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Do Sufficient Institutions Alter the Relationship between Natural Resources And Economic Growth?

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  • Zeynalov, Ayaz

Abstract

The purpose of this paper is to test whether institutional governance and its performance is a main driving force to achieve a positive relationship between natural resources and economic growth in the long run. The main objective is to ascertain what kind of institutional governance would be needed to distribute natural resource wealth in such a way so as to achieve economic stability, and what specific policies are needed to avoid the curse in resource-rich developing countries. The research makes an attempt to interpret the role of institutional governance, as reflected by the indicators, in the context of resource-rich, post-Soviet countries. The main finding is that an abundance of natural resources does not guarantee economic growth, where sustainable economic growth can be guaranteed, only if the resource-rich country has good institutional governance.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 46850.

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Date of creation: 2013
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Handle: RePEc:pra:mprapa:46850

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Keywords: economic growth; natural resources; institutional governance; post-Soviet countries;

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References

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  1. Arvind Subramanian & Xavier Sala-i-Martin, 2003. "Addressing the Natural Resource Curse," IMF Working Papers 03/139, International Monetary Fund.
  2. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
  3. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
  4. Xavier Sala-i-Martin & Arvind Subramanian, 2003. "Addressing the natural resource curse: An illustration from Nigeria," Discussion Papers 0203-15, Columbia University, Department of Economics.
  5. Rahim, Khalid Abdul & Liwan, Audrey, 2012. "Oil and gas trends and implications in Malaysia," Energy Policy, Elsevier, vol. 50(C), pages 262-271.
  6. Papyrakis, E. & Gerlagh, R., 2004. "The resource curse hypothesis and its transmission channels," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3764006, Tilburg University.
  7. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
  8. Tobias Kronenberg, 2002. "The Curse Of Natural Resources In The Transition Economies," Working Papers 241, Institut für Ost- und Südosteuropaforschung (Institute for East and South-East European Studies).
  9. Osmel Manzano & Roberto Rigobon, 2001. "Resource Curse or Debt Overhang?," NBER Working Papers 8390, National Bureau of Economic Research, Inc.
  10. Sachs, J-D & Warner, A-M, 1996. "Sources of Slow Growth in African Economies," Papers 545, Harvard - Institute for International Development.
  11. Atsushi Iimi, 2007. "Escaping from the Resource Curse: Evidence from Botswana and the Rest of the World," IMF Staff Papers, Palgrave Macmillan, vol. 54(4), pages 663-699, November.
  12. Barro, Robert J., 1999. "Determinants of Democracy," Scholarly Articles 3451297, Harvard University Department of Economics.
  13. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
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Cited by:
  1. Suleymanov, Elchin & Zeynalov, Ayaz & Mammadov, Rufat, 2013. "Analyzıng And Valuıng Of The Export Multıplıcıty Of Azerbaıjan Republıc," MPRA Paper 52306, University Library of Munich, Germany.

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