Suchergebnisse

Cover -- Contents -- 1. Introduction -- 1.1. Model -- 1.2. Supply side -- 1.3. Prices -- 1.4. Investment and Growth -- 1.5. Demand side -- 1.6. Equilibrium -- 1.7. Housekeeping - GDP -- 1.8. Testing for the Curse - steady state growth -- 1.9. Testing for the Curse - resource booms -- 2. Results -- 2.0.1. Data -- 2.0.2. Selection method -- 2.0.3. Determining the dates for booms and counterfactual periods -- 2.0.4. Regression results -- 2.0.5. Possible bias from the method of selecting countries -- 2.0.6. Saving and Investment -- 2.1. Emirates and Qatar -- 2.2. Post Soviet Countries

AbstractValue‐added in Russian banks grew by 43 per cent while GDP declined by 32 per cent in the early years of the transition in Russia. This paper offers explanations for the unusual success of the Russian banking sector and the determinants of individual bank performance. The evidence comes from balance sheet data for 563 Moscow banks and 160 regional banks on January 1, 1995 and January 1, 1996. Important factors include the Central Bank policy of channelling low‐interest directed credits to state enterprises through banks, the ability of banks to obtain large‐scale interest‐free deposits, and the resulting high interest rate spreads in an environment of high inflation, and the extent to which banks were formerly part of the Soviet system.

One of the surprising features of modern economic growth is that economies with abundant natural resources have tended to grow less rapidly than natural-resource-scarce economies. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1971 (the base year) tended to have low growth rates during the subsequent period 1971-89. This negative relationship holds true even after controlling for variables found to be important for economic growth, such as initial per capita income, trade policy, government efficiency, investment rates, and other variables. We explore the possible pathways for this negative relationship by studying the cross-country effects of resource endowments on trade policy, bureaucratic efficiency, and other determinants of growth. We also provide a simple theoretical model of endogenous growth that might help to explain the observed negative relationship.

One of the surprising features of modern economic growth is that economies with abundant natural resources have tended to grow less rapidly than natural-resource-scarce economies. In this paper we show that economies with a high ratio of natural resource exports to GDP in 1971 (the base year) tended have low growth rates during the subsequent period 1971-89. This negative relationship holds true even after controlling for variables found to be important for economic growth, such as initial per capita income, trade policy, government efficiency, investment rates, and other variables. We explore the possible pathways for this negative relationship by studying the cross-country effects of resource endowments on trade policy, bureaucratic efficiency, and other determinants of growth. We also provide a simple theoretical model of endogenous growth that might help to explain the observed negative relationship.