|
|
|
|
|
| Olayele, Bankole Fred. |
| A puzzling piece of empirical evidence suggests that countries rich in natural resources tend to have dismal economic performance. This paradigm has come to be known as the “resource curse”. This paper deals with the role of institutional quality in explaining the transmission mechanism of the resource curse. I attempt to explain this phenomenon by using the index of economic freedom developed by the Fraser Institute as a proxy for the quality of institutions. The outcomes of the linear and non-linear interactions between resource abundance and institutional quality turn out to be the key elements that determine the intensity, if existent, or otherwise of the resource curse. Rather than look at cross country data like many others, I focus on the 10... |
| Tipo: Working or Discussion Paper |
Palavras-chave: Natural resource curse; Petroleum resources; Unbalanced panels; GMM estimation; Resource /Energy Economics and Policy; O12; Q32; Q34; O43; O47. |
| Ano: 2010 |
URL: http://purl.umn.edu/57805 |
| |
|
|
| Xu, Hai Yan; Ward, Bert D.; Nartea, Gilbert V.. |
| This paper uses the one-factor models proposed by Chan, Karolyi, Longstaff and Sanders (CKLS, 1992) to study the short-term interest rate in China. Nine stochastic models of the short-term interest rate were estimated with GMM. For the Chinese one-month inter bank loan rate, the research finds strong evidence for a mean-reverting feature in the short-term interest yield curve, but no evidence was found to indicate that the volatility is highly positively correlated with the level of interest rates. What is more, evidence was found that the CKLS model, the CIR SR model, and the Brennan-Schwartz model are correctly specified to model the Chinese short-term interest rate, so that these three models are able to adequately capture the dynamics of this interest... |
| Tipo: Journal Article |
Palavras-chave: Single-factor models; Mean reversion; GMM estimation; Prediction tests; Financial Economics; C52; E43. |
| Ano: 2007 |
URL: http://purl.umn.edu/50157 |
| |
|
|
|
