Oil Rents, Economic Growth and Human Development in OPEC Countries: Panel Data Evidence from AMG and PMG Estimations
Trends in business and economics (Online), cilt.40, sa.4, ss.654-673, 2026 (TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 40 Sayı: 4
- Basım Tarihi: 2026
- Doi Numarası: 10.16951/trendbusecon.1927429
- Dergi Adı: Trends in business and economics (Online)
- Derginin Tarandığı İndeksler: Business Source Ultimate (EBSCO), ERIHPlus, TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.654-673
- Van Yüzüncü Yıl Üniversitesi Adresli: Evet
Özet
The natural resource reserves of countries can offer important opportunities for countries to achieve their economic growth and development targets. However, due to mistakes in the way they are managed, their impact on economic growth and development may sometimes not be at the expected level, and even negative effects, called the resource curse, may occur. Therefore, analyzing natural resource reserves’ relationship with economic growth and development is an important issue. Using data from 11 OPEC countries for the period 2003-2020, the study analyses the relationship between oil rents’ (OR) economic growth (EG) and human development (HDI). Westerlund panel cointegration test, Dumitrescu & Hurlin panel causality test, Augmented Mean Group (AMG), and Pooled Mean Group (PMG) estimators are applied in this study. According to the findings obtained from the Westerlund panel cointegration test, the results provide limited evidence of a long-run association between OR and HDI, with the bootstrap-adjusted evidence being marginally significant at the 10% level but not at the 5% level. According to the AMG and PMG methods, OR has a positive association with both EG and HDI. The panel causality test by Dumitrescu & Hurlin found no statistically significant causal relationship between OR and EG, while a bidirectional causal relationship exists among OR and HDI. Overall, the findings suggest that the development benefits of oil revenues can be enhanced by channeling them into human capital, healthcare, infrastructure, and productive investment; at the same time, excessive dependence on oil can be reduced through economic diversification, and the transparency and efficiency of resource management can be improved.