Suchergebnisse

Natural wealth is generally considered as one of the fundamental sources of economic growth. However, a vast majority of the related empirical research verified that resource-rich countries tend to underperform their resource-deficient counterparts. This paradox is known as the resource curse. During the past two decades more sophisticated analyses have revealed that the presence of the curse is conditional and its growth effects are non-monotonic. Recent efforts concentrate on understanding the transmission channels and identifying the decisive conditions on the fulfillment of the curse. This article gives an overview on the progress and depicts the current state of the research.

The objective of this study is to look at the relationship that exists between institution and resource curse in Nigeria using secondary data from 1986 to 2012. The study used descriptive statistics and the unit root test was tested using Augmented Dickey Fuller (ADF). Granger causality was also carried out in addition to correlation and regression analyses. However, Economic Freedom of the World ( EFW ) was represented by strong institution and Gross Domestic Product ( GDP ) and crude oil export ( OE ) as resource curse, Results showed that there is a negative relationship between strong institution of Nigeria and resource curse with coefficients of 0.003874 between EFW and OE . The results concluded that there is a need to strengthen the institutions (Size of government, legal structure and security of property right, regulation of credits etc) in Nigeria with a view to avoiding the pitfall of resource curse.

This article analyzes the different dimensions of the so-called resource curse hypothesis from the perspective of international and domestic law. The analysis is structured as a commentary of the views of the UK-based philosopher Leif Wenar and the Swiss philosopher Peter Schaber on this issue. The article concludes that, under current legal arrangements, states remain the main guarantors of the public good of the people living under their sovereignty. Thus, for better or worse as long as, from a political or an ethical standpoint; peoples are sovereign, they will also continue to assume the main responsibility for their own development even when their house is not in order. Adapted from the source document.

One of the principal symptoms of the Resource Curse that has plagued commodity-exporters is a pro-cyclical fiscal policy—overspending in booms and austerity in recessions. In this paper, I explore the Resource Curse phenomena and highlight structural budget frameworks ("SBF") as a means to counter pro-cyclicality. I show evidence of Chile's success in using an SBF to reduce pro-cyclical spending and present a political economy rationale explaining why SBFs are effective. I argue that SBFs can be implemented successfully in much of the developing world, and contend that SBFs can avoid the contemporary faltering of other commonly-employed fiscal rules.

Shortly after oil production commenced in 2004, Timor-Leste became one of the most oil dependent countries in the world. The purpose of this piece is to assess whether Timor-Leste has been suffering from the typical political and economic ailments associated with the 'resource curse' hypothesis. The study critically analyses available evidence with reference to some of the common manifestations of the resource curse: conflict, rent-seeking behavior, Dutch disease and revenue volatility. It confirms that all of the examined mechanisms of the resource curse are present in Timor-Leste to varying degr

Using data from 1980 to 2004, we show that greater fiscal policy volatility acts as a transmission mechanism for the resource curse. Resource exports dominate political and institutional variables as determinants of fiscal policy volatility, with fiscal policy volatility being a significant determinant of growth. The existence of a resource curse is confirmed, in the sense that a higher ratio of natural resource exports to total merchandise exports is associated with significantly slower per capita GDP growth. There are no statistically significant differences between the effects of point-source and diffuse resource exports.

Extant theoretical work on the political resource curse implies that dependence on resource revenues should decrease autocracies' likelihood of democratizing but not necessarily affect democracies' chances of survival. Yet most previous empirical studies estimate models that are ill-suited to address this claim. We improve upon previous studies, estimating a dynamic logit model using data from 166 countries, covering the period from 1816 to 2006. We find that an increase in resource dependence decreases an autocracy's likelihood of being democratic over both the short term and long term but has no appreciable effect on democracies' likelihood of persisting.

We propose a new channel through which expropriation risk reduces capital allocation efficiency and decreases firm growth. We build an agency model of corporate disclosure when companies face risks of expropriation. The model predicts that in countries with insecure property rights, corporations mitigate the risk of expropriation by reducing transparency. We test this channel by employing a difference-in-difference approach. Using a panel of over 16,000 firms from 84 countries, we find that transparency of companies prone to expropriation is lower in countries with insecure property rights. The reduced transparency has an adverse effect on the efficiency of capital allocation and corporate growth.

We propose a new channel through which expropriation risk reduces capital allocation efficiency and decreases firm growth. We build an agency model of corporate disclosure when companies face risks of expropriation. The model predicts that in countries with insecure property rights, corporations mitigate the risk of expropriation by reducing transparency. We test this channel by employing a difference-in-difference approach. Using a panel of over 16,000 firms from 84 countries, we find that transparency of companies prone to expropriation is lower in countries with insecure property rights. The reduced transparency has an adverse effect on the efficiency of capital allocation and corporate growth.

The paper examines the influence of resource wealth on the nature of economic development of Kazakhstan. Despite active economic dynamics in the 2000s, the effect of resource abundance has a negative impact on the quality characteristics of modern economic growth in the country. Kazakhstan is characterized by significant structural, territorial, social disparities, low international competitiveness of many commercial goods (even some commodities).