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dc.contributor.authorvan der Ploeg, Fredericken
dc.contributor.authorPoelhekke, Stevenen
dc.date.accessioned2010-04-26-
dc.date.accessioned2010-08-18T11:18:12Z-
dc.date.available2010-08-18T11:18:12Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/38918-
dc.description.abstractBrunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a 'red herring' once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of subsoil assets has a significant positive effect on growth. But the World Bank measure of subsoil assets is proportional to current rents, and thus also endogenous. Furthermore, their results suffer from an unfortunate data mishap, omitted variables bias, weakness of the instruments, violation of exclusion restrictions and misspecification error. Correcting for these issues and instrumenting resource exports with values of proven reserves at the beginning of the sample period; there is no evidence for the resource curse either and subsoil assets are no longer significant. However, the same evidence suggests that resource exports or rents boost growth in stable countries, but also make especially already volatile countries more volatile and thus indirectly worsen growth prospects. Ignoring the volatility channel, may lead one to erroneously conclude that there is no effect of resources on growth.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3013en
dc.subject.jelC12en
dc.subject.jelC21en
dc.subject.jelC82en
dc.subject.jelF43en
dc.subject.jelO11en
dc.subject.jelO41en
dc.subject.jelQ32en
dc.subject.ddc330en
dc.subject.keywordresource curseen
dc.subject.keywordresource exportsen
dc.subject.keywordresource rentsen
dc.subject.keywordnatural capitalen
dc.subject.keywordsubsoil assetsen
dc.subject.keywordreservesen
dc.subject.keywordinstrumental variablesen
dc.subject.keywordvolatilityen
dc.subject.stwRohstoffressourcenen
dc.subject.stwRent Seekingen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwExporten
dc.subject.stwKausalanalyseen
dc.subject.stwWelten
dc.titleThe pungent smell of 'red herrings': Subsoil assets, rents, volatility and the resource curse-
dc.typeWorking Paperen
dc.identifier.ppn624655555en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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