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Dynamic Relationships between Non-Oil Revenue, Government Spending and Economic Growth: Evidence from Bahrain
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Dynamic Relationships between Non-Oil Revenue, Government Spending and Economic Growth: Evidence from Bahrain
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Journal Article
Dynamic Relationships between Non-Oil Revenue, Government Spending and Economic Growth: Evidence from Bahrain
2023
Overview
It is important to understand the nature of the relationship between revenue, government spending and economic growth for any given country. Thus, the main objective of this research is to assess the relationship among non-oil revenue, government spending and economic growth in Bahrain. The study used annual time series data for the period from 1990 to 2020 collected from the Arab Monetary Fund (AMF) and Central Bank of Bahrain (CBB). This paper used time-series Vector Error Correction Model (VECM) approach of stationarity test, cointegration test, stability test and Granger causality test. Moreover, Impulse Response Function (IRF) has also been generated to explain the response to shock between the variables. The overall findings showed that government spending appears to be the main source for economic growth in Bahrain, therefore, in order to stabilize economic growth in Bahrain, government spending management needs reforming and income sources diversity is certainly required. On the other hand, the findings also revealed that the contribution of non-oil revenue had a greater effect on the shocks of economic growth. The findings of this study will be valuable and extremely useful to the policymakers to conduct a suitable fiscal reform in Bahrain.
Publisher
Ekonomska Laboratorija za Istrazivanje Tranzicije,NGO “Economic Laboratory for Transition Research” (ELIT)
Subject
