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Oil Abundance and Economic Growth--A Panel Data Analysis

Nuno Torres, Oscar Afonso, and Isabel Soares

Year: 2012
Volume: Volume 33
Number: Number 2
DOI: 10.5547/01956574.33.2.6
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Abstract:
Using panel estimation, this paper shows that higher oil abundance does not hinder crude producers' growth. This sample controls for specificities of oil economies, but the usual cross-section `curse' result is found—it disappears allowing for unobserved effects. The chosen model controls for a potential (but unconfirmed) oil curse working through institutions, and for other growth factors such as education, which is considered by deriving real wage growth as the dependent variable. We measure the oil growth-effects through labor and capital efficiency, and as a factor of production. They are all insignificant for oil production, but rig productivity benefits growth through capital efficiency. However, oil concentration only fosters growth (by reducing the capital necessary to oil exploration) significantly if there is fiscal responsibility, and in developing countries, where institutions are weaker and there is a broader scope for factor-efficiency and technological improvements arising from the oil sector. Keywords: Economic growth, Institutions, Oil curse, Panel data



Cursed Resources? Political Conditions and Oil Market Outcomes

Gilbert E. Metcalf and Catherine Wolfram

Year: 2015
Volume: Volume 36
Number: Number 3
DOI: 10.5547/01956574.36.3.gmet
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Abstract:
We analyze how a country's political institutions affect oil production within its borders. We find a pronounced negative relationship between political openness and volatility in oil production, with democratic regimes exhibiting less volatility than more autocratic regimes. This relationship holds across a number of robustness checks including using different measures of political conditions, instrumenting for political conditions and using several measures of production volatility. Political openness also affects other oil market outcomes, including total production as a share of reserves. Our findings have implications both for interpreting the role of institutions in explaining differences in macroeconomic development and for understanding world oil markets.



In Light of Democracy and Corruption: Institutional Determinants of Electricity Provision

Frida Boräng, Sverker C. Jagers, Marina Povitkina

Year: 2021
Volume: Volume 42
Number: Number 2
DOI: 10.5547/01956574.42.2.fbor
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Abstract:
Long-lasting democratic institutions have been found to matter for the universal provision of reliable electricity. In this article we revisit this finding, suggesting that the effect of democracy on electricity provision is moderated by the quality of institutions shaping the implementation of public policies. We test the hypothesis positing the interaction effect between democracy and corruption using cross-national data on the share of population living in unlit areas. The results show that democracy is associated with a higher electrification rate only in low-corrupt contexts. When corruption is widespread, democratic experience is not correlated with higher rates of electrification. These findings suggest that the effect of democratic institutions is conditional on the quality of the institutions that shape policy implementation.



Institutions and Geography: A "Two Sides of the Same Coin" Story of Primary Energy Use in Sub-Saharan Africa

Laté Ayao Lawson and Phu Nguyen-Van

Year: 2021
Volume: Volume 42
Number: Number 2
DOI: 10.5547/01956574.42.2.llaw
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Abstract:
Do institutional and geographical characteristics matter for energy consumption similar to the case of economic development? Why do coastal Sub-Saharan African (SSA) countries appear to be more energy-consuming than inland ones? To answer these questions, surprisingly rarely addressed in the existing literature, we empirically assess the determinants of primary energy use across SSA, exploiting spatial analysis methods. Our results highlight the existence of positive geographical spillovers in primary energy use. We also derive factors (income, exports, population dynamics and urbanization) explaining the reasons coastal countries are more energy-intensive. Furthermore, good political institutions and geographical location enhance primary energy use, connoting a �two sides of the same coin� role played by both factors. Our results impel SSA countries to develop alternative energy strategies and deploy energy resources management policies since adverse environmental consequences associated with increasing fossil energies use are to expect in the near future.





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