Corpus ID: 152794583

Resource Wealth is an Amplifier, Not a Curse: Evidence from Country-Level Effects of Exogenous Variation in Resource Endowments

@inproceedings{Musgrave2012ResourceWI,
  title={Resource Wealth is an Amplifier, Not a Curse: Evidence from Country-Level Effects of Exogenous Variation in Resource Endowments},
  author={Paul Musgrave and Yu-Ming Liou},
  year={2012}
}
Is there a resource curse? We apply a new tool, the method of synthetic controls, to test old claims, that large oil endowments retard democratization and economic growth. To directly estimate the impact of resource wealth, we take advantage of the 1973 opec oil embargo, which caused a massive price spike that transformed previously marginal oil-producing countries into resource-reliant states. By estimating the counterfactual experiences of those countries, we find that there is little… Expand
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