Oil and growth in transition countries
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Date
2009-11
Publication Type
Working Paper
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yes
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Abstract
This paper examines the impact of oil on economic growth in transition economies of the former Soviet Union and Central and Eastern Europe. I use oil production and reserves data in a series of panel estimations to show that oil has had positive growth effects between 1990-2006, although they appear to be diminishing for very large producers. These positive effects are confirmed when I consider different oil ownership structures. Oil has however had a negative effect on human capital formation, and corruption and democracy levels. Additionally, I find that privatisation levels have had positive growth effects, while privatisation speed has had negative effects on growth.
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published
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Journal / series
Volume
29
Pages / Article No.
Publisher
Oxford Centre for the Analysis of Resource Rich Economies
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Subject
Oil; Resource curse; Economic growth; Transition countries; Oil ownership