Redmond, T and Nasir, MA orcid.org/0000-0003-2779-5854 (2020) Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66. 101591. p. 101591. ISSN 0301-4207
Abstract
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.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Keywords: | Natural resource abundance; International trade; Financial development; Trade openness; Institutional quality; Economic development; Economic growth; Human development |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 25 Feb 2022 10:59 |
Last Modified: | 25 Feb 2022 10:59 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.resourpol.2020.101591 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:184079 |