The Resource Curse Hypothesis Revisited: Evidence from a Panel VAR Report as inadecuate




The Resource Curse Hypothesis Revisited: Evidence from a Panel VAR - Download this document for free, or read online. Document in PDF available to download.

Abstract

The objective of this paper is to revisit the resource curse hypothesis both within and between countries of different democratic footprint, based on a dynamic model that properly accounts for endogeneity issues. To achieve that, we apply a panel Vector Auto-Regressive PVAR approach along with panel impulse response functions to data on oil abundance variables, economic growth and several political institutional variables in 76 countries classified by different income groupings, level of development and oil importing or exporting status, over the period 1980-2012. Our results suggest that controlling for the quality of political institutions is important in rendering the resource course hypothesis significant. Doing so, the resource curse hypothesis is documented mainly for developing economies, net oil-exporters and medium-high income countries. Specifically, when economies from the aforementioned groups are characterised by weak quality of political institutions, then oil abundance is not growth-enhancing.



Item Type: MPRA Paper -

Original Title: The Resource Curse Hypothesis Revisited: Evidence from a Panel VAR-

Language: English-

Keywords: Resource curse, Oil abundance, Economic growth, Institutions, Panel VAR.-

Subjects: C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C33 - Panel Data Models ; Spatio-temporal ModelsO - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output ConvergenceQ - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q32 - Exhaustible Resources and Economic DevelopmentQ - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q33 - Resource BoomsQ - Agricultural and Natural Resource Economics ; Environmental and Ecological Economics > Q3 - Nonrenewable Resources and Conservation > Q34 - Natural Resources and Domestic and International Conflicts-





Author: Antonakakis, Nikolaos

Source: https://mpra.ub.uni-muenchen.de/72085/







Related documents