The Long-Run Effect of International Reserves on Economic Growth in Developing Economies
ESKISEHIR OSMANGAZI UNIVERSITESI IIBF DERGISI-ESKISEHIR OSMANGAZI UNIVERSITY JOURNAL OF ECONOMICS AND ADMINISTRATIVE SCIENCES, cilt.17, sa.3, ss.822-836, 2022 (TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 17 Sayı: 3
- Basım Tarihi: 2022
- Doi Numarası: 10.17153/oguiibf.1145526
- Dergi Adı: ESKISEHIR OSMANGAZI UNIVERSITESI IIBF DERGISI-ESKISEHIR OSMANGAZI UNIVERSITY JOURNAL OF ECONOMICS AND ADMINISTRATIVE SCIENCES
- Derginin Tarandığı İndeksler: TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.822-836
- Anahtar Kelimeler: International Reserves, Panel Data Models, Cross-Sectional Dependency
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Bilecik Şeyh Edebali Üniversitesi Adresli: Evet
Özet
This paper attempts to empirically investigate the effect of international reserves growth on economic growth in the long-run in 41 developing countries over the period 1970-2019. For this purpose, we employ the CS-ARDL and CS-DL estimators to take into account heterogeneity and cross-sectional dependence that may present in our panels, as well as the DFE and MG estimators which are the traditional panel data estimators. The empirical evidence confirms the deteriorating impact of inflation and the significant positive effect of international reserves on the long-run economic growth in the selected sample of countries.