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Resource-Abundance and Economic Growth in the U.S

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Author Info
Elissaios Papyrakis (IVM, Institute for Environmental Studies, Vrije Universiteit)
Reyer Gerlagh (IVM, Institute for Environmental Studies, Vrije Universiteit)
Abstract

It is a common assumption that regions within the same country converge to approximately the same steady-state income levels. The so-called absolute convergence hypothesis focuses on initial income levels to account for the variability in income growth among regions. Empirical data seem to support the absolute convergence hypothesis for U.S. states, but the data also show that natural resource-abundance is a significant negative determinant of growth. We find that natural resource abundance decreases investment, schooling, openness, and R&D expenditure and increases corruption, and we show that these effects can fully explain the negative effect of natural resource abundance on growth.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2004.62.

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Date of creation: Apr 2004
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Handle: RePEc:fem:femwpa:2004.62

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Related research
Keywords: Natural resources; Growth; Transmission channels;

Find related papers by JEL classification:
C21 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models
O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
O51 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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