Doğal Kaynaklar ve Beşeri Sermaye Ekonomik Büyüme Üzerinde Etkili mi? MINT Ülkeleri için Kaynak Laneti Hipotezi Bakımından Bir İnceleme

Abstract

Bu çalışmanın temel amacı, MINT ülkelerinde kaynak laneti hipotezi çerçevesinde 1990-2019 dönemi için doğal kaynaklar ve beşeri sermayenin ekonomik büyüme üzerindeki uzun vadeli etkisini incelemektir. Ayrıca çalışmada, sabit sermaye stoku ve işgücünün de ekonomik büyüme üzerindeki uzun vadeli etkisi test edilmiştir. Westerlund ECM panel eş bütünleşme yaklaşımının kullanıldığı çalışmada, değişkenler arasında uzun dönemli bir ilişkinin var olduğu ortaya konmuştur. Uzun dönem denkleminden elde edilen katsayıların tahmini, CCEMG prosedürü kullanılarak gerçekleştirilmiştir. Son olarak, CCEMG tahmin bulgularının sağlamlık sınaması CS-ARDL yaklaşımı vasıtasıyla yapılmıştır. CCEMG bulgularına göre MINT ülkelerinde, kaynak laneti hipotezinin geçerli olduğu doğrulanmaktadır. Ayrıca, CCEMG bulguları beşeri sermaye ve sabit sermaye stokundaki artışların ekonomik büyümeyi olumlu etkilediğini gösterirken, işgücünün ekonomik büyüme üzerinde istatistiki olarak anlamlı bir etkisinin olmadığını göstermektedir. CS-ARDL yaklaşımından elde edilen sonuçların, CCEMG bulgularını destekler nitelikte olduğu görülmektedir. Ampirik sonuçlara dayalı olarak, MINT ülkeleri doğal kaynaklarını etkin ve verimli kullanmalı ve beşeri sermaye stokunun gelişimi için özellikle eğitim temelli yatırımları arttırmalıdır.

Keywords

• Kaynak Laneti Hipotezi
• Beşeri Sermaye
• CCEMG
• CS-ARDL

Are Natural Resources and Human Capital Effective on Economic Growth? A Review of the Resource Curse Hypothesis for MINT Countries

Abstract

The main purpose of this study is to examine the long-term effects of natural resources and human capital on economic growth for the period 1990-2019 within the framework of the resource curse hypothesis in MINT countries. In addition, the long-term effects of fixed capital stock and labor force on economic growth are also tested in the study. In the study, in which the Westerlund ECM panel cointegration approach was used, it was revealed that there is a long-term relationship between the variables. The estimation of the coefficients obtained from the long-run equation was performed using the CCEMG procedure Finally, robustness testing of the CCEMG prediction findings was conducted through the CS-ARDL approach. The CCEMG findings confirm that the resource curse hypothesis is valid in MINT countries. In addition, CCEMG findings show that while increases in human capital and fixed capital stock positively affect economic growth, labor force does not have a statistically significant effect on economic growth. The results obtained from the CS-ARDL approach appear to support the CCEMG findings. Based on the empirical results, MINT countries should use their natural resources effectively and efficiently and increase investments, especially education-based, for the development of human capital stock.

Keywords

• Resource Curse Hypothesis
• Human Capital
• CCEMG
• CS-ARDL

References

1. Adebayo, T.S., Akadiri, S.S., Radmehr, M. and Awosusi, A.A. (2023). Re-visiting the resource curse hypothesis in the MINT economies. Environmental Science and Pollution Research, 30(4), 9793-9807. https://doi.org/10.1007/s11356-022-22785-4
2. Adelakun, O.J. (2011). Human capital development and economic growth in Nigeria. European Journal of Business and Management, 3(9), 29-38. Retrieved from https://www.iiste.org
3. Ahmed, K., Mahalik, M.K. and Shahbaz, M. (2016). Dynamics between economic growth, labor, capital and natural resource abundance in Iran: An application of the combined cointegration approach. Resources Policy, 49, 213-221. https://doi.org/10.1016/j.resourpol.2016.06.005
4. Akça, E.E., Bal, H. ve Demiral, M. (2015). Doğal kaynak zenginliği ve ekonomik büyüme ilişkisinde yönetişim göstergelerinin aracılık etkisi: MENA ve Hazar ülkelerinden ampirik bulgular. Ege Akademik Bakış, 15(3), 301-312. https://doi.org/10.21121/eab.2015316714
5. Auty, R.M. (1990). Resource-based industrialization: Sowing the oil in eight developing countries. UK: Oxford University Press.
6. Badeeb, R.A., Szulczyk, K.R., Zahra, S. and Mukherjee, T.C. (2023). Innovation dynamics in the natural resource curse hypothesis: A new perspective from BRICS countries. Resources Policy, 81, 103337. https://doi.org/10.1016/j.resourpol.2023.103337
7. Bal, H. ve Akça, E.E. (2018). Doğal kaynak zenginliği ve ekonomik büyüme arasındaki eksik halka: Beşeri sermayenin aracılık etkisi. Yakın Doğu Üniversitesi Sosyal Bilimler Dergisi, 11(1), 55-84. https://dergi.neu.edu.tr/
8. Becker, G.S. (2009). Human capital: A theoretical and empirical analysis, with special reference to education. Chiago: The University of Chicago Press.

9. BP. (2023). Statistical review of world energy. Retrieved from https://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html
10. Breusch, T.S. and Pagan, A.R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
11. Chudik, A. and Pesaran, M.H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420. https://doi.org/10.1016/j.jeconom.2015.03.007
12. Commonslibrary. (2023). Emerging economies. Retrieved from https://commonslibrary.parliament.uk/the-mint-emerging-economies/
13. Corden, W.M. and Neary, P. (1982). Booming sector and de-industrialization in a small open economy. The Economic Journal, 92(368), 825-848. https://doi.org/10.2307/2232670
14. Corrocher, N., Lenzi, C. and Deshaires, M.L. (2020). The curse of natural resources: An empirical analysis of European regions. Regional Studies, 54(12), 1694-1708. https://doi.org/10.1080/00343404.2020.1763940
15. Dell’Anno, R. (2020). Reconciling empirics on the political economy of the resource curse hypothesis. Evidence from long-run relationships between resource dependence, democracy and economic growth in Iran. Resources Policy, 68, 101807. https://doi.org/10.1016/j.resourpol.2020.101807
16. Demiral, M., Harun, B. ve Emrah, A. (2016). Petrol gelirleri ve ekonomik büyüme: Seçilmiş petrol zengini gelişmekte olan ülkeler üzerine bir panel veri analizi. Sosyoekonomi, 24(27), 85-102. https://doi.org/10.17233/se.01775
17. ETM. (2023). Türkiye’de bor. Erişim adresi: https://www.etimaden.gov.tr/turkiyede-bor
18. Feenstra, R.C., Inklaar, R. and Timmer, M.P. (2015). The next generation of the Penn world table. American Economic Review, 105(10), 3150-3182. https://doi.org/10.1257/aer.20130954
19. Gelb, A.H. (1988). Oil windfalls: Blessing or curse? UK: Oxford University Press.
20. Guven, M., Calik, E., Cetinguc, B., Guloglu, B. and Calisir, F. (2019). Assessing the effects of flight delays, distance, number of passengers and seasonality on revenue. Kybernetes, 48(9), 2138-2149. https://doi.org/10.1108/K-01-2018-0022
21. Gylfason, T. (2001). Natural resources, education, and economic development. European Economic Review, 45, 847-859. https://doi.org/10.1016/S0014-2921(01)00127-1
22. Gylfason, T., Herbertsson, T.T. and Zoega G. (1999). Natural resources and economic growth. Macroeconomic Dynamics, 3(2), 204-225. https://doi.org/10.1017/S1365100599011049
23. Kaldor, N. (1966). Causes of the slow rate of economic growth of the United Kingdom: An inaugural lecture. UK: Cambridge University Press.
24. Li, M., Zhang, K., Alamri, A.M., Ageli, M.M. and Khan, N. (2023). Resource curse hypothesis and sustainable development: Evaluating the role of renewable energy and R&D. Resources Policy, 81, 103283. https://doi.org/10.1016/j.resourpol.2022.103283
25. Li, Y.W., Zhang, W.W., Zhao, B., Sharp, B., Gu, Y., Xu, S.C. and Rao, L.L. (2023). Natural resources and human development: Role of ICT in testing the resource-curse hypothesis in N11 and BRICS countries. Resources Policy, 81, 103400. https://doi.org/10.1016/j.resourpol.2023.103400
26. Lucas Jr, R.E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3-42. https://doi.org/10.1016/0304-3932(88)90168-7
27. Maitra, B. (2016). Investment in human capital and economic growth in Singapore. Global Business Review, 17(2), 425-437. https://doi.org/10.1177/0972150915619819
28. Miamo, C.W. and Achuo, E.D. (2022). Can the resource curse be avoided? An empirical examination of the nexus between crude oil price and economic growth. SN Business & Economics, 2, 5. https://doi.org/10.1007/s43546-021-00179-x
29. O'Connell, P.G. (1998). The overvaluation of purchasing power parity. Journal of International Economics, 44(1), 1-19. https://doi.org/10.1016/S0022-1996(97)00017-2
30. Ogundari, K. and Awokuse, T. (2018). Human capital contribution to economic growth in Sub-Saharan Africa: Does health status matter more than education? Economic Analysis and Policy, 58, 131-140. https://doi.org/10.1016/j.eap.2018.02.001
31. Ozcan, B. and Temiz, M. (2023). Re-visiting resource curse hypothesis in China through the lens of human capital and globalization. Journal of Environmental Management, 338, 117685. https://doi.org/10.1016/j.jenvman.2023.117685
32. Pesaran, M.H. (2006). Estimation and inference in large heterogeneous panels with a multifactor error structure. Econometrica, 74(4), 967-1012. https://doi.org/10.1111/j.1468-0262.2006.00692.x
33. Pesaran, M.H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265-312. https://doi.org/10.1002/jae.951
34. Pesaran, M.H. and Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142(1), 50-93. https://doi.org/10.1016/j.jeconom.2007.05.010
35. Rahim, S., Murshed, M., Umarbeyli, S., Kirikkaleli, D., Ahmad, M., Tufail, M. and Wahab, S. (2021). Do natural resources abundance and human capital development promote economic growth? A study on the resource curse hypothesis in Next Eleven countries. Resources, Environment and Sustainability, 4, 100018. https://doi.org/10.1016/j.resenv.2021.100018
36. Redmond, T. and Nasir, M.A. (2020). Role of natural resource abundance, international trade and financial development in the economic development of selected countries. Resources Policy, 66, 101591. https://doi.org/10.1016/j.resourpol.2020.101591
37. Romer, P.M. (1986). Increasing returns and long-run growth. Journal of Political Economy, 94(5), 1002-1037. https://doi.org/10.1086/261420
38. Sachs, J.D. and Warner, A.M. (1995). Natural resource abundance and economic growth (NBER Working Paper Series No. 5398). Retrieved from https://www.nber.org/system/files/working_papers/w5398/w5398.pdf
39. Sachs, J.D. and Warner, A.M. (1997). Fundamental sources of long-run growth. The American Economic Review, 87(2), 184-188. Retrieved from https://www.jstor.org/
40. Sachs, J.D. and Warner, A.M. (2001). The curse of natural resources. European Economic Review, 45(4-6), 827-838. https://doi.org/10.1016/S0014-2921(01)00125-8
41. Satti, S.L., Farooq, A., Loganathan, N. and Shahbaz, M. (2014). Empirical evidence on the resource curse hypothesis in oil abundant economy. Economic Modelling, 42, 421-429. https://doi.org/10.1016/j.econmod.2014.07.020
42. Schultz, T.W. (1961). Investment in human capital. The American Economic Review, 51(1), 1-17. Retrieved from https://www.jstor.org/
43. Shahbaz, M., Ahmed, K., Tiwari, A.K. and Jiao, Z. (2019). Resource curse hypothesis and role of oil prices in USA. Resources Policy, 64, 101514. https://doi.org/10.1016/j.resourpol.2019.101514
44. Solarin, S.A. (2020). The effects of shale oil production, capital and labour on economic growth in the United States: A maximum likelihood analysis of the resource curse hypothesis. Resources Policy, 68, 101799. https://doi.org/10.1016/j.resourpol.2020.101799
45. Tiba, S. and Frikha, M. (2020). Africa is rich, Africans are poor! A blessing or curse: An application of cointegration techniques. Journal of the Knowledge Economy, 11, 114-139. https://doi.org/10.1007/s13132-018-0538-9
46. Ulucak, R. (2016). Doğal kaynak laneti: Avrasya Bölgesi için bir uygulama. Ömer Halisdemir Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(4), 85-94. Erişim adresi: https://dergipark.org.tr/en/pub/ohuiibf/
47. UNDP. (2022). İnsani gelişme indeksi. Erişim adresi: https://hdr.undp.org/content/human-development-report-2021-22
48. Wang, Z., Zhang, M. and Ageli, M.M. (2022). Revisiting resource curse hypothesis and sustainable development: Evaluating the role of financial risk for USA. Resources Policy, 79, 102970. https://doi.org/10.1016/j.resourpol.2022.102970
49. WDI. (2023). World Bank indicators [Dataset]. Retrieved from https://databank.worldbank.org/source/world-development-indicators
50. Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709-748. https://doi.org/10.1111/j.1468-0084.2007.00477.x
51. Worldometer. (2022). İşgücü istatistikleri. Retrieved from https://www.worldometers.info/world-population/
52. Yerdelen Tatoğlu, F. (2017). Panel zaman serileri analizi stata uygulamalı (2. Baskı). İstanbul: Beta Yayıncılık.
53. Yilanci, V., Turkmen, N.C. and Shah, M.I. (2022). An empirical investigation of resource curse hypothesis for cobalt. Resources Policy, 78, 102843. https://doi.org/10.1016/j.resourpol.2022.102843
54. Zhou, R., Su, K. and Zheng, L. (2022). Natural resources led growth and the role of financial development: Evidence from Next-11 economies. Resources Policy, 79, 103105. https://doi.org/10.1016/j.resourpol.2022.103105