Dutch disease effect of oil rents on agriculture value added in Middle East and North African (MENA) countries
SOURCE: Energy Economics
OUTPUT TYPE: Journal Article
PUBLICATION YEAR: 2014
TITLE AUTHOR(S): N.Apergis, G.El-Montasser, E.Sekyere, A.N.Ajmi, R.Gupta
KEYWORDS: AFRICA, AGRICULTURE, ENERGY SUPPLY, MIDDLE EAST, OIL MARKET
Print: HSRC Library: shelf number 8363
HANDLE: 20.500.11910/2246
URI: http://hdl.handle.net/20.500.11910/2246
OUTPUT TYPE: Journal Article
PUBLICATION YEAR: 2014
TITLE AUTHOR(S): N.Apergis, G.El-Montasser, E.Sekyere, A.N.Ajmi, R.Gupta
KEYWORDS: AFRICA, AGRICULTURE, ENERGY SUPPLY, MIDDLE EAST, OIL MARKET
Print: HSRC Library: shelf number 8363
HANDLE: 20.500.11910/2246
URI: http://hdl.handle.net/20.500.11910/2246
If you would like to obtain a copy of this Research Output, please contact Hanlie Baudin at researchoutputs@hsrc.ac.za.
Abstract
This paper investigates the effect of oil rents on agriculture value added in oil producing Middle East and North African (MENA) countries. Annual data from 1970 to 2011, panel co-integration tests by Pedroni (1999), long ran panel causality tests by Canning and Pedroni (2008), and two-step System GMM by Blundell and Bond (1998) are used in this study. We find a negative relationship between oil rents and agriculture value added in the long run, with a rather slow rate of short run adjustment of agriculture value added back to equilibrium after a boom in oil rents. These results indicate that an oil sector boom is associated with a contraction in the agriculture sectors of the countries in the panel in the long run. This is probably attributable to a resource movement effect from other economic sectors to the booming oil sector in these countries. This serves as evidence of a Dutch disease effect of an oil sector boom on agriculture in the MENA countries in this study.-
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