Can the Natural Resource Curse Be Turned Into a Blessing?: The Role of Trade Policies and Institutions
We criticize existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness, and initial income. These results do not survive once we use instrumental variables techniques to correct for the en...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C
International Monetary Fund
2007
|
| Series: | IMF Working Papers
Working Paper No. 07/55 |
| Online Access: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Summary: | We criticize existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness, and initial income. These results do not survive once we use instrumental variables techniques to correct for the endogenous nature of the explanatory variables. Furthermore, they suffer from omitted variables bias as they overestimate the effect of initial income per capita and thus underestimate the speed of conditional convergence. Instead, we provide new evidence for the impact of natural resource dependence on income per capita in a systematic empirical cross-country framework. In addition to a significant negative direct impact of natural resources on income per capita, we find a significant indirect effect of natural resources on institutions. We allow for interaction effects and provide evidence that the natural resource curse is particularly severe for economic performance in countries with a low degree of trade openness. Adopting policies directed toward more trade openness may thus soften the impact of a resource curse. We also check the robustness of our results by using a variety of instruments and also employing the ratio of natural capital rather than natural resource exports to national income as an explanatory variable. We find evidence that resource abundance, measured by the stock of natural capital, also induces a resource curse, but less severely for countries that are relatively open |
| Physical Description: | 1 Online-Ressource (34 p) |
| ISBN: | 1451866194 9781451866193 |
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| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:31Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Arezki, Rabah Verfasser aut Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions Arezki, Rabah Washington, D.C International Monetary Fund 2007 1 Online-Ressource (34 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 07/55 We criticize existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness, and initial income. These results do not survive once we use instrumental variables techniques to correct for the endogenous nature of the explanatory variables. Furthermore, they suffer from omitted variables bias as they overestimate the effect of initial income per capita and thus underestimate the speed of conditional convergence. Instead, we provide new evidence for the impact of natural resource dependence on income per capita in a systematic empirical cross-country framework. In addition to a significant negative direct impact of natural resources on income per capita, we find a significant indirect effect of natural resources on institutions. We allow for interaction effects and provide evidence that the natural resource curse is particularly severe for economic performance in countries with a low degree of trade openness. Adopting policies directed toward more trade openness may thus soften the impact of a resource curse. We also check the robustness of our results by using a variety of instruments and also employing the ratio of natural capital rather than natural resource exports to national income as an explanatory variable. We find evidence that resource abundance, measured by the stock of natural capital, also induces a resource curse, but less severely for countries that are relatively open Online-Ausg Ploeg, Frederik van der Sonstige oth http://elibrary.imf.org/view/IMF001/01006-9781451866193/01006-9781451866193/01006-9781451866193.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Arezki, Rabah Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions |
| title | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions |
| title_auth | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions |
| title_exact_search | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions |
| title_exact_search_txtP | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions |
| title_full | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions Arezki, Rabah |
| title_fullStr | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions Arezki, Rabah |
| title_full_unstemmed | Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions Arezki, Rabah |
| title_short | Can the Natural Resource Curse Be Turned Into a Blessing? |
| title_sort | can the natural resource curse be turned into a blessing the role of trade policies and institutions |
| title_sub | The Role of Trade Policies and Institutions |
| url | http://elibrary.imf.org/view/IMF001/01006-9781451866193/01006-9781451866193/01006-9781451866193.xml |
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