Oil resources, deficit financing and per capita GDP growth in selected oil-rich African nations: A dynamic heterogeneous panel approach

Eregha, Perekunah B.; Mesagan, Ekundayo Peter

doi:10.1016/j.resourpol.2020.101615

Cited by 49 publications

(26 citation statements)

References 46 publications

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“…Consequently, the first‐generation unit root tests become appropriate and fit for examinating the stationary nature of the variables. This is in line with recent studies on oil‐rich countries in Africa (Eregha and Mesagan, 2017, 2020).…”

Section: Presentation Of Results and Discussionsupporting

confidence: 92%

The role of income level and institutional quality in the non‐renewable energy consumption and life expectancy nexus: evidence from selected oil‐producing economies in Africa

Ibrahim

Ajide

2021

OPEC Energy Review

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This study examines the functional relationship between non‐renewable energy (NRE) and life expectancy in four selected oil‐producing African countries (Algeria, Egypt, Libya and Nigeria) from 1990 to 2017. The role of income level and institutional quality (captured by control of corruption and regulatory quality) is evaluated to ascertaining the moderating or exacerbating effects of NRE (measured by natural gas, fuel and coal) on life expectancy. The empirical analyses are anchored on a set of preliminary tests consisting of cross‐sectional dependence test, panel unit root tests and co‐integration test, respectively. In the final analysis, the fully modified OLS panel method is engaged for model estimation. The empirical results reveal the negative effect of NRE on life expectancy both in models. Besides, the positive effects of income level are helpful in subduing the negative impacts of NRE on life expectancy while that of institutional quality further exacerbates it. The impacts of renewable energy and carbon emissions on life expectancy are recorded in a reverse direction. Relevant policy implications are advanced in the light of these emanating outcomes.

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Section: Presentation Of Results and Discussionsupporting

confidence: 92%

The role of income level and institutional quality in the non‐renewable energy consumption and life expectancy nexus: evidence from selected oil‐producing economies in Africa

Ibrahim

Ajide

2021

OPEC Energy Review

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“…PMG estimation assumes that the coefficients across the countries are ditto, in the long run, however, they are varied in the short run. Following the existing studies such as Magweva and Sibanda (2020) and Eregha and Mesagan (2020), the PMG framework is specified as follows: ' ,, 10…”

Section: Methodsmentioning

confidence: 99%

The Role of Institutional Quality in Oil Price-Unemployment Nexus in African and Asian Oil-Exporting Countries

Raifu

2021

Preprint

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This study adopts panel OLS and panel ARDL to examine the role of institutional quality in institutional quality in oil price-unemployment nexus in African and Asian oil-exporting countries. The POLS results reveal that an increase in oil price does not reduce unemployment in African oil-exporting countries whereas it reduces unemployment in Asian oil-exporting countries. However, interaction of oil price with institutional quality variables such as democratic accountability and rule of law leads to reduction of unemployment in African oil-exporting counties while the interaction of control of corruption and government stability with oil price leads to a further reduction in unemployment in Asian oil-exporting countries. The panel ARDL results, however, show that an increase in oil price leads to a reduction in unemployment in African oil-exporting countries only in the short run while it leads to a reduction in unemployment in Asian oil-exporting countries only in the long run. The effect of the interaction of institutional quality with the oil price, even though slightly changes when PARDL is employed, it largely remains ditto when compared with POLS. Given our results, we conclude that each of the oil-exporting countries needs to strengthen some aspects of their institutional quality apparatuses to ensure that an increase in the oil price brings about the desirable effect on unemployment. Precisely, the fight against corruption and government instability must be given the utmost attention in African oil-exporting countries while the rule of law and democratic accountability must be prioritised in Asian oil-exporting countries.JEL Classifications: C33; E24; L71; O17

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“…One of the key factors in ensuring sustainable growth is the development of financial markets since they are capable of diverting idle financial resources from surplus areas to productive ends (Goldsmith, 1969;Durusu-Ciftci et al, 2017;Mesagan et al, 2018b;Eregha and Mesagan, 2020). Gibson and Tsakalotos (1994) posited that the liberalization of financial markets could improve savings, investments and efficient allocation of financial resources which, in turn, leads to rapid growth of the economy.…”

Section: Introductionmentioning

confidence: 99%

The Dynamic Linkage between Money Market, Capital Market and Economic Growth in Ghana: New Lessons Relearned

Ogbuji

Mesagan

Alimi

2020

Econometric Research in Finance

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AbstractThis study is a comparative analysis of the effects of money and capital markets on the Ghanaian economy covering the period from 1991 to 2017 using the dynamic Auto Regressive Distributed Lag (ARDL) framework. Empirical results confirmed the existence of a unique and stable long-run relationship between the money market, capital market and economic growth. In respect of money market indicators, findings confirmed that monetary policy and treasury bills rate have had negative but significant impact on growth in the short- and long-run respectively. More so, total liquidity negatively and significantly influenced the Ghana-ian economy both in the short- and in the long run. Both market capitalisation and total value of stock traded, as proxies of capital market, had positive and significant effects on short-run growth, while both indicators as well as stock market turnover negatively and insignificantly a ected long-run growth. This means that capital market exerts a short-run impact on the country’s economy, while money market exerts both short- and long-run impacts. The lesson relearned is that the money market propels the Ghanaian economy better than the capital market.

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Oil resources, deficit financing and per capita GDP growth in selected oil-rich African nations: A dynamic heterogeneous panel approach

Cited by 49 publications

References 46 publications

The role of income level and institutional quality in the non‐renewable energy consumption and life expectancy nexus: evidence from selected oil‐producing economies in Africa

The role of income level and institutional quality in the non‐renewable energy consumption and life expectancy nexus: evidence from selected oil‐producing economies in Africa

The Role of Institutional Quality in Oil Price-Unemployment Nexus in African and Asian Oil-Exporting Countries

The Dynamic Linkage between Money Market, Capital Market and Economic Growth in Ghana: New Lessons Relearned

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