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The Quality of Political Institutions and the Curse of Natural Resources

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  • Antonio Cabrales
  • Esther Hauk

Abstract

We propose a theoretical model to explain empirical regularities related to the curse of natural resources, which emphasises the behaviour and incentives of politicians. We extend the standard voting model to give voters political control beyond the elections. This gives rise to a new restriction that policies should not give rise to a revolution. Our model clarifies when resource discoveries might lead to revolutions, namely, in countries with weak institutions. It also suggests that for bad political institutions human capital depends negatively on natural resources, while for high institutional quality the dependence is reversed. This finding is corroborated in cross-section regressions.

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File URL: http://hdl.handle.net/10.1111/j.1468-0297.2010.02390.x
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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 121 (2011)
Issue (Month): 551 (March)
Pages: 58-88

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Handle: RePEc:ecj:econjl:v:121:y:2011:i:551:p:58-88

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Cited by:
  1. Harris Selod & Klaus W. Deininger & Rabah Arezki, 2011. "What Drives the Global Land Rush?," IMF Working Papers 11/251, International Monetary Fund.
  2. Shaun Larcom & Mare Sarr & Tim Willems, 2014. "Dictators Walking the Mogadishu Line: How Men Become Monsters and Monsters Become Men," HiCN Working Papers 176, Households in Conflict Network.
  3. Eoin F. McGuirk & Eoin F. McGuirk, 2010. "The Illusory Leader: Natural Resources, Taxation and Accountability," The Institute for International Integration Studies Discussion Paper Series iiisdp327, IIIS.
  4. Jørgen Juel Andersen & Niels Johannesen & David Dreyer Lassen & Elena Paltseva, 2013. "Petro Rents, Political Institutions, and Hidden Wealth: Evidence from Bank Deposits in Tax Havens," EPRU Working Paper Series 2013-03, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  5. Ackah-Baidoo, Abigail, 2012. "Enclave development and ‘offshore corporate social responsibility’: Implications for oil-rich sub-Saharan Africa," Resources Policy, Elsevier, vol. 37(2), pages 152-159.
  6. Blanco, Luisa & Grier, Robin, 2012. "Natural resource dependence and the accumulation of physical and human capital in Latin America," Resources Policy, Elsevier, vol. 37(3), pages 281-295.
  7. Libman, Alexander, 2013. "Natural resources and sub-national economic performance: Does sub-national democracy matter?," Energy Economics, Elsevier, vol. 37(C), pages 82-99.

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