Abstract
Using a dynamic panel dataset of 150 countries for the period of 2006-2018 and a two-step system GMM estimation model, this paper shows that natural resources have a positive effect on economic development while holding corruption constant. Our findings support the notion that natural resources have a positive effect on the economy of a nation. When a country has less corruption, it improves the appropriation of economic gains from natural resources which serves as natural capital that would drive further capital accumulation and further development. We also find that physical capital, human capital, and freedom from corruption show strong positive effects on economic development, controlling for other economic and institutional variables.
| Original language | English |
|---|---|
| Pages (from-to) | 95-114 |
| Number of pages | 20 |
| Journal | Review of Economic Analysis |
| Volume | 17 |
| Issue number | 1 |
| DOIs | |
| State | Published - Mar 16 2025 |
UN SDGs
This output contributes to the following UN Sustainable Development Goals (SDGs)
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SDG 8 Decent Work and Economic Growth
Keywords
- Corruption
- Dynamic Panel Study
- Economic Development
- Human Capital
- Natural Resources
- Physical Capital
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