Natural Resources and Global Misallocation

• 成果类型: Article
• 署名作者: Monge-Naranjo, Alexander; Sanchez, Juan M.; Santaeulalia-Llopis, Raul
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); Barcelona School of Economics
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20170381
• 发表日期: 2019
• 页码: 79-126
• 关键词: income; countries; GROWTH; WEALTH; WORLD

摘要

Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, associated with the elimination of interventionist policies and driven by domestic accumulation.