The Elusive Curse of Oil
26 Pages Posted: 27 Sep 2005
Date Written: August 2005
Our goal is to show that contrary to the claims made in several recent papers, the effect of a large endowment of oil and other mineral resources on long-term economic growth of countries has been on balance positive. Moreover, the claims of a negative effect of oil and mineral wealth on the countries' institutions as well as on some other factors potentially affecting economic growth do not appear to be valid.
Keywords: Natural resources, economic growth, economic development, oil, Dutch disease
JEL Classification: O47, O13, Q32
Suggested Citation: Suggested Citation