A MIXED BLESSING: Natural Resources and Economic Growth

摘要: This paper diagnoses the symptoms of Dutch disease in a two-sector stochastic endogenous growth model. A productive, low-skill-intensive primary sector causes currency to appreciate real terms, thus hampering development high-skill-intensive secondary and thereby reducing growth. Moreover, volatility sector generates real-exchange-rate uncertainty and may thus reduce investment learning hence also Cross-sectional panel regressions based on data for 125 countries period 1960–1992 confirm statistically significant inverse relationship between size of economic growth, but not exchange rate