『(Abstract)
We examine empirically the direct and indirect effects of natural
resource abundance on economic growth. Natural resources have
a negative impact on growth if considered in isolation, but a
positive direct impact on growth if other explanatory variables,
such as corruption, investment, openness, terms of trade, and
schooling, are included. We study the transmission channels, that
is, the effect of natural resources on the other explanatory variables,
and calculate the indirect effect of natural resources on growth
for each transmission channel. The negative indirect effects of
natural resources on growth are shown to outweigh the positive
direct effect by a reasonable order of magnitude.
Keywords: Natural resources; Growth; Transmission channels』
1. Introduction
2. Basic cross-country regressions
3. The transmission channels
4. Conclusions
Acknowledgments
Appendix A. Long-term income effects
Appendix B. List of variables
Appendix C. List of countries in samples
References