『(Abstract)
We provide cross-country evidence that rejects the traditional
interpretation of the natural resource curse. First, growth depends
negatively on volatility of unanticipated output growth independent
of initial income, investment, human capital, trade openness,
natural resource dependence, and population growth. Second, the
direct positive effect of resources on growth is swamped by the
indirect negative effect through volatility. Third, with well
developed financial sectors, the resource curse is less pronounced.
Forth, landlocked countries with ethnic tensions have higher volatility
and lower growth. Fifth, restriction on the current account raise
volatility and depress growth whereas capital account restrictions
lower volatility and boost growth. Our key message is thus that
volatility is a quintessential feature of the resource curse.』
1. Introduction
2. why might the volatility of natural resource revenues hamper
growth?
2.1. Economic arguments
2.2. Political arguments
3. Is the traditional natural resource curse a red herring?
4. Is volatility the quintessential feature of the natural resource
curse?
4.1. Volatility is the key channel for the resource curse
4.2. Volatility of commodity export shares and macroeconomic
volatility
4.3. Impact of ethic tensions and economic restrictions on volatility
and growth
5. Accounting for growth performance: Africa versus southeast
Asian countries
6. Concluding remarks
Acknowledgements
Funding
References
Appendix 1
Appendix 2
Appendix 3. Econometric methodology