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Natural resources, economic growth and institutions – a panel approach

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  • Nuno Torres

    ()
    (Faculdade de Economia, Universidade do Porto)

  • Óscar Afonso

    ()
    (CEF.UP and Faculdade de Economia, Universidade do Porto)

  • Isabel Soares

    ()
    (CEF.UP and Faculdade de Economia, Universidade do Porto)

Abstract

This study re-evaluates the impact of natural resources on growth using panel data and a factor-efficiency accounting framework. The resource-curse thesis is dismissed as capital efficiency is improved by geographically-concentrated natural resources, which hinder institutional quality in recent cross-section studies. This consensus does not hold in our case even when we use unadjusted resource proxies and the standard institutional approach, as both concentrated and diffuse resources show negative effects in low institutional-quality countries. Adequate fiscal policy seems to prevent the curse in that case, but reduces the positive effect of concentrated resources found with our adjusted proxy.

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File URL: http://www.fep.up.pt/investigacao/workingpapers/09.10.20_wp338.pdf
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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 338.

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Length: 34 pages
Date of creation: Oct 2009
Date of revision:
Handle: RePEc:por:fepwps:338

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Keywords: Natural resources; Economic growth; Institutions; Country Studies; Panel data;

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