自然资源、投资与经济增长

Natural Resources,Investment and Economic Growth

本文阐述了自然资源与经济增长之间通过储蓄与投资而建立的联系。当产出分配给自然资源拥有者的比例增加时,对资本的需求将减少,这导致实际利息率和经济增长速度降低。此外分析表明私人最优储蓄增长率和社会最优储蓄增长率之间的差异随着自然资本的比例增加而增加。研究表明,自然资本通常既挤出物资资本又挤出人力资本,从而妨碍经济增长。过度依赖自然资源可能间接通过延缓金融体制的发展而妨碍投资和储蓄。

This paperelaborates a linkage between natural resources and economic growth, through saving and investment. When the share of output that accrues to the owners of natural resources rises, the demand for capital falls and this leads to lower real interest rates and less rapid growth. Moreover, the analysis shows that the discrepancy between the privately and socially optimal rates of growth increases with the natural capital share. Evidence suggests that natural capital may on aver- age crowd out physical as well as human capital, thereby inhibiting economic growth. The results suggest that heavy depen- dence on natural resources may hurt saving and investment indirectly by slowing down the development of the financial system.