PETROLEUM RESOURCES, INSTITUTIONS AND ECONOMIC DEVELOPMENT

摘要

Several research papers point out that a privileged natural resources endowment often prevents instead of boost economic development. This work aims to evaluate the resource curse hypothesis by estimating both direct and indirect effects of petroleum resourses on the long-run economic growth. The institutional indirect effect is particularly relevant for a group of oil exporting countries – Petro-States. We propose the following simultaneous equations, estimatate the functions by three stages least squares method (3SLS Pooled) using -year panel data between the period of 1970-2010. We have not confirmed the natural resources hypothesis as posed by other research papers in the Economic literature.