We examine the spillover effects both within the munis markets and between the bond markets for individual U.S. states and the market for U.S. Treasury securities. Results are twofold. First, we find that between most markets for individual U.S. state bonds there are negative spillovers that...

Most evidence for the resource curse comes from cross-country growth regressions suffers from a bias originating from the high and ever-evolving volatility in commodity prices. This paper addresses these issues by providing new cross-country empirical evidence for the effect of resources in...