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The pungent smell of "red herrings": subsoil assets, rents, volatility and the resource curse

Abstract:

Brunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a "red herring" once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of subsoil assets has a significant positive effect on growth. But the World Bank measure of subsoil assets is proportional to current rents, and thus is also endogenous. Furthermore, their results suffer from...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
OxCarre Papers
Publication date:
2010-10-12
Paper number:
33
Keywords:
Pubs id:
1143917
Local pid:
pubs:1143917
Deposit date:
2020-12-15

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