Natural Resources and Economic Development: New Panel Evidence

The question as to whether natural resources are a curse on economic growth and development is subject to considerable debates and remains controversial. Using heterogeneous panel cointegration techniques, this paper provides a fresh re-examination of the resource curse while allowing for cross-sect...

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Published in	Environmental & resource economics Vol. 66; no. 2; pp. 363 - 391
Main Authors	Kim, Dong-Hyeon, Lin, Shu-Chin
Format	Journal Article
Language	English
Published	Dordrecht Springer Netherlands 01.02.2017 Springer Nature B.V
Subjects	Business cycles Corruption Developing countries Economic development Economic growth Economic models Economic Policy Economic statistics Economic theory Economics Economics and Finance Endowment Environmental Economics Environmental Law/Policy/Ecojustice Environmental Management Globalization growth and development Heterogeneity LDCs Manufacturing Natural resources Political power Property rights Rent-seeking Studies Variables Natural resources O13 Q34 Heterogeneous panel cointegration C23 Economic development
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ISSN	0924-6460 1573-1502
DOI	10.1007/s10640-015-9954-5

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Abstract	The question as to whether natural resources are a curse on economic growth and development is subject to considerable debates and remains controversial. Using heterogeneous panel cointegration techniques, this paper provides a fresh re-examination of the resource curse while allowing for cross-section heterogeneity and commonalities in the nexus between natural resource abundance and economic development. It finds, in a sample of developing countries, that economies endowed with abundant natural resources tend to develop more slowly than countries with scarce resources. Natural resources are, on average, a curse. However, there is considerable heterogeneity in the effects of resource abundance on economic development across countries, perhaps because of differences in the extent of government intervention, access to sound money, legal structures and the security of property rights, the degree of globalization, and/or corruption.
AbstractList	The question as to whether natural resources are a curse on economic growth and development is subject to considerable debates and remains controversial. Using heterogeneous panel cointegration techniques, this paper provides a fresh re-examination of the resource curse while allowing for cross-section heterogeneity and commonalities in the nexus between natural resource abundance and economic development. It finds, in a sample of developing countries, that economies endowed with abundant natural resources tend to develop more slowly than countries with scarce resources. Natural resources are, on average, a curse. However, there is considerable heterogeneity in the effects of resource abundance on economic development across countries, perhaps because of differences in the extent of government intervention, access to sound money, legal structures and the security of property rights, the degree of globalization, and/or corruption.
Author	Lin, Shu-Chin Kim, Dong-Hyeon
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SubjectTerms	Business cycles Corruption Developing countries Economic development Economic growth Economic models Economic Policy Economic statistics Economic theory Economics Economics and Finance Endowment Environmental Economics Environmental Law/Policy/Ecojustice Environmental Management Globalization growth and development Heterogeneity LDCs Manufacturing Natural resources Political power Property rights Rent-seeking Studies Variables
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Title	Natural Resources and Economic Development: New Panel Evidence
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