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Voracity and Growth

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Author Info
Philip R. Lane
Aaron Tornell

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Abstract

We analyze an economy that lacks a strong legal-political institutional infrastructure and is propulated by multiple powerful groups. Powerful groups dynamically interact via a fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a "voracity effect," by which a shock, such as a terms of trade windfall, perversely generates a more than proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks.

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Paper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1807.

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Date of creation: 1997
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Handle: RePEc:fth:harver:1807

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References listed on IDEAS
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  1. Easterly, William & Levine, Ross, 1997. "Africa's Growth Tragedy: Policies and Ethnic Divisions," The Quarterly Journal of Economics, MIT Press, vol. 112(4), pages 1203-50, November.
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  2. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Paul Collier & Jan Gunning, 1996. "Policy Towards Commodity Shocks in Developing Countries," IMF Working Papers 96/84, International Monetary Fund.
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Saracoglu, Durdane Sirin, 2003. "On The Size And The Evolution Of The Informal Sector In Developing Countries: The Case Of Turkey," 2003 Annual meeting, July 27-30, Montreal, Canada 22211, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  2. Felipe Larraín & José Tavares, 2004. "Does Foreign Direct Investment Decrease Corruption?," Cuadernos de Economía (Latin American Journal of Economics), Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 41(123), pages 217-230. [Downloadable!]
  3. Konrad, Kai A, 2001. "Investment in the Absence of Property Rights: The Role of Incumbency Advantages," CEPR Discussion Papers 3050, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. Ian W. McLean & Alan M. Taylor, 2001. "Australian Growth: A California Perspective," NBER Working Papers 8408, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Xavier Sala-i-Martín & Arvind Subramanian, 2003. "Addressing the Natural Resource Curse: An Illustration from Nigeria," Economics Working Papers 685, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  6. Robert Lavigne, 2006. "The Institutional and Political Determinants of Fiscal Adjustment," Working Papers 06-1, Bank of Canada. [Downloadable!]
  7. Philip R. Lane & Aaron Tornell, 1998. "Why Aren't Savings Rates in Latin America Procyclical?," NBER Working Papers 6502, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Nienke Oomes & Katerina Kalcheva, 2007. "Diagnosing Dutch Disease: Does Russia Have the Symptoms?," IMF Working Papers 07/102, International Monetary Fund. [Downloadable!]
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  9. Larrain B., Felipe & Tavares, José, 2007. "Can Openness Deter Corruption? The Role of Foreign Direct Investment," CEPR Discussion Papers 6488, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  10. Alberto Alesina & Guido Tabellini, 2005. "Why is Fiscal Policy often Procyclical?," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  11. Ana Lamo & Javier J. Pérez & Ludger Schuknecht, 2007. "The cyclicality of consumption, wages and employment of the public sector in the euro area," Working Paper Series 757, European Central Bank. [Downloadable!]
  12. Michael Gavin & Roberto Perotti, 1997. "Fiscal Policy in Latin America," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 11-72 National Bureau of Economic Research, Inc. [Downloadable!]
  13. Fabrizio Carmignani & Abdur Chowdhury, 2007. "The Role of Primary Commodities in Economic Development: Sub-Saharan Africa Versus the Rest of the World," ECE Discussion Papers Series 2007_7, UNECE. [Downloadable!]
  14. Aaron Tornell, 1999. "Privatizing the Privatized," NBER Working Papers 7206, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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