『Abstract
This paper shows that whether natural resources are good or bad
for a country's development crucially depends on the interaction
between institutional setting and the type of resources possessed
by the country. Some natural resources are, for economical and
technical reasons, more likely to cause problems such as rent-seeking
and conflicts than others. This potential problem can, however,
be countered by good institutional quality. In contrast to the
traditional resource curse hypothesis, we show the impact of natural
resources on economic growth to be non-monotonic in institutional
quality. Countries rich in minerals are cursed only if they have
low quality institutions, while the curse is reversed if institutions
are sufficiently good.
Keywords: Natural resources; Appropriability; Property rights;
Institutions; Economic growth; Development』
1. Introduction
2. Related literature
3. Our hypothesis and data
The institutional dimension of appropriability
The technical dimension of appropriability
4. Main results
5. Robustness of the results
5.1. Excluding the developed countries
5.2. Are Botswana and Sierra Leone driving the results?
5.3. Is Africa (or Latin America) responsible for our results?
5.4. Importance of civil wars
5.5. Robustness to other institutional measures
6. Summary and concluding remarks
References
Appendix A. Sources and summary statistics
Appendix B.