Growth models of the Dutch disease, such as those of Krugman (1987), Matsuyama (1992), Sachs and Warner (1995) and … Gylfason et al. (1999), explain why resource abundance may reduce growth. The literature, however, also raises a new question …: if the use of resource wealth hurts productivity growth, how should such wealth be optimally managed? This question forms …

, growth depends negatively on volatility of unanticipated output growth independent of initial income, investment, human … capital, trade openness, natural resource dependence, and population growth. Second, the direct positive effect of resources … on growth is swamped by the indirect negative effect through volatility. Third, with well developed financial sectors …

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling … for initial income per capita, population growth, human capital, investment, openness and natural resource dependence … the black box and conditioning the variance of growth shocks on several country characteristics. Natural resource …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling … for initial income per capita, population growth, human capital, investment, openness and natural resource dependence … the black box and conditioning the variance of growth shocks on several country characteristics. Natural resource …

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling … for initial income per capita, population growth, human capital, investment, openness and natural resource dependence … the black box and conditioning the variance of growth shocks on several country characteristics. Natural resource …

The volatility of unanticipated output growth in income per capita is detrimental to long-run development …,controlling for initial income per capita, population growth, human capital,investment, openness and natural resource dependence. This … black box and conditioning the variance of growth shocks on several country characteristics. Natural resource dependence …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …