Economic growth and nonrenewable resources: An empirical investigation

Amos Ibrahim-Shwilima
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Amos Ibrahim-Shwilima: Graduate School of Economics, Waseda University, Tokyo: Japan

No 1416, Working Papers from Waseda University, Faculty of Political Science and Economics

Abstract: In this paper, we investigate the role of nonrenewable resources in economic growth from 1995–2010. The surprising result is that the share of nonrenewable resource exports in 1996 GDP was positively associated with subsequent economic growth. In fact, for the period under study, we found no strong evidence of the resource curse, after controlling for other important determinants of economic growth. For the period under study, most economies were open and followed policies that enabled large flows of foreign investment between economies. Our finding suggests that public institutions — measured by using an index of government effectiveness — are of paramount importance to economic growth. This suggests that if a resource-rich economy needs a greater contribution from its resources, it should improve its public- and private-sector institutions.

Keywords: growth; primary-product exports; nonrenewable resources; institutions (search for similar items in EconPapers)
Pages: 20 pages
Date: 2015-01
New Economics Papers: this item is included in nep-fdg and nep-gro
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Citations: View citations in EconPapers (2)

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