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首页> 外文期刊>Journal of Environmental Economics and Management >The pungent smell of 'red herrings': Subsoil assets, rents, volatility and the resource curse
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The pungent smell of 'red herrings': Subsoil assets, rents, volatility and the resource curse

机译：“红鲱鱼”的刺鼻气味：地下土壤资产，租金，波动性和资源诅咒

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摘要

Brunnschweiler and Bulte (2008) [1,2] provide cross-country evidence that resource curse is a "red herring" once one corrects for endogeneity of resource exports and allows resource abundance to affect growth. Their results show that resource exports are no longer significant while 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 is also endogenous. Furthermore, their results suffer from an unfortunate data mishap, omitted variables bias, weakness of 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 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.
机译：Brunnschweiler和Bulte（2008）[1,2]提供了跨国证据，表明一旦纠正了资源出口的内生性并允许资源丰富来影响增长，资源诅咒就是“红鲱鱼”。他们的结果表明，资源出口不再重要，而地下土壤资产的价值对增长具有显着的积极影响。但是世界银行对地下资产的度量与当前租金成正比，因此也是内生的。此外，他们的结果遭受了不幸的数据事故，遗漏的变量偏差，仪器的缺陷，违反排除限制和错误指定错误的困扰。纠正这些问题并在采样期开始时用已探明储量的价值对资源出口进行计量，也没有证据表明存在资源诅咒，并且地下土壤资产不再重要。然而，同样的证据表明，资源出口或租金促进了稳定国家的增长，但也使特别是已经动荡的国家更加动荡，从而间接地恶化了增长前景。忽视波动通道可能导致一个错误的结论，即资源对增长没有影响。

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