Desarrollo y Sociedad
Print version ISSN 0120-3584
MORALES-TORRADO, Carlos Andrés. Natural Resources and Economic Growth: New Evidence on Different Types of Commodities. Desarro. soc. [online]. 2011, n.68, pp. 7-45. ISSN 0120-3584.
The 'resource curse' literature states that economies with abundant natural resources, tend to experience lower growth rates in the long run. This article presents new empirical evidence of this stylized fact, using dynamic regression models based on data for 154 countries in the 1962-2000 period. Our results show the existence of a negative relationship between economic growth and mineral, agricultural and livestock abundance, resulting from institutional dynamics. Forestry abundance on the other hand, seems to be positively related with growth.
Keywords : Economic development; economic growth; natural resources; paradox of plenty; resource curse.