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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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The Political Economy of Public Income Volatility : With an Application to the Resource Curse
Robinson, James A.; Torvik, Ragnar; Verdier, Thierry - 2021
We develop a model of the political consequences of public income volatility. As is standard, political incentives create inefficient policies, but we show that making income uncertain creates specific new effects. Future volatility reduces the benefit of being in power, making policy more...
Persistent link: https://www.econbiz.de/10013224128
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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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The Political Resource Curse
Brollo, Fernanda - 2010
politicians, both with theory and data. The theory is based on a version of the career concerns model of political agency with … implications of the theory and identify the causal effect of larger federal transfers on political corruption and the observed … features of political candidates at the municipal level. In accordance with the predictions of the theory, we find that larger …
Persistent link: https://www.econbiz.de/10013148374
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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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Sorting, Education and Inequality
Fernández, Raquel - 2021
This paper examines the education literature through the lens of sorting. It argues that how individuals sort across …. It discusses the implications of different education finance systems for sorting and analyzes the efficiency and welfare …
Persistent link: https://www.econbiz.de/10013246367
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Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy
Tornell, Aaron; Lane, Philip R. - 2021
In several countries temporary terms of trade improvements have led to a deterioration of the current account. Furthermore, many of these countries failed to attain greater post-boom growth rates. The point we make is that the structure of the fiscal process is critical in determining outcomes....
Persistent link: https://www.econbiz.de/10013237941
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Q-Factors and Investment CAPM
Zhang, Lu - 2022
The q-factor model shows strong explanatory power and largely summarizes the cross section of average stock returns. In particular, the q-factor model fully subsumes the Fama-French (2018) 6-factor model in head-to-head factor spanning tests. The q-factor model is an empirical implementation of...
Persistent link: https://www.econbiz.de/10013309635
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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