In Search of the Missing Resource Curse
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World Bank, Washington, DC
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The debate over the curse of natural
resources has haunted developing countries for decades if
not centuries. A review of existing empirical evidence
suggests that the curse remains elusive. The fragile
negative effect of natural resources on economic growth
might be due to international heterogeneity in the effects
of natural resources on economic growth, to the use of weak
indicators of natural resources that might be unrelated to
relative natural-resource endowments, or to the inability of
econometric analysis based on international data to capture
historical processes. This paper defends an empirical proxy
for relative abundance of natural resources, which is based
on standard growth theory. In turn, various econometric
estimations are hopelessly deployed in the search for the
missing resource curse. Some evidence suggests that natural
resources might have large positive effects whose true
magnitude remains unknown due to unresolved econometric issues.
Palabras clave
ABSOLUTE VALUE, AGRICULTURE, ANNUAL GROWTH, ANNUAL GROWTH RATE, AVERAGE ANNUAL, AVERAGE GROWTH, AVERAGE SHARE, BLACK MARKET, BLACK MARKET PREMIUM, CAPITAL ACCUMULATION, CLASSICAL ECONOMICS, COMMODITY PRICES, COMPARATIVE ADVANTAGE, CONSTANT PRICES, CONSTANT RETURNS, CONSTANT RETURNS TO SCALE, CONTROL VARIABLES, COUNTRY CHARACTERISTICS, COUNTRY ECONOMETRIC EVIDENCE, CREDIBILITY, CROSS-COUNTRY DATA, CROSS-COUNTRY INCOME, DEBT, DECISION MAKING, DEPENDENT VARIABLE, DEPENDENT VARIABLES, DEPRECIATION, DESCRIPTIVE STATISTICS, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DEVELOPMENT SUCCESSES, DOMESTIC MARKET, DOMESTIC PRICES, DOWNWARD BIAS, DRAG ON GROWTH, DUMMY VARIABLE, DUMMY VARIABLES, DUTCH DISEASE, DYNAMIC VERSION, ECONOMETRIC ANALYSES, ECONOMETRIC ANALYSIS, ECONOMETRIC ISSUES, ECONOMETRIC MODELS, ECONOMETRICS, ECONOMIC ACTIVITY, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC REFORM, ECONOMIC RENTS, ECONOMIC RESEARCH, ECONOMIC REVIEW, ECONOMIC STUDIES, ECONOMICS RESEARCH, ECONOMIES OF SCALE, ELASTICITY, EMPIRICAL EVIDENCE, EMPIRICAL GROWTH LITERATURE, EMPIRICAL GROWTH MODEL, EMPIRICAL LITERATURE, EMPIRICAL MODELS, EMPIRICAL WORK, ENDOGENOUS GROWTH, ENDOGENOUS VARIABLE, EQUILIBRIUM, EXCESS DEMAND, EXCHANGE RATES, EXPLANATORY VARIABLE, EXPLANATORY VARIABLES, EXPORTER, EXPORTERS, EXPORTS, EXTERNALITY, FACTOR ENDOWMENTS, FINANCIAL MARKETS, FISCAL POLICIES, FIXED EFFECTS, FOREIGN AID, FOREIGN DEBT, FUNDAMENTAL DETERMINANTS, FUTURE RESEARCH, GDP, GDP PER CAPITA, GOLD, GROWTH CONTEXT, GROWTH DATA, GROWTH EMPIRICS, GROWTH EQUATION, GROWTH IMPACT, GROWTH LITERATURE, GROWTH MODEL, GROWTH MODELS, GROWTH PERFORMANCE, GROWTH POTENTIAL, GROWTH RATE, GROWTH RATES, GROWTH REGRESSIONS, GROWTH THEORY, HIGH GROWTH, HIGH-INCOME COUNTRIES, HUMAN CAPITAL, IMPORT, IMPORT TARIFFS, IMPORTS, INCOME DIFFERENCES, INCOME GROWTH, INDUSTRIALIZATION, INSTITUTIONAL CONSTRAINTS, INSTRUMENTAL VARIABLE, INTERNATIONAL FINANCIAL STATISTICS, INVESTMENT RATE, KNOWLEDGE ECONOMY, LABOR FORCE, LABOR MARKET, LABOR PRODUCTIVITY, LAGGED DEPENDENT, LANDLOCKED COUNTRIES, LDCS, LEVELS OF EXPORT, LOCAL CURRENCY, LONG-TERM GROWTH, LOW-INCOME COUNTRIES, MACRO VOLATILITY, MACROECONOMIC POLICIES, MACROECONOMIC POLICY, MARGINAL PRODUCTIVITY, MONETARY ECONOMICS, MONOPOLIES, MONOPOLY, MONOPOLY RENTS, NATIONAL INCOME, NATURAL LOG, NATURAL LOGARITHM, NATURAL RESOURCE, NATURAL RESOURCE ABUNDANCE, NATURAL RESOURCES, NEGATIVE CORRELATION, NEGATIVE EFFECT, NEGATIVE GROWTH, NEGATIVE IMPACT, NEGATIVE RELATIONSHIP, NEGATIVE SIGN, NEOCLASSICAL GROWTH, NEOCLASSICAL GROWTH MODEL, NEOCLASSICAL GROWTH THEORY, NET EFFECT, NET EXPORTS, 0 HYPOTHESIS, OBSERVED GROWTH, OPTIMIZATION, PER CAPITA GROWTH, PER CAPITA INCOME, POLICY REFORM, POLICY RESEARCH, POLICY REVIEW, POLITICAL ECONOMY, POLITICAL ECONOMY CHANNEL, POLITICAL INSTITUTIONS, POLITICAL STABILITY, POSITIVE CORRELATION, POSITIVE EFFECT, POSITIVE EFFECTS, POSITIVE GROWTH, POSITIVE RELATIONSHIP, POSITIVE SPILLOVER, POSITIVE SPILLOVER EFFECTS, POWER PARITY, PRIVATE INVESTMENT, PRIVATE SECTOR, PRODUCTION FUNCTION, PRODUCTION FUNCTIONS, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROPERTY RIGHTS, PROTECTIONISM, PUBLIC ENTERPRISES, PUBLIC POLICIES, PURCHASING POWER, PURCHASING POWER PARITY, QUANTILE REGRESSIONS, RANDOM WALK, RE-EXPORTS, REAL EFFECTIVE EXCHANGE RATE, REAL EXCHANGE RATE, REAL GDP, REAL GROWTH, REGIONAL DUMMIES, REGIONAL GROWTH, REGRESSION RESULTS, RELATIVE PRICES, RENT SEEKING, RESOURCE ENDOWMENTS, SENSITIVITY ANALYSIS, STANDARD DEVIATION, STATISTICAL ANALYSIS, TARIFF BARRIERS, TOTAL EXPORTS, TOTAL FACTOR PRODUCTIVITY, TOTAL FACTOR PRODUCTIVITY GROWTH, TRADE DATA, TRADE MOVEMENTS, TRADE PATTERNS, TRADE POLICY, TRADE REGIMES, TRADE RESTRICTIONS, UNCERTAINTY, WEALTH, WORLD DEVELOPMENT INDICATORS