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Revisiting the Commodity Curse : A Financial Perspective
Alberola, Enrique - 2017
We study the response of a three-sector commodity-exporter small open economy to a commodity price boom. When the economy has access to international borrowing and lending, a temporary commodity price boom brings about the standard wealth effect that stimulates demand and has long-run...
Persistent link: https://www.econbiz.de/10012962189
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Japan's Ultimately Unaccursed Natural Resources-Financed Industrialization
Morck, Randall - 2016
Japan's successful industrialization in the late 19th and early 20th century largely exhausted its then abundant natural resources. Rather than exemplifying rapid development in the absence of natural resources, Japan shows how laissez-faire government and successfully transplanted classical...
Persistent link: https://www.econbiz.de/10012978520
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Dutch Disease or Agglomeration? The Local Economic Effects of Natural Resource Booms in Modern America
Allcott, Hunt - 2014
manufacturing productivity spillovers reduces long-term growth? We combine new data on oil and gas endowments with Census of … and gas booms, but manufacturing is not crowded out—in fact, the sector grows overall, driven by upstream and locally …-traded subsectors. Tradable manufacturing subsectors do contract during resource booms, but their productivity is unaffected, so there …
Persistent link: https://www.econbiz.de/10013047033
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Resource Curse or Debt Overhang?
Manzano, Osmel E; Rigobon, Roberto - 2021
It has been widely believed that resource abundant economies grow less than other economies. In a very influential paper, Sachs and Warner (1997), point out that there is a negative relationship between resource abundance and growth. Two important econometric problems are present in the...
Persistent link: https://www.econbiz.de/10013224854
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Addressing the Natural Resource Curse : An Illustration from Nigeria
Sala-i-Martin, Xavier; Subramanian, Arvind - 2021
Some natural resources -- oil and minerals in particular -- exert a negative and nonlinear impact on growth via their deleterious impact on institutional quality. We show this result to be very robust. The Nigerian experience provides telling confirmation of this aspect of natural resources....
Persistent link: https://www.econbiz.de/10013233006
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Natural Resource Abundance and Economic Growth
Sachs, Jeffrey D.; Warner, Andrew M. - 2021
One of the surprising features of modern economic growth is that economies with abundant natural resources have tended to grow less rapidly than natural-resource-scarce economies. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1971 (the base year)...
Persistent link: https://www.econbiz.de/10013235583
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An Alternative Interpretation of the 'Resource Curse' : Theory and Policy Implications
Hausmann, Ricardo; Rigobon, Roberto - 2021
The existence of a natural resource curse has been a longstanding theme in the economic literature and in policy discussions. We propose an alternative mechanism and study its policy implications. The mechanism is based on the interaction between two building blocks: specialization in...
Persistent link: https://www.econbiz.de/10013235591
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Oil, Disinflation, and Export Competitiveness : A Model of the "Dutch Disease"
Buiter, Willem H.; Purvis, Douglas D. - 2021
appreciation and a decline in domestic manufacturing output. Perhaps surprisingly, an increase in world oil prices can create … such a country is an increase in the demand for the domestic manufacturing good, that effect may be swamped by a real …
Persistent link: https://www.econbiz.de/10013247221
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The Natural Resource Curse : A Survey
Frankel, Jeffrey A. - 2010
manufacturing, civil war, poor institutions, and the Dutch Disease. Skeptics have questioned the Natural Resource Curse, pointing to …
Persistent link: https://www.econbiz.de/10013145250
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The Political Resource Curse
Brollo, Fernanda - 2010
The paper studies the effect of additional government revenues on political corruption and on the quality of politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with endogenous entry of political candidates. The evidence...
Persistent link: https://www.econbiz.de/10013148374