Natural Resource Dependence and Economic Performance in the 1970-2000 Period

George Mavrotas, Syed Mansoob Murshed and Sebastián Torres Ledezma

No 81, OxCarre Working Papers from Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford

Abstract: We look at the type of natural resource dependence and growth in developing countries. Certain natural resources called point-source, such as oil and minerals, exhibit concentrated and capturable revenue patterns, while revenue flows from resources such as agriculture are more diffused. Developing countries that export the former type of products are regarded prone to growth failure due to institutional failure.We present an explicit model of growth collapse with micro-foundations in rent-seeking contests with increasing returns. Our econometric analysis is among the few in this literature with a panel data dimension. Point-source-type natural resource dependence does retard institutional development in both governance and democracy, which hampers growth. The resource curse, however, is more general and not simply confined to mineral exporters.

Date: 2012-02-14
New Economics Papers: this item is included in nep-mac
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Journal Article: Natural Resource Dependence and Economic Performance in the 1970–2000 Period (2011)
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