INSTITUCIONES, RECURSOS NATURALES Y SUS EFECTOS EN EL CRECIMIENTO ECONOMICO: UN SISTEMA DE ECUACIONES SIMULTÁNEAS EN PANEL DE DATOS

INSTITUTIONS, NATURAL RESOURCES AND ITS IMPACT ON ECONOMIC GROWTH: SIMULTANEOUS EQUATIONS SYSTEM IN PANEL DATA

Jose Nolazco and Claudio Bravo-Ortega

MPRA Paper from University Library of Munich, Germany

Abstract: The goal of this paper is twofold. First, the impact of institutions, the human and physical capital on economic growth when a country depends on natural resources is evaluated. Second, a methodology to correct deficiencies in previous studies used. The results for a sample of 64 countries indicate that if the institutions are bad (excellent), countries should increase the rate of growth of per capita GDP by 0.56 (1.01) 0.45 (1.02) 0.24 (0.40) if increases exports of food, agricultural raw materials and primary by a standard deviation respectively. In the case of gold and metals, with bad (excellent) institutions the growth rate of GDP per capita decreased by 1.34 (1.18) to an increase in such exports by one standard deviation. The study provides evidence that the technical appropriability of resources is met. Finally, those countries with better institutions counteract the negative effect caused by the curse of natural resources (institutional appropriability).

Keywords: institutions; natural resources; economic growth; human and physical capital. (search for similar items in EconPapers)
JEL-codes: C33 O43 O44 O47 (search for similar items in EconPapers)
Date: 2015-08-01
New Economics Papers: this item is included in nep-env
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https://mpra.ub.uni-muenchen.de/74421/1/MPRA_paper_74421.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/74475/8/MPRA_paper_74475.pdf revised version (application/pdf)

Related works:
Working Paper: Instituciones, recursos naturales y sus efectos en el crecimiento económico: un sistema de ecuaciones simultáneas en panel de datos (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:74421

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