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Resource curse versus resource blessing: New evidence from resource capital data

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  • Sharma, Chandan
  • Paramati, Sudharshan Reddy

Abstract

This study aims to investigate the association between natural capital and economic development using panel data comprising a large number of countries across the world for the period 1995–2018. The study accounts for several key drivers of economic development, such as the produced capital, human capital, trade and institutional quality indicators. Our findings demonstrate that the effect flowing from natural capital to economic performance is sizable and positive. The institutional indicators such as the control of corruption, rule of law and government effectiveness play an important role in driving economic growth positively. Overall, we reject the resource curse hypothesis and support the resource blessing hypothesis. The evidence also shows that the combined effect of institutions and resources is not a crucial factor in determining growth. These results are fairly consistent for both developing and developed economies. The study offers important policy implications and adds a new dimension to the empirical literature on the nexus between resource abundance and economic growth by using wealth and capital data.

Suggested Citation

  • Sharma, Chandan & Paramati, Sudharshan Reddy, 2022. "Resource curse versus resource blessing: New evidence from resource capital data," Energy Economics, Elsevier, vol. 115(C).
    • Handle: RePEc:eee:eneeco:v:115:y:2022:i:c:s0140988322004790
    DOI: 10.1016/j.eneco.2022.106350
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    More about this item

    Keywords

    Natural capital; Human capital; Institutional factors; Economic growth; 2SLS;
    All these keywords.

    JEL classification:

    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration

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