Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence
<p dir="ltr">Economic diversification is an essential aspect of sustainable development as diversification enhances macroeconomic stability and promotes structural and long-term transformation not only in the economy but also in other pillars of development such as social institution...
محفوظ في:
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| مؤلفون آخرون: | , |
| منشور في: |
2022
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إضافة وسم
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| _version_ | 1864513506670280704 |
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| author | Abdulrahman M. Jolo (19365460) |
| author2 | Ibrahim Ari (12058516) Muammer Koç (8350053) |
| author2_role | author author |
| author_facet | Abdulrahman M. Jolo (19365460) Ibrahim Ari (12058516) Muammer Koç (8350053) |
| author_role | author |
| dc.creator.none.fl_str_mv | Abdulrahman M. Jolo (19365460) Ibrahim Ari (12058516) Muammer Koç (8350053) |
| dc.date.none.fl_str_mv | 2022-02-27T09:00:00Z |
| dc.identifier.none.fl_str_mv | 10.3390/su14052797 |
| dc.relation.none.fl_str_mv | https://figshare.com/articles/journal_contribution/Driving_Factors_of_Economic_Diversification_in_Resource-Rich_Countries_via_Panel_Data_Evidence/26861311 |
| dc.rights.none.fl_str_mv | CC BY 4.0 info:eu-repo/semantics/openAccess |
| dc.subject.none.fl_str_mv | Economics Applied economics Economic theory Environmental sciences Climate change impacts and adaptation Environmental management economic diversification export diversification resource curse resource-rich countries sustainable economic development |
| dc.title.none.fl_str_mv | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| dc.type.none.fl_str_mv | Text Journal contribution info:eu-repo/semantics/publishedVersion text contribution to journal |
| description | <p dir="ltr">Economic diversification is an essential aspect of sustainable development as diversification enhances macroeconomic stability and promotes structural and long-term transformation not only in the economy but also in other pillars of development such as social institutions and dimensions. There is empirical evidence suggesting an impact of economic and structural factors on diversification. However, there is no consensus on the results in the literature because of various factors, such as the employment of different variables, methodologies, countries, and periods. This paper empirically explores the relations driving economic diversification in 14 resource-rich countries between 2001 and 2019, with six alternative models. In this regard, feasible generalized least squares regression was employed for the proposed model specifications. It provides strong evidence that gross capital formation, financial development, labor force participation, education, and the rule of law have statistically significant and positive impacts on economic diversification performance. On the other hand, inward foreign direct investment, real GDP growth, and self-employment rate also have statistically significant, but negative, impacts on economic diversification, probably because they further promote or are a result of resource-based growth rather than diversification into other technology- and knowledge-based sectors.</p><h2>Other Information</h2><p dir="ltr">Published in: Sustainability<br>License: <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank">https://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.3390/su14052797" target="_blank">https://dx.doi.org/10.3390/su14052797</a></p> |
| eu_rights_str_mv | openAccess |
| id | Manara2_63a5c20ff12d776e4f62ddcdf4f88fad |
| identifier_str_mv | 10.3390/su14052797 |
| network_acronym_str | Manara2 |
| network_name_str | Manara2 |
| oai_identifier_str | oai:figshare.com:article/26861311 |
| publishDate | 2022 |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | CC BY 4.0 |
| spelling | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data EvidenceAbdulrahman M. Jolo (19365460)Ibrahim Ari (12058516)Muammer Koç (8350053)EconomicsApplied economicsEconomic theoryEnvironmental sciencesClimate change impacts and adaptationEnvironmental managementeconomic diversificationexport diversificationresource curseresource-rich countriessustainable economic development<p dir="ltr">Economic diversification is an essential aspect of sustainable development as diversification enhances macroeconomic stability and promotes structural and long-term transformation not only in the economy but also in other pillars of development such as social institutions and dimensions. There is empirical evidence suggesting an impact of economic and structural factors on diversification. However, there is no consensus on the results in the literature because of various factors, such as the employment of different variables, methodologies, countries, and periods. This paper empirically explores the relations driving economic diversification in 14 resource-rich countries between 2001 and 2019, with six alternative models. In this regard, feasible generalized least squares regression was employed for the proposed model specifications. It provides strong evidence that gross capital formation, financial development, labor force participation, education, and the rule of law have statistically significant and positive impacts on economic diversification performance. On the other hand, inward foreign direct investment, real GDP growth, and self-employment rate also have statistically significant, but negative, impacts on economic diversification, probably because they further promote or are a result of resource-based growth rather than diversification into other technology- and knowledge-based sectors.</p><h2>Other Information</h2><p dir="ltr">Published in: Sustainability<br>License: <a href="https://creativecommons.org/licenses/by/4.0/" target="_blank">https://creativecommons.org/licenses/by/4.0/</a><br>See article on publisher's website: <a href="https://dx.doi.org/10.3390/su14052797" target="_blank">https://dx.doi.org/10.3390/su14052797</a></p>2022-02-27T09:00:00ZTextJournal contributioninfo:eu-repo/semantics/publishedVersiontextcontribution to journal10.3390/su14052797https://figshare.com/articles/journal_contribution/Driving_Factors_of_Economic_Diversification_in_Resource-Rich_Countries_via_Panel_Data_Evidence/26861311CC BY 4.0info:eu-repo/semantics/openAccessoai:figshare.com:article/268613112022-02-27T09:00:00Z |
| spellingShingle | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence Abdulrahman M. Jolo (19365460) Economics Applied economics Economic theory Environmental sciences Climate change impacts and adaptation Environmental management economic diversification export diversification resource curse resource-rich countries sustainable economic development |
| status_str | publishedVersion |
| title | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| title_full | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| title_fullStr | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| title_full_unstemmed | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| title_short | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| title_sort | Driving Factors of Economic Diversification in Resource-Rich Countries via Panel Data Evidence |
| topic | Economics Applied economics Economic theory Environmental sciences Climate change impacts and adaptation Environmental management economic diversification export diversification resource curse resource-rich countries sustainable economic development |