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Natural Resources and Economic Growth : A Meta-Analysis

Author

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  • Tomas Havranek

    (Czech National Bank)

  • Roman Horvath
  • Ayaz Zeynalov

Abstract

An important question in development studies is how abundance of natural resources affects long-term economic growth. No consensus answer, however, has yet emerged, with approximately 40% of empirical papers finding a negative effect, 40% finding no effect, and 20% finding a positive effect. Does the literature taken together imply the existence of the so-called natural resource curse? In a quantitative survey of 402 estimates reported in 33 studies, we find that overall support for the resource course hypothesis is weak when potential publication bias and method heterogeneity are taken into account. Our results also suggest that three aspects of study design are especially effective in explaining the differences in results across studies: 1) including an interaction of natural resources with institutional quality, 2) controlling for the level of investment activity, and 3) distinguishing between different types of natural resources.

Suggested Citation

  • Tomas Havranek & Roman Horvath & Ayaz Zeynalov, 2015. "Natural Resources and Economic Growth : A Meta-Analysis," Working Papers 350, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).
  • Handle: RePEc:ost:wpaper:350
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    Keywords

    Natural resources; economic growth; institutions; publication selection bias; meta-analysis;
    All these keywords.

    JEL classification:

    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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