The curse of natural resources in the transition economies
The curse of natural resources is a well-documented phenomenon for developing countries. Economies that are richly endowed with natural resources tend to grow slowly. Among the transition economies of the former 'Eastern Bloc', a similar pattern can be observed. This paper shows that a large part of the variation in growth rates among the transition economies can be attributed to the curse of natural resources. After controlling for numerous other factors, there is still a strong negative correlation between natural resource abundance and economic growth. Copyright (c) The European Bank for Reconstruction and Development, 2004.
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Volume (Year): 12 (2004)
Issue (Month): 3 (09)
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