Atkinson,G. and Hamilton,K.(2003): Savings, growth and the resource curse hypothesis. World Development, 31(11), 1793-1807.


 An important connection between recent attempts to understand the determinants of economic growth and the measurement of sustainability is the finding of a negative and significant relationship between natural resource abundance and economic growth. This is the so-called resource curse hypothesis. Using cross-country regressions, we offer evidence that the curse may itself be a manifestation of the inability of governments to manage large resource revenues sustainably. In particular, these results offer another perspective on the resource curse hypothesis: the countries where growth has lagged are those where the combination of natural resource, macroeconomic and public expenditure policies have led to a low rate of genuine saving (net saving adjusted for resource depletion).

Key words: resource curse hypothesis; sustainability; genuine saving』

1. Introduction
2. The resource curse hypothesis and sustainability
3. Empirical analysis
 (a) Data and scope of analysis
 (b) Results
4. Conclusions
Appendix A. Countries in sample
Appendix B. List of variables