Neoclassical growth and the natural resource curse puzzle

• 成果类型: Article
• 署名作者: Dolores Guillo, Maria; Perez-Sebastian, Fidel
• 署名单位: Universitat d'Alacant; Universitat d'Alacant; University of Hull
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2015.06.002
• 发表日期: 2015
• 页码: 423-435
• 关键词: Natural resource curse; Economic growth; Dynamic Heckscher-Ohlin; Factor shares; Small open economy

摘要

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. (C) 2015 Elsevier B.V. All rights reserved.