DUTCH DISEASE: A RESEARCH ON VENEZUELA, SAUDI ARABIA, RUSSIA AND NIGERIA COUNTRIES

It is a known fact that the growth performance of countries rich in natural resources is very high. However, this view has been shown to slow down over time as economic growth in countries with abundant natural resources, which began to lose its validity over time due to the evidence obtained. This led to the examination of the hypothesis that the literature referred to as the "Dutch Disease". The purpose of this study is to test whether the hypothesis of the Dutch Disability is valid for Venezuela, Saudi Arabia, Russia and Nigeria with the data of the period 1991-2016. In this direction, unit roots, cointegration and causality tests were performed using panel data analysis method. Causality tests revealed that there was a one-way causality between exchange rates and real interest rates, two-way, oil exports and foreign exchange from foreign direct investments as a result of the cointegration test, while cointegrating between variable levels (1%, 5% and 10% It was observed. Findings indicate that the Netherlands disease may be valid in the mentioned countries.