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Pendergast, Shannon M.; Clarke, Judith A.; van Kooten, G. Cornelis. |
In 1995, Jeffrey Sachs and Andrew Warner found a negative relationship between natural resources and economic growth, and claimed that natural resources are a curse. Their work has been widely cited, with many economists now accepting the curse of natural resources as a welldocumented explanation of poor economic growth in some economies (e.g., Papyrakis and Gerlagh, 2004; Kronenberg, 2004). In this paper, we provide an alternative econometric framework for evaluating this claim, although we begin with a discussion of possible explanations for the curse and a critical assessment of the extant theory underlying the curse. Our approach is to identify natural resources that have the greatest rents and potential for exploitation through rent-seeking agents.... |
Tipo: Working or Discussion Paper |
Palavras-chave: Natural resource curse; Petroleum resources; Unbalanced panels and GMM estimation; Resource /Energy Economics and Policy; O12; Q32; Q34; O43; O47. |
Ano: 2008 |
URL: http://purl.umn.edu/37913 |
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