Instituciones, Recursos Naturales y sus Efectos en el Crecimiento Económico: Un Sistema de Ecuaciones Simultáneas en Panel de Datos

Nolazco, Jose Luis and Bravo-Ortega, Claudio (2015): Instituciones, Recursos Naturales y sus Efectos en el Crecimiento Económico: Un Sistema de Ecuaciones Simultáneas en Panel de Datos.

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).

• Item Type: MPRA Paper
• English Title: Institutions, Natural Resources and its Impact on Economic Growth: Simultaneous Equations System in Panel Data
• Language: Spanish
• Keywords: Institutions, natural resources, economic growth, human and physical capital.
• Subjects: C - Mathematical and Quantitative Methods > C3 - Multiple or Simultaneous Equation Models ; Multiple Variables > C33 - Panel Data Models ; Spatio-temporal Models; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O43 - Institutions and Growth; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O44 - Environment and Growth; O - Economic Development, Innovation, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O47 - Empirical Studies of Economic Growth ; Aggregate Productivity ; Cross-Country Output Convergence

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