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| 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 |
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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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