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Volatility And The Natural Resource Curse.

Abstract:

We provide cross-country evidence that rejects the traditional interpretation of the natural resource curse. First, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human capital, trade openness, natural resource dependence, and population growth. Second, the direct positive effect of resources on growth is swamped by the indirect negative effect through volatility. Third, with well developed financial sectors, the resource curs...

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Files:
Publisher copy:
10.1093/oep/gpp027
Publisher:
Oxford University Press
Journal:
Oxford Economic Papers More from this journal
Volume:
61
Issue:
4
Pages:
727 - 760
Publication date:
2009-01-01
DOI:
ISSN:
0030-7653
Language:
English
UUID:
uuid:cba6c6d3-db4f-4779-9f1c-c2e133a892f2
Local pid:
oai:economics.ouls.ox.ac.uk:14657
Deposit date:
2011-08-16

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