Natural Resource Abundance and Economic Growth

Abstract

This paper explores whether natural resource abundance leads, other things equal, to slower growth rates. We distinguish between natural resource dependence (RD) and the natural resource endowment (RE). We estimate three models, using World Bank data on national capital stocks. In a one-equation model we show that RD has a negative effect on growth rates, apparently confirming the main results of the resource "curse" literature. RE, however, has a positive impact on growth. We then estimate a twoequation model, in which the impacts of RE are much weaker. Finally, we estimate a three-equation model, in which the impacts of natural resources on growth disappears.

Essays on marine resources conservation : macroeconomics and national accounting

“…In terms of the natural capital theory, the posterior probability of inclusion is lower than the prior of 0,5 when we consider proximate and fundamental theories in Table 2.2 below and in Tables 2.14-2.22 in the appendix. These results appear to contradict previous findings in the empirical literature whereby natural capital is a significant determinant of economic growth (Ding and Field, 2005, Cerny and Filer, 2007and Gylfason, 2011). …”

“…To conclude, we find that the natural capital theory proxied through natural capital wealth dependence and per capita abundance variables is not a robust direct determinant economic growth unlike previous findings using standards methodologies without uncertainty (Ding and Field, 2005, Cerny and Filer, 2007and Gylfason, 2011. Renewable natural capital affects economic growth indirectly through its influence on proximate theories.…”

“…Besides, this result backs the relevance of macroeconomic policy in coastal countries due to the role of international trade (Gallup et al, 1998). In terms of natural capital, the share of natural capital in wealth is negatively and significantly correlated with economic growth, which is consistent with the findings of Ding and Field (2005) and Cerny and Filer (2007). That is, a 104 The ratio of observations to independent variables should not fall below five (Bartlett et al, 2001).…”

“…Ding and Field (2005) find similar results to Gylfason (2011) but that are contingent on the type of model used. According to Cerny and Filer (2007) although a large ratio of natural capital assets in national wealth is associated with slow economic growth, there is no evidence that natural capital assets per capita are negatively related to growth.…”

Факторы, Влияющие На Целесообразность Образования Или Вступления В Валютный И Экономический Союз: Теоретический И Эмпирический Анализ

“…Когда экономиче-ские агенты получают высокий доход в виде экспортной выручки от реализации при-родных ресурсов, они могут недооценивать необходимость образования в долгосрочной перспективе. Важность потенциального взаимодействия доли экспорта природных ресурсов и человеческого капитала подчеркивается в работе [16] (Ding, Field, 2005). Однако результаты оценивания показали, что высокая доля ресурсного экспорта не имеет значимого влияния на человеческий капитал.…”