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dc.contributor.authorCavalcanti, Tiaoen
dc.contributor.authorMohaddes, Kamiaren
dc.contributor.authorRaissi, Mehdien
dc.date.accessioned2016-03-04T15:48:22Z
dc.date.available2016-03-04T15:48:22Z
dc.date.issued2015-09en
dc.identifier.citationde V. Cavalcanti et al. Journal of Applied Econometrics (2014) Vol. 30, Issue 6, pp 857–873. doi: 10.1002/jae.2407en
dc.identifier.issn1099-1255
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/254188
dc.description.abstractThis paper studies the impact of the growth and volatility of commodity terms of trade (CToT) on economic growth, total factor productivity, physical capital accumulation and human capital acquisition. We use the standard system generalized methods of moments (GMM) approach as well as the dynamic common correlated effects pooled mean group (CCEPMG) methodology for estimation to account for cross‐country heterogeneity, cross‐sectional dependence and feedback effects. Using both annual data for 1970–2007 and 5‐year non‐overlapping observations, we find that while CToT growth enhances real output per capita, CToT volatility exerts a negative impact on economic growth operating mainly through lower accumulation of physical and human capital. Productivity, however, is not affected by either the growth or the volatility of CToT. Our results also indicate that the negative growth effects of CToT volatility offset the positive impact of commodity booms. Therefore, we argue that volatility, rather than abundance per se, drives the ‘resource curse’ paradox.
dc.language.isoenen
dc.publisherJohn Wiley & Sons Inc.
dc.titleCommodity price volatility and the sources of growthen
dc.typeArticle
prism.endingPage873
prism.issueIdentifier6en
prism.publicationDate2015en
prism.publicationNameJournal of Applied Econometricsen
prism.startingPage857
prism.volume30en
rioxxterms.versionofrecord10.1002/jae.2407en
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2015-09en
dc.contributor.orcidCavalcanti, Tiao [0000-0002-9627-4756]
dc.contributor.orcidMohaddes, Kamiar [0000-0002-2501-2062]
dc.identifier.eissn1099-1255
rioxxterms.typeJournal Article/Reviewen
cam.issuedOnline2014-09-10en
rioxxterms.freetoread.startdate2016-09-09


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