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The Evolution of the Natural Resource Curse Thesis: A Critical Literature Survey

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This paper surveys the literature of the natural resource curse hypothesis. We review the theoretical mechanisms through which natural resource wealth might slow economic growth, and then the empirical studies that test for an effect overall, or an effect on factors typically associated with economic growth. We also review more recent studies suggesting that the findings supporting the resource curse may reflect only empirical mis-specification. The literature has produced conflicting evidence, with no consensus on the net effect of natural resources in an economy. Overall we argue that evidence for a negative effect of natural resource dependence on economic growth remains convincing, particularly for developing economies and particularly working through factors closely associated with growth. We take recent contrarian studies to demonstrate, however, both that a resource curse is not inevitable, and that future studies should better address issues of endogeneity of dependence measures, years of study, and potential non-monotonic relationships.

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  • Ramez Badeed & Hooi Hooi Lean & Jeremy Clark, 2016. "The Evolution of the Natural Resource Curse Thesis: A Critical Literature Survey," Working Papers in Economics 16/05, University of Canterbury, Department of Economics and Finance.
  • Handle: RePEc:cbt:econwp:16/05
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    Cited by:

    1. Pierre JACQUET & Alexis ATLANI & Marwan LISSER, 2017. "Policy responses to terms of trade shocks," Working Papers P205, FERDI.
    2. Maldonado, Stanislao, 2014. "The Non-Monotonic Political Effects of Resource Booms," MPRA Paper 85649, University Library of Munich, Germany, revised 18 Dec 2017.
    3. repec:gam:jsusta:v:10:y:2018:i:3:p:715-:d:134945 is not listed on IDEAS
    4. Mohammad Reza Farzanegan & Marcel Thum, 2017. "Oil Dependency and Quality of Education: New Empirical Evidence," MAGKS Papers on Economics 201745, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    5. Richard Jaimes & Reyer Gerlagh, 2017. "Resource-Richness and Economic Growth in Contemporary U.S," CESifo Working Paper Series 6778, CESifo Group Munich.
    6. Pierre JACQUET & Alexis ATLANI & Marwan LISSER, 2017. "Policy responses to terms of trade shocks," Working Papers P205, FERDI.
    7. Rian Hilmawan & Jeremy Clark, 2018. "Resource Dependence and the Causes of Local Economic Growth: An Empirical Investigation," Working Papers in Economics 18/12, University of Canterbury, Department of Economics and Finance.
    8. Jorge Gallego & Stanislao Maldonado & Lorena Trujillo, 2018. "Blessing a Curse? Institutional Reform and Resource Booms in Colombia," DOCUMENTOS DE TRABAJO 016225, UNIVERSIDAD DEL ROSARIO.
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    13. Rian Hilmawan & Jeremy Clark, 2018. "An Investigation of the Resource Curse in Indonesia," Working Papers in Economics 18/11, University of Canterbury, Department of Economics and Finance.
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    17. Tim Wegenast & Georg Strüver & Juliane Giesen & Mario Krauser, 2017. "At Africa’s Expense? Disaggregating the Social Impact of Chinese Mining Operations," GIGA Working Paper Series 308, GIGA German Institute of Global and Area Studies.

    More about this item

    Keywords

    natural resource curse; natural resource dependence; natural resource abundance; economic growth; literature survey;

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
    • Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)

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