| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP2731
|
| DP2731 Robust Rules for Industrial Policy in Open Economies |
| Peter Neary; Dermot Leahy
|
| 发表日期 | 2001-03-27
|
| 出版年 | 2001
|
| 语种 | 英语
|
| 摘要 | Empirical evidence seems to indicate that economic growth since 1965 has varied inversely with natural resource abundance across countries. This Paper proposes a linkage between abundant natural resources and economic growth, through saving and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital falls, leading to lower real interest rates and less rapid growth. Institutional reforms paving the way to a more efficient allocation of capital may, however, enhance the quantity as well as the quality of new investment and sustain growth. Empirical evidence from 85 countries from 1965-98 suggests that abundant natural capital may on average crowd out physical capital thereby inhibiting economic growth. The results also suggest that abundant natural resources may hurt saving and investment indirectly by slowing down the development of the financial system. High growth rates in a handful of formerly resource-dependent economies seem to indicate that economic and structural reforms can overcome any adverse effect of natural resources on economic growth. |
| 主题 | International Macroeconomics
|
| 关键词 | Economic growth
Natural resources
investment
|
| URL | https://cepr.org/publications/dp2731
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531787
|
推荐引用方式
GB/T 7714 |
Peter Neary,Dermot Leahy. DP2731 Robust Rules for Industrial Policy in Open Economies. 2001.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
