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Institutions and the Resource CurseHalvor MehlumUniversity of Oslo - Department of Economics Karl O. MoeneUniversity of Oslo - Department of Economics Ragnar TorvikNorwegian University of Science and Technology (NTNU) - Department of Economics Economic Journal, Vol. 116, No. 508, pp. 1-20, January 2006 Abstract: Countries rich in natural resources constitute both growth losers and growth winners. We claim that the main reason for these diverging experiences is differences in the quality of institutions. More natural resources push aggregate income down, when institutions are grabber friendly, while more resources raise income, when institutions are producer friendly. We test this theory building on Sachs and Warner's influential works on the resource curse. Our main hypothesis - that institutions are decisive for the resource curse - is confirmed. Our results contrast the claims of Sachs and Warner that institutions do not play a role.
Number of Pages in PDF File: 20 Accepted Paper SeriesDate posted: May 8, 2006Suggested CitationContact Information
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