Institutions and Resource-driven Development
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May 18, 2018
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Abstract
According to the resource curse hypothesis abundant resources are likely to impede economic growth and social development. However, empirical evidences are controversial as numerous studies found that the direct effects of abundance are either insignificant, non-monotonic, or positive, while the negative indirect effects arise when natural wealth crowds-out other fundamental sources of growth. Further research on the different development outcomes concluded that the growth effects are also conditional on the quality of both public and private institutions. Political economy explanations argue that abundance leads to patronage and myopic rent-seeking behavior under weak institutions, whereas it fosters economic growth if the institutional environment of the extraction promotes sound revenue management, transparency, and accountability. This paper aims to synthetize the findings on the interaction between institutions and natural resources and gives an overview of the policy proposals on mitigating the negative indirect effects.
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Szalai, L. (2018) “Institutions and Resource-driven Development”, World Journal of Applied Economics, 4(1), pp. 39-53. doi: 10.22440/wjae.4.1.3.
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References
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Andersen, J. J., & Ross, M. L. (2014). The Big Oil Change: A Closer Look at the Haber-Menaldo Analysis. Comparative Political Studies, 47(7), 993–1021. DOI: 10.1177/0010414013488557.
Auty, R. M. (2001). The political economy of resource-driven growth. European Economic Review, 45(4–6), 839–846. DOI: 10.1016/S0014-2921(01)00126-X.
Aytac, S. E., Mousseau, M., & Orsun, O. F. (2016). Why some countries are immune from the resource curse: The role of economic norms. Democratization, 23(1), 71–92. DOI: 10.1080/13510347.2014.964216.
Bhattacharyya, S., & Hodler, R. (2010). Natural resources, democracy and corruption. European Economic Review, 54(4), 608–621. DOI: 10.1016/j.euroecorev.2009.10.004.
Bhattacharyya, S., & Hodler, R. (2014). Do Natural Resource Revenues Hinder Financial Development? The Role of Political Institutions. World Development, 57, 101–113. DOI: 10.1016/j.worlddev.2013.12.003
Blanco, L. R., Nugent, J. B., & O’Connor, K. J. (2015). Oil Curse and Institutional Changes: Which Institutions are most vulnerable to the Curse and under what Circumstances? Contemporary Economic Policy, 33(2), 229–249. DOI: 10.1111/coep.12077.
Boschini, A. D., Pettersson, J., & Roine, J. (2007). Resource Curse or Not: A Question of Appropriability. Scandinavian Journal of Economics, 109(3), 593–617. DOI: 10.1111/j.1467-9442.2007.00509.x.
Boschini, A. D., Pettersson, J., & Roine, J. (2013). The Resource Curse and its Potential Reversal. World Development, 43, 19–41. DOI: 10.1016/j.worlddev.2012.10.007.
Brunnschweiler, C. N., & Bulte, E. H. (2008). The resource curse revisited and revised: A tale of paradoxes and red herrings. Journal of Environmental Economics and Management, 55(3), 248–264. DOI: 10.1016/j.jeem.2007.08.004.
Carmignani, F. (2013). Development outcomes, resource abundance, and the transmission through inequality. Resource and Energy Economics, 35(3), 412–428. DOI: 10.1016/j.reseneeco.2013.04.007.
Cockx, L., & Francken, N. (2016). Natural resources: A curse on education spending? Energy Policy, 92, 394–408. DOI: 10.1016/j.enpol.2016.02.027.
Colgan, J. D. (2014). Oil, Domestic Politics, and International Conflict. Energy Research & Social Science, 1, 198–205. DOI: 10.1016/j.erss.2014.03.005.
Collier, P., & Hoeffler, A. (1998). On economic causes of civil war. Oxford Economic Papers, 50(4), 563–573. DOI: 10.1093/oep/50.4.563.
Corden, M. W., & Neary, P. J. (1982). Booming Sector and De-Industrialisation in a Small Open Economy. The Economic Journal, 92(368), 825–848.
Corrigan, C. C. (2014). Breaking the resource curse: Transparency in the natural resource sector and the extractive industries transparency initiative. Resources Policy, 40(1), 17–30. DOI: 10.1016/j.resourpol.2013.10.003.
Crivelli, E., & Gupta, S. (2014). Resource blessing, revenue curse? Domestic revenue effort in resource-rich countries. European Journal of Political Economy, 35, 88–101. DOI: 10.1016/j.ejpoleco.2014.04.001.
Davis, G. A. (2013). Replicating Sachs and Warner’s Working Papers on the Resource Curse. Journal of Development Studies, 49(12), 1615–1630. DOI: 10.1080/00220388.2013.807501.
Drelichman, M. (2005). All that glitters: Precious metals, rent seeking and the decline of Spain. European Review of Economic History, 9(3), 313–336. DOI: 10.1017/S1361491605001528.
Etkind, A. (2011). Barrels of fur: Natural resources and the state in the long history of Russia. Journal of Eurasian Studies, 2(2), 164–171. DOI: 10.1016/j.euras.2011.03.007.
Gilberthorpe, E., & Papyrakis, E. (2015). The extractive industries and development: The resource curse at the micro, meso and macro levels. The Extractive Industries and Society, 2(2), 381–390. DOI: 10.1016/j.exis.2015.02.008.
Gylfason, T. (2001a). Natural resources, education, and economic development. European Economic Review, 45(4–6), 847–859. DOI: 10.1016/S0014-2921(01)00127-1.
Gylfason, T. (2001b). Nature, Power and Growth. Scottish Journal of Political Economy, 48(5), 558–588. DOI: 10.1111/1467-9485.00215.
Gylfason, T. (2006). Natural Resources and Economic Growth: From Dependence to Diversification. In H. G. Broadman, T. Paas, & P. J. J. Welfens (Eds.), Economic Liberalization and Integration Policy (pp. 201–231). Heidelberg: Springer-Verlag. DOI: 10.1007/3-540-31183-1_10.
Gylfason, T., & Zoega, G. (2006). Natural Resources and Economic Growth: The Role of Investment. The World Economy, 29(8), 1091–1115. DOI: 10.1111/j.1467-9701.2006.00807.x.
Haber, S., & Menaldo, V. (2011). Do Natural Resources Fuel Authoritarianism? A Reappraisal of the Resource Curse. American Political Science Review, 105(1), 1–26. DOI: 10.1017/S0003055410000584.
Havranek, T., Horvath, R., & Zeynalov, A. (2016). Natural Resources and Economic Growth: A Meta-Analysis. World Development, 88, 134–151. DOI: 10.1016/j.worlddev.2016.07.016.
Holden, S. (2013). Avoiding the resource curse the case Norway. Energy Policy, 63, 870–876. DOI: 10.1016/j.enpol.2013.09.010.
James, A. (2015). The resource curse: A statistical mirage? Journal of Development Economics, 114, 55–63. DOI: 10.1016/j.jdeveco.2014.10.006.
James, A., & Aadland, D. (2011). The curse of natural resources: An empirical investigation of U.S. counties. Resource and Energy Economics, 33(2), 440–453. DOI: 10.1016/j.reseneeco.2010.05.006.
Keenan, P. (2014). International Institutions and the Resource Curse. Penn State Journal of Law & International Affairs, 3(1), 216–260.
Kolstad, I. (2009). The resource curse: which institutions matter? Applied Economics Letters, 16(4), 439–442. DOI: 10.1080/17446540802167339.
Kolstad, I., & Wiig, A. (2009a). Is Transparency the Key to Reducing Corruption in Resource-Rich Countries? World Development, 37(3), 521–532. DOI: 10.1016/j.worlddev.2008.07.002.
Kolstad, I., & Wiig, A. (2009b). It’s the rents, stupid! The political economy of the resource curse. Energy Policy, 37(12), 5317–5325. DOI: 10.1016/j.enpol.2009.07.055.
Lee, J. (2011). Export specialization and economic growth around the world. Economic Systems, 35(1), 45–63. DOI: 10.1016/j.ecosys.2010.11.002.
Mazzuca, S. L. (2013). The Rise of Rentier Populism. Journal of Democracy, 24(2), 108–122. DOI: 10.1353/jod.2013.0034.
McGuirk, E. F. (2013). The illusory leader: natural resources, taxation and accountability. Public Choice, 154(3–4), 285–313. DOI: 10.1007/s11127-011-9820-0.
Mehlum, H., Moene, K., & Torvik, R. (2006). Institutions and the Resource Curse. The Economic Journal, 116(508), 1–20. DOI: 10.1111/j.1468-0297.2006.01045.x.
Mehrara, M. (2008). The asymmetric relationship between oil revenues and economic activities: The case of oil-exporting countries. Energy Policy, 36(3), 1164–1168. DOI: 10.1016/j.enpol.2007.11.004.
Mehrara, M. (2009). Reconsidering the resource curse in oil-exporting countries. Energy Policy, 37(3), 1165–1169. DOI: 10.1016/j.enpol.2008.10.040.
Mejía Acosta, A. (2013). The Impact and Effectiveness of Accountability and Transparency Initiatives: The Governance of Natural Resources. Development Policy Review, 31(S1), s89–s105. DOI: 10.1111/dpr.12021.
Papyrakis, E. (2016). The Resource Curse - What Have We Learned from Two Decades of Intensive Research: Introduction to the Special Issue. Journal of Development Studies, (April), 1–11. DOI: 10.1080/00220388.2016.1160070.
Papyrakis, E., & Gerlagh, R. (2004). The resource curse hypothesis and its transmission channels. Journal of Comparative Economics, 32(1), 181–193. DOI: 10.1016/j.jce.2003.11.002.
Robinson, J. A., & Torvik, R. (2005). White elephants. Journal of Public Economics, 89(2–3), 197–210. DOI: 10.1016/j.jpubeco.2004.05.004.
Robinson, J. A., Torvik, R., & Verdier, T. (2006). Political foundations of the resource curse. Journal of Development Economics, 79(2), 447–468. DOI: 10.1016/j.jdeveco.2006.01.008.
Robinson, J. A., Torvik, R., & Verdier, T. (2014). Political foundations of the resource curse: A simplification and a comment. Journal of Development Economics, 106, 194–198. DOI: 10.1016/j.jdeveco.2013.09.004.
Ross, M. L. (2001). Does Oil Hinder Democracy? World Politics, 53(3), 325–361. DOI: 10.1353/wp.2001.0011.
Ross, M. L. (2015). What Have We Learned about the Resource Curse? Annual Review of Political Science, 18(1), 239–259. DOI: 10.1146/annurev-polisci-052213-040359.
Sachs, J. D., & Warner, A. M. (1995). Natural Resource Abundance and Economic Growth (NBER Working Paper No. 5398). Cambridge.
Sachs, J. D., & Warner, A. M. (1997). Natural Resource Abundance and Economic Growth. Cambridge.
Sachs, J. D., & Warner, A. M. (1999). The big push, natural resources boom and growth. Journal of Development Economics, 59(59), 43–76.
Sarmidi, T., Hook Law, S., & Jafari, Y. (2014). Resource Curse: New Evidence on the Role of Institutions. International Economic Journal, 28(1), 191–206. DOI: 10.1080/10168737.2013.787110.
Satti, S. L., Farooq, A., Loganathan, N., & Shahbaz, M. (2014). Empirical evidence on the resource curse hypothesis in oil abundant economy. Economic Modelling, 42, 421–429. DOI: 10.1016/j.econmod.2014.07.020.
Shao, S., & Yang, L. (2014). Natural resource dependence, human capital accumulation, and economic growth: A combined explanation for the resource curse and the resource blessing. Energy Policy, 74, 632–642. DOI: 10.1016/j.enpol.2014.07.007.
Smith, B. (2004). Oil Wealth and Regime Survival in the Developing World, 1960-1999. American Journal of Political Science, 48(2), 232–246. DOI: 10.1111/j.0092-5853.2004.00067.x.
Smith, B. (2015). The resource curse exorcised: Evidence from a panel of countries. Journal of Development Economics, 116, 57–73. DOI: 10.1016/j.jdeveco.2015.04.001.
Szalai, L. (2011). Paradox of Plenty. In L. Balogh, D. Meyer, & H.-D. Wenzel (Eds.), Analysis of Monetary Institutions and Space (pp. 111–138). Kaposvar: BERG-Verlag.
van der Ploeg, F. (2010). Why do many resource-rich countries have negative genuine saving? Resource and Energy Economics, 32(1), 28–44. DOI: 10.1016/j.reseneeco.2009.07.002.
van der Ploeg, F., & Poelhekke, S. (2009). Volatility and the natural resource curse. Oxford Economic Papers, 61(4), 727–760. DOI: 10.1093/oep/gpp027.
van Wijnbergen, S. (1984). The Dutch Disease: A Disease After All? The Economic Journal, 94(373), 41–55.
Ville, S., & Wicken, O. (2013). The dynamics of resource-based economic development: evidence from Australia and Norway. Industrial and Corporate Change, 22(5), 1341–1371. DOI: 10.1093/icc/dts040.
Wadho, W. A. (2014). Education, Rent seeking and the Curse of Natural Resources. Economics & Politics, 26(1), 128–156. DOI: 10.1111/ecpo.12029.
Wantchekon, L. (2002). Why do Resource Dependent Countries Have Authoritarian Governments? Journal of African Development, 5(2), 145–176.
Wiens, D. (2014). Natural resources and institutional development. Journal of Theoretical Politics, 26(2), 197–221. DOI: 10.1177/0951629813493835.
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