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Michael Alexeev
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Publisher: Journals Gateway
The Review of Economics and Statistics (2009) 91 (3): 586–598.
Published: 01 August 2009
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Our goal is to show that contrary to the claims made in several recent papers, the effect of a large endowment of oil and other mineral resources on long-term economic growth of countries has been on balance positive. Moreover, the claims of a negative effect of oil and mineral wealth on the countries' institutions are called into question.