THE ROLE OF RESOURCES IN THE BEHAVIOUR OF COMMODITY ECONOMIES IN THE CONTEXT OF GLOBAL INTEGRATION
Abstract
Ivashchuk I.O., Zapukhliak V.Z., Ksenzhuk O.S. THE ROLE OF RESOURCES IN THE BEHAVIOUR OF COMMODITY ECONOMIES IN THE CONTEXT OF GLOBAL INTEGRATION
Purpose. The aim of the article is generalization of theoretical concepts of research of raw materials economies, which explain the interdependence of countries’ resource ownership and economic growth, and substantiation of the role of resources for commodity economies in the process of global integration.
Methodology of research. The theoretical and methodological basis of the article is the fundamental provisions of modern economics. In the process of research the following methods were used: theoretical generalization and scientific abstraction – in substantiating the categorical and conceptual apparatus of research; method of system analysis – in the formation of the theoretical and methodological basis of the study and the structural structure of the study; method of comparative analysis – in identifying patterns and spatial differences of raw material economies in the context of global integration; methods of descriptive statistics and visual analysis – to visualize the main provisions of the study; methods of econometric modelling – to test hypotheses, identify relationships between key characteristics and formulate appropriate conclusions of the study.
Findings. It is established that in modern conditions of strengthening the processes of integration of countries the role of resources in raw material economies is growing. The impact of the “Dutch disease” and the “resource curse” on the behaviour of countries with raw material economies and their participation in the process of global integration is considered. The distribution of countries by the share of land rent of natural resources in GDP is analysed. It is proved that the ownership of resources and the high share of the total rent of natural resources in GDP are not the cause of high competitiveness of countries.
Originality. Conceptual bases of understanding the role of resources in the behaviour of countries with raw material economies are deepened. Scientific and methodological approaches to understanding the behaviour of countries with raw material economies and their participation in the process of global integration have been improved.
Practical value. The results of the conducted study can be used to determine the potential opportunities for the export potential of the country, taking into account the specifics of the functioning of commodity economies in the process of global integration.
Key words: global integration; raw material economies; resources; “Dutch disease”; “resource curse”; competitiveness; national economies; economic growth.Keywords
Full Text:
References
Lukianenko, D.H. (2008), Hlobalna ekonomichna intehratsiia [Global economic integration], TOV “Natsionalnyi pidruchnyk”, Kyiv, Ukraine, 220 p.
Reznikova, N.V. (2018), Ryzyky syrovynnoi oriientatsii krain u protsesi dosiahnennia ekonomichnoho zrostannia [Risks of raw material orientation of countries in the process of achieving economic growth], available at: http://journals.iir.kiev.ua/index.php/ec_n/article/download/3421/3095 (access date October 20, 2021).
Aliyev R. (2014), “Determinants of the Choice of Exchange Rate Regime in Resource-Rich Countries”, CERGE-EI Working Papers, no. 527, p. 1-36.
Bulatova, O.V. (2014), “The potential for transcontinental integration”, Zhurnal yevropeiskoi ekonomiky, vol. 13, no. 3, pp. 248-272.
Koziuk, V.V. (2018), “Monetary autonomy and price stability in commodity economies”, Finansy Ukrainy, no. 7, pp. 7-26.
Corden, W. Max and J. Peter, Neary (1982), “Booming sector and de-industrialisation in a small open economy”, The economic journal, no. 92, pp. 825-848.
Krugman, P. (1987), “The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher: Notes on trade in the presence of dynamic scale economies”, Journal of Development Economics, October, Vol. 27, Issues 1–2, pp. 41-55.
Filipenko, A.S. (2010), Ekonomicheskaya globalizatsiya: istoki i rezultaty [Economic globalization: origins and results], Economics, Moscow, Russia, 511 p.
Shvydanenko, O. (2005), “The latest paradigm of globalization: world integrity or alternatives to development ?”, Mizhnarodna ekonomichna polityka, no. 2(3), pp. 5-28.
Shumpeter, Y.A. (2011), Teoriia ekonomichnoho rozvytku: Doslidzhennia prybutkiv, kapitalu, kredytu, vidsotka ta ekonomichnoho tsyklu [Theory of economic development: Research of profits, capital, credit, interest and economic cycle], Vydavnychyi dim “Kyievo-Mohylianska akademiia”, Kyiv, Ukraine, 242 p.
Giddens, A. Sudba, risk, bezopasnost [Fate, risk, safety], Thesis, Issue 5, pp. 38-52.
Stihlits, Dzh. (2003), Hlobalizatsiia ta yii tiahar [Globalization and its burden], Vyd. dim “KM Akademiia”, Kyiv, Ukraine, p. 37.
Kravchuk, N. (2011), “Asymmetries and imbalances of global development: ideological, theoretical and fundamental foundations of the study”, Mizhnarodna ekonomichna polityka, no.1-2(14-15), pp. 170-210.
Krysovatyi, A. and Saveliev, Ye. (2014), Novyi svitovyi ekonomichnyi poriadok ta hlobalni vyklyky dlia Ukrainy [New world economic order and global challenges for Ukraine], TNEU, Ternopil, Ukraine, pp. 31-218.
Lutsyshyn, Z.O. (2016), Sovremennyye problemy finansovoy globalizatsii: vyzovy, riski, innovatsionnyye sdvigi i liderstvo [Modern problems of financial globalization: challenges, risks, innovative shifts and leadership], Wyższa Szkoła Ekonomiczno-Humanistyczna, Belsko-Byala, Bielsko-Biala, Poland, p. 4-7, 61-84, 151-184.
Sokhatska, O. (2010), “A new order in the global financial market: post-crisis projects and realities”, Zhurnal yevropeiskoi ekonomiky, no. 1, p. 97.
Toffler, E. (2002), Metamorfozy vlasti [Metamorphoses of power], OOO “Izdatelstvo AST”, Moscow, Russia, 669 p.
Yurii, S. (2009), “The new world economic order: history, theory, directions of formation”, Zhurnal yevropeiskoi ekonomiky, no. 4, pp. 358-365.
Khantington, S. and Toffler, E. (2003), Stolknoveniye tsivilizatsiy [Clash of Civilizations], OOO “Izdatel'stvo AST”, Moscow, Russia, 603 p.
World Economic Outlook, April 2020. International Monetary Fund, available at: https://www.imf.org/en/Publications/WEO/Issues/2020/04/14/weo-april2020?utm_source=yxnews&utm_medium=desktop&utm_referrer=https%3A%2F%2Fyandex.ru%2Fnews (access date October 20, 2021).
Level of GDP per capita and productivity. The Organisation for Economic Co-operation and Development (OECD), available at: https://stats.oecd.org/index.aspx?queryid=54563# (access date October 20, 2021).
Wessner, W. and Wolff, A. Wm. (2019), Rising to the Challenge: U.S. Innovation Policy for Global Economy. Washington, DC : The National Academies Press, pp. 26.
Scott, Pegg. (2010), Is there a Dutch disease in Botswana? Resources Policy. March. Volume 35. Issue 1. P. 14-19, available at: https://www.sciencedirect.com/science/article/abs/pii/ S0301420709000373?via%3Dihub (access date October 20, 2021).
Auty, R.M. (1993), Sustaining Development in Mineral Economies: The Resource Curse Thesis. Routledge, London, 284 p.
Dauvin, Magali and Guerreiro, David (2016), The paradox of plenty: a meta-analysis. World Development, available at: https://www.researchgate.net/publication/304321512_ The_Paradox_of_plenty_A_Meta-Analysis (access date October 20, 2021).
Duruigbo, E. (2008-2009), The Global Energy Challenge and Nigeria's Emergence as a Major Gas Power: Promise, Peril or Paradox of Plenty. Geo. Int'l Envtl. L. Rev, Vol. 21, p. 395.
Langton, M. (2010), The resource curse: new outback principalities and the paradox of plenty, Griffith Review, no. 28, available at: https://www.researchgate.net/publication/233990385_Langton _M_The_Resource_Curse_Griffith_Review_ed28 (access date October 20, 2021).
Bhattacharyya, Sambit and Hodler, Roland (2010), Natural resources, democracy and corruption. European Economic Review. Volume 54, Issue 4, p. 608-621, available at: https://www.sciencedirect.com/science/article/pii/S0014292109001135 (access date October 20, 2021).
Bates, Robert and Paul, Collier (1993), The Politics and Economics of Policy Reform in Zambia. Political and Economic Interactions in Economic Policy Reform. Cambridge, Mass, Blackwell, Oxford, UK, 481 p.
Ross, Michael (1999), The Political Economy of the Resource Curse. World Politics, Vol. 51, no. 2, pp. 297-322, available at: https://www.researchgate.net/publication/235737580 _The_Political_Economy_of_the_Resource_Curse (access date October 20, 2021).
Jeffrey, D. Sachs and Andrew, M. Warner (1995), Natural Resource Abundance and Economic Growth. NBER Working Paper no. 5398. Cambridge, MA, 47 p., available at: http://www.nber.org/papers/w5398 (access date October 20, 2021).
Mehlum, H., Moene, K. and Torvick, R. (2006), Institutions and the Resource Curse. The Economic Journal. January, Vol. 116, Issue 508, pp. 1-20, available at: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1468-0297.2006.01045.x (access date October 20, 2021).
Apergis, Nicholas and Katsaiti, Marina-Selini (2018), Poverty and the resource curse: Evidence from a global panel of countries. Research in Economics. June, Volume 72, Issue 2, P. 211-223, available at: https://www.sciencedirect.com/science/article/abs/pii/S1090944317302636 (access date October 20, 2021).
Alexeev, Michael and Conrad Robert, (2009), The Elusive Curse of Oil. The Review of Economics and Statistics, Vol. 91, Issue 3, pp. 586-598.
Gylfason, T. (2007), The International Economics of Natural Resources and Growth (CESifo Working Paper No. 1994), CESifo Group, Munich, 20 p., available at: http://www.cesifo-group.de/portal/pls/portal/docs/1/1187642.pdf (access date October 20, 2021).
Pegg Scott (2010), Is there a Dutch disease in Botswana? Resources Policy. March, № 35(1), P. 14-19, available at: https://www.researchgate.net/publication/46497681 _Is_there_a_Dutch_disease_in_Botswana (access date October 20, 2021).
What We Do. The Natural Resource Governance Institute, available at: https://resourcegovernance.org/about-us/what-we-do (access date October 20, 2021).
Resource Governance Index 2017, available at: https://resourcegovernance.org/analysis-tools/publications/2017-resource-governance-index (access date October 20, 2021).
Senegal. Resource Governance Index 2021, available at: https://resourcegovernanceindex.org/publications-data (access date October 20, 2021).
DOI: https://doi.org/10.37332/2309-1533.2021.7-8.1
Refbacks
- There are currently no refbacks.
INNOVATIVE ECONOMY 2006 - 2024