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Oil Abundance and Economic Growth

Elkhan Richard Sadik-Zada

Cite this publication as

Elkhan Richard Sadik-Zada, Oil Abundance and Economic Growth (2016), Logos Verlag, Berlin, ISBN: 9783832593841

Beschreibung

This book deals with the role of oil abundance in economic growth. The major theoretical contribution of the analysis is the transformation of the rentier state theory into the language of mathematical economics. The mathematical formalization of the rentier state theory enables a more sophisticated analytical tool for the assessment of the role of nonrenewable resource revenues in economic growth and institutional dynamics. The embedding of the elements of a rentier state into the labor surplus economy framework leads to grave consequences as reflected in the quantitative part of the survey. The augmented labor surplus economy model shows that both the political economy and the purely economic causes of the resource curse can have similar effects on the resource allocation in the affected nation. Hence, it is not possible to use econometric tools to compartmentalize the effects of the Dutch disease and those explanations based upon political economy. This is the reason why one can only estimate the total growth effects of oil revenues. Besides cross-country panel estimations, a case study of Azerbaijan provides additional insights into petroleum based economic development.

These international panel and country specific estimations are partly based on the two sector model of economic growth. In the case of Azerbaijan, a vector error correction model, which is based upon the behavioral model of the equilibrium exchange rate, is applied to detect the Dutch disease tendencies.

Elkhan Richard Sadik-Zada is a postdoctoral research fellow at the Institute of Development Research and Development Policy (IEE), Ruhr University Bochum, Germany. He holds a doctoral degree in International Development Studies from the Ruhr University Bochum. In his research activities, he mainly focuses on resource economics, macroeconomics, applied econometrics, application of evolutionary equations in economics and the role of institutions in economic development.

Inhaltsverzeichnis

  • BEGINN
  • 1. INTRODUCTION
  • 1.1 Purpose of the Study
  • 1.2 Some Facts about Azerbaijan
  • 1.3 Explanations and Notion of Resource Curse
  • 1.4 Research Target
  • 1.5 Econometric Rationale behind the Research Target
  • 1.6 Research Design
  • 2. BEHAVIORAL MODEL OF RENT-SEEKING INCENTIVE
  • 2.1 Different Resource Types and Rent Seeking
  • 2.2 Microeconomic Foundations of Infinite Planning Horizon
  • 2.3 The Concept of State Elite and Relevance of "Elite Calculus"
  • 2.4 Utility Maximization of the State Elite
  • 2.5 Timing of Exploitation
  • 2.6 The Effect of a More Even Distribution of the Oil Revenue over Time
  • 2.7 Interim Conclusion
  • 3. IMPACT OF POLITICAL BARGAIN ON THE GROWTH OF THE CAPITALIST SECTOR
  • 3.1 Bargaining Transfers and its Impact on Industrialization and Welfare
  • 3.2 Transparency and Accountability in Azerbaijan
  • 3.3 Political Bargaining in Azerbaijan
  • 3.4 Structural Change with Political Bargaining
  • 3.5 Interim Conclusion
  • 4. SECTORAL ELASTICITY MODEL OF RENT-SEEKING AND THE MAGNITUDE OF DEINDUSTRIALIZATION
  • 4.1 Rent Seeking Elasticity of Manufacturing Output as a Measure of Harm to the Manufacturing Sector
  • 4.2 Elasticity Model with Tertiary Sector
  • 4.3 Elasticity Model with Institutions
  • 4.4 Interpretation of the Results
  • 5. ASSESSMENT OF THE DIRECT LINKAGES IN THE INPUTOUTPUT FRAMEWORK
  • 5.1 Concepts of Linkage
  • 5.2 Direct Linkage Effects of Oil Extraction
  • 5.3 Input-Output Analysis
  • 5.4 Input-Output Analysis of Azerbaijani Economy
  • 5.5 Conclusion
  • 6. ASSESSMENT OF DUTCH DISEASE IN AZERBAIJAN
  • 6.1 Concept of Dutch Disease and Rent Seeking Effects
  • 6.2 Basic Definitions of the Real Effective Exchange Rate
  • 6.3 Behavioral Equilibrium Exchange Rate Approach
  • 6.4 Econometric Specification
  • 6.5 Econometric Strategy
  • 6.6 Estimation of the Short- and Long-Run Relationship between Oil Prices and REER
  • 6.7 Robustness Checking
  • 6.8 Impulse-Response Functions for VECM
  • 6.9 Summary
  • 7. ANALYSIS OF THE TOTAL GROWTH IMPACT
  • 7.1 A Quest for Congruent Theory-Based Empirical Analysis
  • 7.2 Dual Sector Growth Model
  • 7.3 Cross-Country Panel Estimation
  • 7.4 Cross-Country versus Country-Specific Time-Series
  • 7.5 Time-Series Analysis of Economic Growth in Azerbaijan
  • 7.6 Critique of the Multi-Sector Model of Economic Growth
  • SUMMARY OF MAJOR RESEARCH FINDINGS
  • BIBLIOGRAPHY

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