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Identifying the key factors of growth in natural resource-driven countries. A look from the knowledge-based economy

Author

Listed:
  • Romilio Labra

    (Universidad Complutense de Madrid)

  • Juan Antonio Rock

    (Centro de Genómica Nutricional Agroacuícola (CGNA))

  • Isabel Álvarez

    (Universidad de Talca)

Abstract

The effect of natural resources (NR) on growth has been a topic widely discussed in the economics literature. The evidence shows a predominant negative impact of this, but this can be neutralized if countries adopt a more knowledge-intensive industrial structure. This paper seeks to explore the key factors for growth in natural resource-driven countries under a knowledge economy perspective, providing new evidence that corroborates how a development path based on NR is plausible when some conditions are present. Performing cluster and panel data analyses, our findings reveal the essential role of openness and Foreign direct investment (FDI) to access foreign technologies as key driving factors. Meanwhile, the case of Chile confirms the importance of intangibles for a country's growth, and demonstrates that a weak innovation capability can become a serious blockage for sustained progress despite the successful advance in other dimensions.

Suggested Citation

  • Romilio Labra & Juan Antonio Rock & Isabel Álvarez, 2016. "Identifying the key factors of growth in natural resource-driven countries. A look from the knowledge-based economy," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 34(79), pages 78-89, April.
    • Handle: RePEc:bdr:ensayo:v:34:y:2016:i:79:p:78-89
    DOI: 10.1016/j.espe.2015.12.001
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    Keywords

    Innovation; Chile; Knowledge economy; Intangibles; Natural resources; FDI;
    All these keywords.

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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