Do natural resources abundance and human capital development promote economic growth? A study on the resource curse hypothesis in Next Eleven countries

作者：Syed A. Rahim, Muntasir Murshed, Şükrü Umarbeyli, Derviş Kırıkkaleli, Mahmood Ahmad, Muhammad Tufail, Salman Wahab · 发表于：Resources Environment and Sustainability · 年份：2021 · 被引用次数：364 · 研究领域：Natural Resources and Economic Development、Mining and Resource Management、Energy, Environment, Economic Growth

This study aims to analyze the effects of natural resources, human capital, financial development, industrialization, technological progress, and international trade on the economic growth of the Next Eleven countries between 1990 and 2019. The novelty of this study lies in its approach to explore the indirect economic growth impacts of human capital development via the transmission channel of the natural resource utilization in these counties. The econometric methods involved are robust for accounting the cross-sectional dependence and slope heterogeneity concerns in the data. The results authenticate the resource curse hypothesis since higher natural resources rent are found to inhibit economic growth of the Next Eleven nations. In contrast, human capital development, financial development, industrialization, technological innovation and international trade participation are found to synthesize economic growth. Besides, another interesting finding in this study shows that human capital and natural resources jointly exert positive impacts on economic growth. Hence, it can be said that human capital development assists to mitigate the resource curse impacts in the case of the Next Eleven countries. Therefore, these findings necessitate the pertinence of boosting investments in human capital development, enhancing the strength of the financial sector, expediting industrialization, facilitating technological innovation, and amplifying international trade volumes for achieving h...