{"title":"Disentangling the heterogeneous effect of natural resources on economic growth","authors":"Daniel Aparicio-Pérez , Jordi Ripollés","doi":"10.1016/j.econmod.2024.106927","DOIUrl":null,"url":null,"abstract":"<div><div>Previous studies on the impact of natural resources on economic growth have produced mixed results, which could be partly explained by unobserved heterogeneity that has not been adequately accounted for. This paper aims to identify this heterogeneity in the resource-growth nexus and explore the potential factors driving it. Using a panel dataset of 97 countries from 1990 to 2019, we apply a grouped fixed-effects estimator to identify groups of countries with distinct time-varying growth patterns and differing economic responses to natural resource wealth. We then use an ordered probit model to examine the drivers of this heterogeneity, focusing on institutional factors and other transmission channels. Our findings show that economic and political institutions, social capital, and export diversification are key to explaining group membership, with some groups experiencing positive and others negative resource-growth effects. This underscores the need to account for unobserved heterogeneity and consider institutional quality as multidimensional.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"142 ","pages":"Article 106927"},"PeriodicalIF":4.2000,"publicationDate":"2024-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Modelling","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0264999324002840","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Previous studies on the impact of natural resources on economic growth have produced mixed results, which could be partly explained by unobserved heterogeneity that has not been adequately accounted for. This paper aims to identify this heterogeneity in the resource-growth nexus and explore the potential factors driving it. Using a panel dataset of 97 countries from 1990 to 2019, we apply a grouped fixed-effects estimator to identify groups of countries with distinct time-varying growth patterns and differing economic responses to natural resource wealth. We then use an ordered probit model to examine the drivers of this heterogeneity, focusing on institutional factors and other transmission channels. Our findings show that economic and political institutions, social capital, and export diversification are key to explaining group membership, with some groups experiencing positive and others negative resource-growth effects. This underscores the need to account for unobserved heterogeneity and consider institutional quality as multidimensional.
期刊介绍：
Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.
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