Natural Resource Abundance and Economic Growths
AbstractThis paper explores whether natural resource abundance leads to slower growth rates. We distinguish between natural resource dependence (RD) and natural resource endowment (RE). We estimate two models, using World Bank data on national capital stocks. In a one-equation model we show that RD has a negative effect on growth rates, apparently confirming the main results of the resource “curse” literature. RE, however, has a positive impact on growth. We then estimate a three-equation recursive model, introducing endogenous human capital and allowing for endogeneity also in resource dependence. Here the effects of natural resources on growth are not significant.
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Bibliographic InfoArticle provided by University of Wisconsin Press in its journal Land Economics.
Volume (Year): 81 (2005)
Issue (Month): 4 ()
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Web page: http://le.uwpress.org/
Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
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