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Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions

Abstract:

We criticize existing empirical results on the detrimental effects of natural resource dependence on the rate of economic growth after controlling for institutional quality, openness, and initial income. These results do not survive once we use instrumental variables techniques to correct for the endogenous nature of the explanatory variables. Furthermore, they suffer from omitted variables bias as they overestimate the effect of initial income per capita and thus underestimate the speed of c...

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Volume:
01
Series:
Research Papers
Publication date:
2008-02-05
URN:
uuid:0e4deee3-b42e-45fc-a4b9-896545d9ae84
Local pid:
oai:economics.ouls.ox.ac.uk:13035
Language:
English

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