Are natural resources a “curse” or a “blessing”? The empirical evidence suggests that either
outcome is possible. This paper surveys a variety of hypotheses and supporting evidence for …

This paper studies the links between macroeconomic adjustment and poverty. The first part
summarizes some of the recent evidence on poverty in the developing world. The second …

Elevated annual average temperature has been found to impact macro-economic growth.
However, various fundamental elements of the economy are affected by deviations of daily …

Utilizing time series methods and data from five developed economies, we examine the
relationship between stock market development and economic growth, controlling for the …

The wealth derived from natural resources can have a tremendous impact on the economics
and politics of producing countries. In the last quarter century, we have seen the surprising …

We provide cross-country evidence that rejects the traditional interpretation of the natural
resource curse. First, growth depends negatively on volatility of unanticipated output growth …

Using firm level panel data, we analyze the impacts of rates of return gap between financial
and fixed investments under uncertainty on real investment performance in three emerging …

The economic history of the world is replete with recessions and depressions. From the
bursting of the British South Sea Bubble and the French Mississippi Bubble in 1720 (which …

The existence of a natural resource curse has been a longstanding theme in the economic
literature and in policy discussions. We propose an alternative mechanism and study its …

How the rise of globalization over the past two centuries helps explain the income gap
between rich and poor countries today. Today's wide economic gap between the …