and financial development adversely affected economic development.
  • Editor: Kidlington: Elsevier Ltd
  • Idioma: Inglês
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  • Realização: ABCD-USP USP   Logos de Redes Sociais: Freepik

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