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The complementary roles of human capital and institutional quality on natural resource - FDI—economic growth Nexus in the MENA region

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Abstract

A number of studies have examined the roles of natural resources endowment on economic prosperity (or otherwise). While doing this, some researchers have identified institutions (while some others have suggested human capital) as a conduit via which natural resources endowment stimulates the economy. To lend a voice to this important policy issue, this study measures the roles of human capital and institutional quality on the nexus between natural resources endowment, FDI and economic growth in the MENA region. Based on the ARDL technique on yearly data spanning 1990–2017, our empirical estimates suggest that natural resources endowment is positively connected with growth, while human capital exerts both negative and positive effects—even though the negative effect dominates. Again, while the aggregated institutional quality produces a negative estimate, a mixed result is obtained when it is disaggregated. Moreover, FDI stimulates growth in the short-run, but not in the long-run; human capital is observed to reduce the negative effect of FDI on the growth of the MENA region by 0.01%, while institutions alter the negative FDI–growth relationship earlier obtained by 0.15%. Finally, the interaction effect of natural resources endowment and human capital on—growth is positive; a positive coefficient is equally obtained for the interactive role of natural resources endowment and institutional quality. These explain that human capital influences the growth effect of natural resources endowment by 0.01%, even as institutional quality stimulates the positive impact of natural resources endowment on economic growth by 0.23%.

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Notes

  1. Nearly all countries in the MENA region have coasts and fishing grounds. The region holds about two-thirds of the world’s crude-oil reserves; Iran has about 15% of the world’s natural gas reserves; Tunisia, Morocco, Algeria, Syria, and Jordan account for some one-third of the global phosphate production—with Morocco alone having more than 30% of the world's phosphate rock and 40% of its phosphoric acid trade. The other natural resources in the region include potash in Jordan, Israel, and Iran; iron ore in Mauritania and Iran; coal in Iran; ammonia and urea in Qatar and Iran; copper and gypsum in Mauritania; cotton in Sudan and Egypt; tobacco in Syria; and coffee in Yemen (Mohamed et al., 1996).

  2. Djibouti, Iran, West Bank and Gaza, Israel and Malta are excluded because of data availability. Those included, following the World Bank list, are Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates, and Yemen.

  3. The school enrollment rate (from World Bank) is considered for human capital.

  4. While each of Harris–Tzavalis (HT; 1999), Levin– Lin–Chu (LLC; 2002), Fisher type (Choi 2001), Breitung (2000; Breitung and Das 2005); and Im–Pesaran–Shin (IPS; 2003) techniques defines (the null hypothesis) that the panels contain a unit root, Hadri’s (2000) Lagrange multiplier (LM) technique defines (the null hypothesis) that the panels are (trend) stationary versus (the alternative hypothesis) that at least some of the panels contain unit roots.

  5. HT is one example of a more appropriate test, given that T is fixed; Fisher type is better in the converse case (when N is finite or infinity and \(T\to \infty\)). Breitung and Hadri-LM tests are more appropriate if \((N,T)\to \infty\); IPS may be used if \((N,T)\to \infty\) or if \(N\to \infty\) and T is fixed or if N and T are fixed.

  6. This specific method has been used by several researchers, including Zallé (2019) and Shittu et al., (2020a, 2020b).

  7. For the sake of policy analysis, emphasis has been placed on the long-run coefficient estimates.

  8. We have estimated these using the principal component analysis, where indexes are created from internal conflict, religious and ethnic tensions (for conflict-preventing institution); socio-economic conditions, corruption, law & order, bureaucratic quality, and military in politics (for economic institution); external conflict, government stability, and investment profile (political institution); democratic accountability (for democratic institution).

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  1. Department of Economics, KolaDaisi University, Ibadan, Nigeria

    Waliu Olawale Shittu

  2. Tasmanian School of Business and Economics, University of Tasmania, Hobart, Australia

    Hammed Oluwaseyi Musibau

  3. Department of Economics and Development Studies, Kwara State University, Ilorin, Nigeria

    Sodiq Olaiwola Jimoh

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Shittu, W.O., Musibau, H.O. & Jimoh, S.O. The complementary roles of human capital and institutional quality on natural resource - FDI—economic growth Nexus in the MENA region. Environ Dev Sustain 24, 7936–7957 (2022). https://doi.org/10.1007/s10668-021-01767-5

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