Natural resource abundance and economic growth.

摘要

This paper explores whether natural resource abundance leads to slower economic growth rates. It distinguishes between natural resource dependence (RD) and natural resource endowment (RE), and estimates two models, using World Bank data on national capital stocks. In a one-equation model, it is shown that RD has a negative effect on growth rates, apparently confirming the main results of the resource "curse" literature. RE, however, has a positive impact on growth. A three-equation recursive model is then estimated, introducing endogenous human capital and allowing for endogeneity also in resource dependence. Here the effects of natural resources on growth are not significant..