『(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.』
(Introduction)
1. Grabbing versus production
2. Empirical testing
3. Concluding remarks
Appendix
References