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A MIXED BLESSING: Natural Resources and Economic Growth
Abstract
This paper diagnoses the symptoms of the Dutch disease in a two-sector stochastic endogenous growth model. A productive, low-skill-intensive primary sector causes the currency to appreciate in real terms, thus hampering the development of a high-skill-intensive secondary sector and thereby reducing growth. Moreover, the volatility of the primary sector generates real-exchange-rate uncertainty and may thus reduce investment and learning in the secondary sector and hence also growth. Cross-sectional and panel regressions based on data for 125 countries in the period 1960–1992 confirm a statistically significant inverse relationship between the size of the primary sector and economic growth, but not between the volatility of the real exchange rate and growth.
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Citations
Cited by
Institutions and the Resource Curse
Mehlum, H., Moene, K., & Torvik, R. (2006) · The Economic Journal · doi:10.1111/j.1468-0297.2006.01045.x · Cited by 2,864
The Natural Resource Curse: A Survey
Frankel, J. (2010) · doi:10.3386/w15836 · Cited by 655
Volatility and the natural resource curse
van der Ploeg, F., & Poelhekke, S. (2009) · Oxford Economic Papers · doi:10.1093/oep/gpp027 · Cited by 613
Why Resource-poor Dictators Allow Freer Media: A Theory and Evidence from Panel Data
EGOROV, G., GURIEV, S., & SONIN, K. (2009) · American Political Science Review · doi:10.1017/s0003055409990219 · Cited by 546
Learning by doing and the Dutch disease
Torvik, R. (2001) · European Economic Review · doi:10.1016/s0014-2921(99)00071-9 · Cited by 529
Financial development, oil dependence and economic growth: Evidence from the Republic of Yemen
Badeeb, R. A., & Lean, H. H. (2017) · Studies in Economics and Finance · doi:10.1108/sef-07-2014-0137 · Cited by 48
(2011) · RePEc: Research Papers in Economics · Cited by 27
Metadata
- Authors
- Gylfason, T., Herbertsson, T. T., & Zoega, G.
- Venue
- Macroeconomic Dynamics
- Publisher
- Cambridge University Press (CUP)
- Published
- 1999-06
- Volume
- 3
- Issue
- 2
- Pages
- 204-225
- ISSN
- 1365-1005 (ISSN-L)
- 1469-8056
- OpenAlex
- W1525171360
- Cited by
- 652
- References
- 0
- FWCI
- 18.41
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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