The Effect of Institutional Factors and their Weight Importance on Economic Growth of Oli-Producing Developing Countries
Main Article Content
Abstract
The main objective of this study is to examine and estimate the weight importance and effects of institutional factors on the economic growth of oil-producing developing countries considering the effect of the institution index on the economic growth of these countries. Investigation of the relative importance of these factors not only contributes to the identification of the effect of institutional factors on the economic growth of mentioned countries but also provides the field for institutional reforms by identifying the relative weight of each factor. Oil countries were identified in this research based on UNCTAD's division (2008). Considering the correlated nature of institutional factors that are influenced by the conditions of the countries, it is not possible to examine the relative importance of the effect of institutional factors on economic growth through regression methods. Accordingly, Johnson's Relative Weight Technique was used through SPSS programming. Estimation results showed that government effectiveness (GE), regulatory quality (RQ), and control of corruption (CoC) were the factors with the highest weight importance among other institutional factors regarding their effects on the economic growth of oil-producing developing countries. Furthermore, the institution index was calculated after identifying weigh the importance of institutional factors in the weighted average of these factors. Then, the effects of institutions on economic growth were estimated based on the dynamic panel data (GMM) and Dawson Model. Results proved the effect of the institution index on economic growth.
Downloads
Metrics
Article Details
Licensing
TURCOMAT publishes articles under the Creative Commons Attribution 4.0 International License (CC BY 4.0). This licensing allows for any use of the work, provided the original author(s) and source are credited, thereby facilitating the free exchange and use of research for the advancement of knowledge.
Detailed Licensing Terms
Attribution (BY): Users must give appropriate credit, provide a link to the license, and indicate if changes were made. Users may do so in any reasonable manner, but not in any way that suggests the licensor endorses them or their use.
No Additional Restrictions: Users may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.