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Instituciones, Recursos Naturales Y Sus Efectos En El Crecimiento Economico: Un Sistema De Ecuaciones Simultáneas En Panel De Datos
[Institutions, Natural Resources And Its Impact On Economic Growth: Simultaneous Equations System In Panel Data]

Author

Listed:
  • Nolazco Cama, Jose Luis
  • Bravo-Ortega, Claudio
Abstract
The goal of this paper is twofold. First, the impact of institutions, the human and physical capital on economic growth when a country depends on natural resources is evaluated. Second, a methodology to correct deficiencies in previous studies used. The results for a sample of 64 countries indicate that if the institutions are bad (excellent), countries should increase the rate of growth of per capita GDP by 0.56 (1.01) 0.45 (1.02) 0.24 (0.40) if increases exports of food, agricultural raw materials and primary by a standard deviation respectively. In the case of gold and metals, with bad (excellent) institutions the growth rate of GDP per capita decreased by 1.34 (1.18) to an increase in such exports by one standard deviation. The study provides evidence that the technical appropriability of resources is met. Finally, those countries with better institutions counteract the negative effect caused by the curse of natural resources (institutional appropriability).

Suggested Citation

  • Nolazco Cama, Jose Luis & Bravo-Ortega, Claudio, 2015. "Instituciones, Recursos Naturales Y Sus Efectos En El Crecimiento Economico: Un Sistema De Ecuaciones Simultáneas En Panel De Datos [Institutions, Natural Resources And Its Impact On Economic Growt," MPRA Paper 74421, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:74421
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    More about this item

    Keywords

    institutions; natural resources; economic growth; human and physical capital.;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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