Menu Expand
  1. Journals
  2. Economics, Finance, Business & Management
  3. Applied Economics Quarterly
  4. Vol. 65, Issue 1
  5. pp. 1–43

JOURNAL ARTICLE

Cite JOURNAL ARTICLE

Style
Bellos, S. Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region. Applied Economics Quarterly, 65(1), 1-43. https://doi.org/10.3790/aeq.65.1.1
Bellos, Sotirios K. "Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region" Applied Economics Quarterly 65.1, , 1-43. https://doi.org/10.3790/aeq.65.1.1
Bellos, Sotirios K.: Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region, in: Applied Economics Quarterly, vol. 65, iss. 1, 1-43, [online] https://doi.org/10.3790/aeq.65.1.1
Format
Download

Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region

Bellos, Sotirios K.

Applied Economics Quarterly, Vol. 65 (2019), Iss. 1 : pp. 1–43

2 Citations (CrossRef)

Preview Login to order (PDF)

Additional Information

Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/aeq.65.1.1
Language
English
Pages
43
Keywords

Pricing

Individual
€ 24.00 (incl. local VAT if applicable)

Author Details

Bellos, Sotirios K., University of Sheffield International Faculty, CITY College, Leontos Sofou Street, 546 26 Thessaloniki, Greece.

Cited By

  1. Military Expenditure, Economic Growth and Development in Transition Economies: A Panel VAR GMM Approach

    Bellos, Sotirios K.

    Applied Economics Quarterly, Vol. 65 (2019), Iss. 3 P.140

    https://doi.org/10.3790/aeq.65.3.139 [Citations: 2]

  2. The relationship between CO2 emissions, economic growth, available energy, and employment in SEE countries

    Mitić, Petar | Fedajev, Aleksandra | Radulescu, Magdalena | Rehman, Abdul

    Environmental Science and Pollution Research, Vol. 30 (2022), Iss. 6 P.16140

    https://doi.org/10.1007/s11356-022-23356-3 [Citations: 22]

References

  1. Agostino, G./Dunne, J. P./Pieroni, L. (2012): “Corruption, Military Spending and Growth,” Defense and Peace Economics, 236, 591–604, doi:10.1080/10242694.2012.663579.  Google Scholar
  2. Alexander, W. R. J. (2012): “The Defence-Debt nexus: Evidence from the high-income members of NATO”, Defence and Peace Economics, 242, 133–145.  Google Scholar
  3. Alexeev, M./Conrad, R. (2009a): “The Elusive Curse of Oil, The Review of Economics and Statistics,” 91 (3), 586–598.  Google Scholar
  4. Alexeev, M./Conrad, R. (2009b): “The Natural Resource Curse and Economic Transition”, Centre for Applied Economics and Policy Research, 018–2009.  Google Scholar
  5. Arshed, N./Hanif, N. (2016): “Relationship between School Education and Economic Growth: SAARC Countries,” International Journal of Economics and Financial Issues, 6 (1), 294–300.  Google Scholar
  6. Asiedu, E./Lien, D. (2011): “Democracy, Foreign Direct Investment and Natural Resources, Journal of International Economics,” 84, 99–111.  Google Scholar
  7. Barbier, E. D. (2003): “The Role of Natural Resources in Economic Development,” Australian Economic Papers, 42, 253–272.  Google Scholar
  8. Barbone, L./Zalduendo, J. (1996): EU Accession and Economic Growth. The Challenge for Central and Eastern European Countries, World Bank.  Google Scholar
  9. Barro, R. J. (1999): “Determinants of Democracy,” Journal of Political Economy, 107 (S6): 158–183.  Google Scholar
  10. Barro, R. J. (2001): “Human capital and growth,” American Economic Review (Papers and Proceedings), 91 (2), 12–17.  Google Scholar
  11. Belke, A./Dobnik, F./Dreger, C. (2011): “Energy consumption and Economic Growth: New insights into the reintegration relationship,” Energy Economics, 33, 782–789.  Google Scholar
  12. Berrington, A. (2007): “An Overview of Methods for the Analysis of Panel Data,” ESRC National Centre for Research Methods, NCRM/007.  Google Scholar
  13. Bhattacharyya, S./Hodler, R. (2010): “Natural Resources, Democracy and Corruption,” European Economic Review, 54, 608–621.  Google Scholar
  14. Borensztein, E./De Gregorio, J. /Lee, J. W. (1998): “How does Foreign Direct Investment affect Economic Growth?,” Journal of International Economics, 45, 115–135.  Google Scholar
  15. Brunnschweiler, C. N./Bulte, E. H. (2008a): “The resource curse revisited and revised: a tale of paradoxes and red herrings,” Journal of Environmental Economics and Management, 55 (3), 248–264.  Google Scholar
  16. Brunnschweiler, C. (2008b): “Cursing the Blessings? Natural Resource Abundance, Institutions and Economic Growth,” World Development, 36 (3), 399–419.  Google Scholar
  17. Brunnschweiler, C. (2009): “Oil and Growth in Transition Countries,” CER-ETH, Working Paper 09/108.  Google Scholar
  18. Carvalho, A./Jamasb, T./Nepal, R. (2013): “Market-Oriented Structural Reforms and Human Development: Evidence from Transition Economies,” School of Economics, University of Queenslands Discussion Paper Series, 593.  Google Scholar
  19. Cotet, A. M./Tsui, K. K. (2013): “Oil, growth, and health: What does the cross-country evidence really show?,” Scandinavian Journal of Economics, 115 (4), 1107–1137.  Google Scholar
  20. Denisova-Schmidt, E./Leontyeva, E. (2012): “Do Russian Universities teach their students to be corrupt? Some Empirical Evidence from the Far East,” Journal of International Scientific Publications, 10 (3), 258–275.  Google Scholar
  21. Domar, E. (1946): “Capital Expansion, Rate of Growth and Employment,” Econometrica 14(2): 137–147.  Google Scholar
  22. Doppelhofer, G./Miller, R./Sala-i-Martin, X. (2004): “Determinants of Long-term Growth: a Bayesian averaging of Classical Estimates (bace) approach,” American Economic Review, 94 (4), 813–835.  Google Scholar
  23. Dunning, J. H. (1970): Studies in International Investment, George Allen and Unwin Ltd.  Google Scholar
  24. Eger, R./McDonald, B. D. (2010): “The Defense-Growth Relationship: An Economic Investigation into Post-Soviet States,” Peace Economics, Peace Science and Public Policy, 16 (1), 1–26.  Google Scholar
  25. El Anshasy, A. A./Katsaiti, M. S. (2013): “Natural Resources and Fiscal Performance: Does Good Governance Matter?,” Journal of Macroeconomics, 37, 285–298.  Google Scholar
  26. Gerard, G. A./Ichino, Y./Prazmowski, P. A. (2000): “Economic Growth and Energy Import Requirements: An Energy Balance Model of Thailand,” Journal of Policy Modelling, 22 (2), 219–254.  Google Scholar
  27. Ghosh, S. (2009): “Import demand of crude oil and economic growth: Evidence from India,” Energy Policy, 37, 699–702.  Google Scholar
  28. Gujarati, D. (2004): Basic Econometrics, Fourth Edition, The McGraw-Hill Companies, New York.  Google Scholar
  29. Gunluk-Senesen, G./Sezgin. S. (2002): “Turkey’s defence expenditures and debt burden,” Paper presented at the 6th Middlesex Conference on Economics and Security, June 2002, London.  Google Scholar
  30. Gylfason, T. (2001), Natural Resources and Economic Growth: What is the connection? CESifo Working Paper, No. 530.  Google Scholar
  31. Gylfason, T. (2003): “Nature, Power and Growth, Scottish Journal of Political Economy,” 48(5), 558–588.  Google Scholar
  32. Haber, S./Menaldo, V. (2011): “Do Natural Resources Fuel Authoritarianism? A Reappraisal of the Resource Curse,” The American Political Science Review, 105(1), 1–26.  Google Scholar
  33. Hanibal, M. (2014): “The Power of Energy Politics,” European View, 13, 73–78.  Google Scholar
  34. Harrod, R. F. (1939): “An Essay in Dynamic Theory,” The Economic Journal, 49 (193), 14–33.  Google Scholar
  35. Hausman, R./Rigobon, R. (2002): “An Alternative Interpretation of the Resource Curse: Theory and Policy Implications,” NBER Working Paper Series, WP 9424.  Google Scholar
  36. Havranek, T./Horvath, R./Zeynalov, A. (2016): “Natural Resources and Economic Growth: A Meta-Analysis,” World Development, 88, 134–151.  Google Scholar
  37. Hill, K. Q. (2003): “Democratization and Corruption: Systematic Evidence from the American states,” American Politics Research, 31 (6): 613–631.  Google Scholar
  38. Horvath, R./Zeyanalov, A. (2016): “Natural Resources, Manufacturing and Institutions in post-Soviet countries,” Resources Policy, 50, 141–148.  Google Scholar
  39. Hsiao, C./Yanan, W. (2006): “Panel Data Analysis – Advantages and Challenges,” WISE Working Paper Series, WISEWP 0602.  Google Scholar
  40. Iimi, A. (2005): “Urbanization and Development of Infrastructure in the East Asian Region, Japan Bank for International Cooperation,” 10, 88–109.  Google Scholar
  41. Kober, B./Kumar, A. (2012): “Urbanization, Human Capital, and cross-country productivity differences, Economics Letters, 117 (1), 14–17.  Google Scholar
  42. Kronenberg, T. (2002): “The Curse of Natural Resources in the Transition Economies,” Osteuropa-Institut Munchen Working Papers, 241.  Google Scholar
  43. Lavigne, M. (1999): The Economics of Transition, From Socialist Economy to Market Economy, Palgrave, New York.  Google Scholar
  44. Le Billon, P. (2014): “Natural Resources and Corruption in Post-War Transitions: Matters of Trust,” Third World Quarterly, 35 (5), 770–786, doi: 10.1080/01436597.2014.921429.  Google Scholar
  45. Lensink, R./Van Bergeijk, A. G. (1993): “Trade Capital and the transition in Central Europe,” Applied Economics, 225 (7), 891–903.  Google Scholar
  46. Lipsey, R. E. (2000): “Interpreting Developed Countries’ Foreign Direct Investment,” National Bureau of Economic Research Working Paper, 7810.  Google Scholar
  47. Maizels, A./Nissanke, M. (1986): “The Determinants of Military Expenditures in Developing Countries,” World Development, 14 (9), 1125–1140.  Google Scholar
  48. Mehlum, H./Moene, K./Torvik, R. (2006): “Institutions and the Resource Curse,” The Economic Journal, 116, 1–20.  Google Scholar
  49. Meier, B. (2004): Corruption in the Education Sector: An Introduction, Transparency International.  Google Scholar
  50. Mideksa, T. K. (2013): “The Economic Impact of Natural Resources,” Journal of Environmental Economics and Management, 65, 277–289.  Google Scholar
  51. Osipian, A. L. (2012): “Education Corruption, Reform and Growth: Case of Post-Soviet Russia,” Journal of Eurasian Studies, 3, 20–29.  Google Scholar
  52. Paleologou, S. M. (2013): “A Dynamic Panel Data Model for analyzing the relationship between military expenditure and government debt in the EU,” Defence and Peace Economics, 245: 419–428.  Google Scholar
  53. Papageorgiou, C. (2003): “Distinguishing between the effects of primary and post-primary education on economic growth, Review of Development Economics, 7 (4), 622–635.  Google Scholar
  54. Pegkas, P. (2014): “The Link between Educational Levels and Economic Growth: A Neoclassical Approach for the Case of Greece,” International Journal of Applied Economics, 11 (2), 38–54.  Google Scholar
  55. Rapacki, R./Prochniak, M. (2009): “The EU Enlargement and Economic Growth in the CEE New Member Countries,” European Commission Economic Papers, EP 367.  Google Scholar
  56. Rose-Ackerman, S. (1999): Corruption and Government. Causes, Consequences and Reform, Cambridge University Press, Cambridge.  Google Scholar
  57. Sachs, J./Warner, A. (1999): “The big Push, Natural Resource booms and Growth,” Journal of Development Economics, 59, 43–76.  Google Scholar
  58. Sachs, J./Warner, A. (2001): “The Curse of Natural Resources,” European Economic Review, 45, 827–838.  Google Scholar
  59. Sala-I-Martin, X./Subramanian, A. (2003): “Addressing the Natural Resource Curse: An Illustration from Nigeria,” IMF Working Paper, WP/03/139.  Google Scholar
  60. SIPRI (2012): Military Expenditure Database.  Google Scholar
  61. Solow, R. M. (1956): “A Contribution to the Theory of Economic Growth,” Quarterly Journal of Economics,70 (1), 65–94. doi:10.2307/1884513.  Google Scholar
  62. Stijns, J-P. S. (2005): “Natural Resources Abundance and Economic Growth Revisited,” Resources Policy, 30, pp 107–130.  Google Scholar
  63. Tsani, S. (2013): “Natural Resources, Governance and Institutional Quality: The Role of Resource Funds,” Resources Policy, 38, 181–195.  Google Scholar
  64. UCDP/PRIO (2013), UCDP/PRIO Armed Conflict Dataset Codebook, Centre for Study of the Civil Wars, International Peace Research Institute, 4–2013.  Google Scholar
  65. Vernon-Henderson, J. (2003): “Urbanization and Economic Development,” Annals of Economic and Finance, 4, 275–341.  Google Scholar
  66. Vicente, P. (2010): “Does Oil Corrupt? Evidence from a natural experiment in West Africa,” Journal of Development Economics, 92 (1), 28–38.  Google Scholar
  67. Williams, A. (2011), Shining a Light on the Resource Curse: An Empirical Analysis of the Relationship between Natural Resources, Transparency and Economic Growth,” World Development, 39(4), 490–505.  Google Scholar
  68. World Bank (2015), World Governance Indicators Database, World Bank, Washington, D.C.  Google Scholar
  69. World Bank (2017), World Development Indicators Database, World Bank, Washington, D.C.  Google Scholar

Abstract

Abstract

This paper focuses on the Southeastern European and Black Sea Countries and examines the association between natural resources abundance, energy dependency, and a series of growth-related and institutional variables during a thirty-year period (1985–2015). The empirical results show a positive impact of natural resource abundance on the majority of the examined variables, which does not support the resource curse hypothesis. Common sector characteristics of the examined economies verify the empirical results.

JEL classifications: Q20, Q30, Q32, Q43

Black Sea Area, Dutch disease, Economic Growth, Energy Dependency, Natural Resources, Transition Economies

Table of Contents

Section Title Page Action Price
Sotirios K. Bellos: Natural Resources, Energy Dependency, and their Association with Institutional and Growth-Related Variables in the Black Sea and Southeastern European Region 1
Abstract 1
Introduction 1
1. Literature Review 2
2. The Structure of the Empirical Analysis 5
3. Data and Econometric Methodology 7
3.1 Data 7
3.2 Panel-Data Method 7
3.3 Causality Analysis 7
3.4 Missing Observations 8
4. Empirical Results 8
5. Discussion 1
6. Conclusions 1
References 1
Appendix 1
Participating Countries 1
Table 1: Dependent and Independent Variables 1
Table 2: Descriptive Statistics 2
Table 3: Correlation Matrix 2
Table 4: Panel Data Analysis Results – Growth Related Variables 2
Table 5: Panel Data Analysis Results – Institutional Variables 2
Table 6: Panel Data Analysis Results – Institutional Variables 3
Table 7: Causality Analysis Results 3
Unit Root Tests 3

Contact

Duncker & Humblot GmbH Carl-Heinrich-Becker-Weg 9 12165 Berlin, Deutschland T: +49 30 790006-0

Quick Navigation

2024 Duncker & Humblot GmbH

Powered by CloudPublish

We use cookies to ensure that you get the best experience on our website. Learn more about how we use cookies.