Doğal Kaynak Zenginliği ve Ekonomik Büyüme İlişkisinde Yönetişim Göstergelerinin Aracılık Etkisi: MENA ve Hazar Ülkelerinden Ampirik Bulgular

This study investigates the mediation effect of the governance indicators in the relationship between natural resources abundance and economic growth for 21 countries (N=21) from Middle East-North Africa (MENA) and Caspian regions, using 1996-2012 balanced annual (T=17) panel data sets. In this context, after estimating the impact of crude oil production per capita on real GDP per capita, hierarchical panel regression analysis is conducted to determine the mediation role of the institutions-based governance indicators in this relationship. Results from the pairwise regression estimations reveal that crude oil production per capita is negatively associated with worldwide governance indicators in general and the progressive improvements in all dimensions of governance indicators seem to promote the real GDP per capita growth. Results from the hierarchical regressions demonstrate that governance indicators play an important role as a partial mediator in the relationship between crude oil production and real GDP per capita. This evidence supports that governance indicators, weakened by natural resources abundance, tend to hinder natural resources abundance to contribute economic growth. Overall findings highlight the importance of integrated policies intended for preventing the corruption and violence, together with democratic, political and legal regulations to improve the institutional quality.