María Dolores Guilló
Neoclassical growth and the natural resource curse puzzle
Guilló, María Dolores; Pérez-Sebastián, Fidel
Authors
Fidel Pérez-Sebastián
Abstract
We advance a novel mechanism that helps to explain the puzzling evidence on the natural resource curse. The new channel arises in a standard dynamic Heckscher-Ohlin model composed of small-open economies that take international output prices as given. Within this framework, a more capital-intensive primary sector implies that natural-resource abundant economies grow more slowly along the adjustment path. This effect might be only temporary because the natural input also affects long-run income, and not necessarily in the same direction as transitional growth. We produce quantitative results that show that the new mechanism can account for a significant fraction of the observed output growth gap between resource rich and resource poor U.S. states.
Citation
Guilló, M. D., & Pérez-Sebastián, F. (2015). Neoclassical growth and the natural resource curse puzzle. Journal of international economics, 97(2), 423-435. https://doi.org/10.1016/j.jinteco.2015.06.002
Journal Article Type | Article |
---|---|
Acceptance Date | Jun 21, 2015 |
Online Publication Date | Jun 28, 2015 |
Publication Date | 2015-11 |
Deposit Date | Oct 27, 2015 |
Publicly Available Date | Mar 29, 2024 |
Journal | Journal of international economics |
Print ISSN | 0022-1996 |
Publisher | Elsevier |
Peer Reviewed | Peer Reviewed |
Volume | 97 |
Issue | 2 |
Pages | 423-435 |
DOI | https://doi.org/10.1016/j.jinteco.2015.06.002 |
Keywords | Natural resource curse; Economic growth; Dynamic Heckscher–Ohlin; Factor shares; Small open economy |
Public URL | https://hull-repository.worktribe.com/output/380343 |
Publisher URL | http://www.sciencedirect.com/science/article/pii/S0022199615001130 |
Additional Information | Authors' accepted manuscript of an article which has been published in: Journal of international economics, 2015, v.97, issue 2. |
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