2072-64142411-140610.17059/ekon.reg.2023-2-18THE NEXUS BETWEEN ECONOMIC GROWTH, NATURAL RESOURCE DEPLETION AND FOREIGN DIRECT INVESTMENTВЗАИМОСВЯЗЬ МЕЖДУ ЭКОНОМИЧЕСКИМ РОСТОМ, ИСТОЩЕНИЕМ ПРИРОДНЫХ РЕСУРСОВ И ПРЯМЫМИ ИНОСТРАННЫМИ ИНВЕСТИЦИЯМИ Agheli Lotfali Агели Лотфали aghelik@modares.ac.irTarbiat Modares UniversityУниверситет Тарбиат Модарес192537547Copyright © 2023 Lotfali AgheliCopyright © 2023 Лотфали Агели2023Lotfali AgheliЛотфали АгелиCC BY 4.0https://www.economyofregions.org/ojs/index.php/er/article/view/620https://www.economyofregions.org/ojs/index.php/er/article/download/620/213

The overall economic performance is summarised in the economic growth. It occurs when resources are combined technically in an effective way. While advanced countries have no reliance on natural resources, they experience steady growth compared to natural resource-abundant countries. The Caspian Sea basin countries (Azerbaijan, Iran, Kazakhstan, Russia, and Turkmenistan) and Central Asia states (Kyrgyz Republic, Tajikistan, and Uzbekistan) own considerable mineral and ecological resources. This paper aims to examine the relationship between economic growth and natural resource depletion in the region during 1997–2019. Due to abundance of natural resources, this region trades fossil fuels and minerals with other economic blocs. Hence, foreign direct investment is added into the regression model in order to account for economic openness. In addition, the share of industry value added in gross domestic product is included to embody the industrialisation impact on economic growth. Finally, the tertiary enrolment is entered into the regression to measure the effect of human capital on economic growth. After specifying the econometric model, variables under study were tested for unit root. Due to difference in order of integration among variables, panel fully modified least squares method was used to estimate the model. The estimation results indicate the significant and positive effects of natural resource depletion, foreign direct investment, the share of industry value added and tertiary enrolment on economic growth. These findings imply that natural resource depletion contributes to economic growth much greater than foreign direct investment and tertiary enrolment. Thus, the resource curse is not confirmed across the examined countries.

Общие экономические показатели отражают экономический рост, на который влияет эффективное использование имеющихся ресурсов. Несмотря на то, что наиболее развитые страны не зависят от природных ресурсов, они демонстрируют более устойчивый рост, чем государства, богатые природными ресурсами. Страны бассейна Каспийского моря (Азербайджан, Иран, Казахстан, Россия, Туркменистан) и государства Центральной Азии (Кыргызская Республика, Таджикистан и Узбекистан) обладают значительными природными и экологическими ресурсами. Цель статьи — изучить взаимосвязь между экономическим ростом и истощением природных ресурсов в данном регионе в период с 1997 г. по 2019 г. Регион активно сотрудничает с другими экономическими блоками, благодаря обилию природных ресурсов идет торговля топливом и полезными ископаемыми. В связи с этим для учета степени открытости экономики в регрессионную модель включен показатель прямых иностранных инвестиций. Доля добавленной стоимости промышленности в валовом внутреннем продукте отражает влияние индустриализации на экономический рост. Наконец, количество зачислений в высшие учебные заведения используется для измерения влияния человеческого капитала на экономический рост. После уточнения эконометрической модели исследуемые переменные были протестированы на единичный корень. Из-за различий в порядке интегрирования для оценки панельных данных был использован полностью модифицированный метод наименьших квадратов. Согласно результатам анализа, истощение природных ресурсов, прямые иностранные инвестиции, доля добавленной стоимости промышленности и количество зачислений в вузы положительно влияют на экономический рост. Полученные выводы демонстрируют, что истощение природных ресурсов способствует экономическому росту в гораздо большей степени, чем прямые иностранные инвестиции и количество зачислений в вузы.

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