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• W3191609935 abstract "This study investigates the impact of oil revenue on economic growth, agriculture andtourism in developing oil-exporting countries, which are divided into major and minoroil-exporting countries based on their oil revenue shares to their respective GDPs.While developing oil-exporting countries have gained massive oil income, they sufferfrom Dutch disease in different manners, such as low economic growth and laggingnon-oil sectors. Heterogeneities exist among developing oil-exporting countries. PanelAutoregressive Distributed Lag (ARDL) modelling is used to achieve the objectivesof the study.The first objective of this study is to examine the impact of oil revenue on economicgrowth for 25 developing oil-exporting countries (major and minor), conditional tothe different level of the real effective exchange rate. The results show that the longruneffect of oil revenue on economic growth is significant only for the full sample,while the effect is highly positive and significant in the short run for all groups. Also,the indirect effect of the marginal effect of oil revenue on economic growth isstatistically insignificant for all groups. However, the indirect effect of the oil price oneconomic growth is statistically significant and confirms the same direction of themarginal effects of oil revenue for all groups. In the case of the major group, theindirect effect of oil price shows the symptom of Dutch disease and proving theexistence of Dutch disease. That means that in major oil-exporting countries, the oilprice is harmful for economic growth when the real effective exchange rateappreciates. The second objective of the present study is to investigate the impact of oil revenueon the agriculture sector of 25 developing oil-exporting countries (major and minor),conditional to the different level of the real effective exchange rate. The regressionresults of the baseline model indicate that oil revenue in the long and short term hasadverse and highly significant effects on the value added of agriculture in the fullsample, as well as in the cases of major and minor oil-exporting countries. Despite thisresult, the magnitude of the impact in the major oil-exporting countries is higher thanthat of the minor oil-exporting countries. The results of marginal effects for the minorgroup show that oil revenue indirectly slows down the value added of agriculture whenthe real effective exchange rate appreciates. Otherwise, oil revenue benefitsagriculture if the real effective exchange rate depreciates. However, in the case ofmajor group, the marginal effect shows that oil revenue decreases the value added ofagriculture, even in the presence of real effective exchange rate depreciation.The third objective of this study is to find the relationship between oil revenue and thetourism sector of oil-exporting countries based on the different level of the realeffective exchange rate. The estimations show a direct positive effect of oil revenueon tourism income for the entire sample, and for the minor group. The results show anadverse but insignificant for the major group. Additionally, the findings of themarginal effect of oil revenue on tourism income support the Dutch diseasephenomenon for the entire sample and the major group. That means the marginaleffects of oil revenue are negative and significant at the lower-level of the realeffective exchange rate (appreciation) but positive and significant at the higher-levelof the real effective exchange rate (depreciation). This result is contrary to the minorgroup but insignificant.Overall the findings and results support the hypotheses of this study, which focuseson the differential behaviour of major and minor oil-exporting countries towardeconomic growth and non-oil sectors (the agriculture and tourism sectors). Morespecifically, the results of the direct and indirect effects of oil revenue show that majoroil-exporting countries suffer from Dutch disease. The results of this study have policyimplications, pointing to the need to eliminate this phenomenon. First, it is necessaryfor governments of oil-exporting countries to adopt a fiscal policy that limits the roleof spending effects as a source of appreciation to the real effective exchange rate.Secondly, policymakers should adopt and improve policy instruments that support andpromote the non-oil sectors—including proper macroeconomic policy, such asenhancing public investment in the agriculture and tourism sectors. Finally, economicdiversification is required. Using oil revenue to build high-quality infrastructure mayimprove the non-oil sectors. Then, dynamic growth in the oil sector may lead tosustainable economic growth in the long run." @default.
• W3191609935 created "2021-08-16" @default.
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• W3191609935 date "2019-03-01" @default.
• W3191609935 modified "2023-09-27" @default.
• W3191609935 title "Impact of oil revenue on economic growth, agriculture and tourism sectors of developing oil exporting countries" @default.
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