Natural resources, export structure, and investment
AbstractWe present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 78 developing countries. Our empirical results suggest important differences between fossil fuels and non-fuel resources. While significant fuel exports tend to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other natural resource indicators, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility. Copyright 2009 Oxford University Press 2009 All rights reserved, Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Economic Papers.
Volume (Year): 61 (2009)
Issue (Month): 4 (October)
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- Cavallo, Eduardo & Daude, Christian, 2011.
"Public investment in developing countries: A blessing or a curse?,"
Journal of Comparative Economics,
Elsevier, vol. 39(1), pages 65-81, March.
- Eduardo A. Cavallo & Christian Daude, 2008. "Public Investment in Developing Countries: A Blessing or a Curse?," Research Department Publications 4597, Inter-American Development Bank, Research Department.
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