Abstract

RODRIGUEZ GARCIA, Orlando. Oil policies and the resource curse in Colombia and Ecuador. Pap.polit. [online]. 2014, vol.19, n.2, pp.459-495. ISSN 0122-4409.  https://doi.org/10.11144/Javeriana.PAPO19-2.oprc.

The world expects that oil countries grow faster than non-endowment economies. Though, the observed is the opposite. It is the resource curse, which leads to economic volatility (Auty, 2009). Some scholars assert that efficient institutions curb the curse, and lead to stable economic growth (Robinson, Torvik & Verdier, 2006). Other authors refuse the role of institutions (Warner & Sachs, 1995). This paper provides the main findings of a research through comparative methods in order to ask to what extent does institutional efficiency help Colombia and Ecuador to foster oil policies, which lead to stable economic growth in 1996-2013? It found evidence of the curse in the both economies during the oil boom. However, it made less impact in Colombia, because it experienced institutional transformation. In contrast, Ecuador diminished its institutional environment. Colombia described a more stable economic growth.

Keywords : new institutionalism; institutional efficiency; the resource curse; oil policies; economic growth.

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