Oil revenues and economic growth in crude oil-producing countries with emphasis on domestic financial markets

Oil and petroleum products are one of the God-given gifts that have been given to some countries in the world. These countries derive a large part of their annual revenues from oil and its derivatives. The important question that has always been raised in these countries is whether oil revenues can lead to economic growth in these countries. On the other hand, given the importance of domestic financial markets in recent years in the world to examine more closely the relationship between economic growth and oil revenues, it is necessary to pay attention to domestic financial markets. Accordingly, this study examines oil revenues and economic growth with an emphasis on domestic financial markets in crude oil-producing countries using the PanelVar method in the period 2020-2000. The results showed that GDP with one and two breaks, and oil revenues with one, three, and four breaks, affect GDP. GDP with four breaks, domestic lending to the private sector by banks with two, three, and four breaks; Oil revenues with one, two, and four interruption periods; Private credit by monetary banks and other financial institutions to GDP affects oil revenues with two, three, and four interruption periods.