Natural resources and global misallocation

Alexander Monge-Naranjo, Juan M. Sánchez, Raül Santaeulàlia-Llopis

Producción científica: Contribución a una revistaArtículoInvestigación

19 Citas (Scopus)

Resumen

Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007 ), we find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, associated with the elimination of interventionist policies and driven by domestic accumulation.
Idioma originalInglés
Páginas (desde-hasta)79-126
Número de páginas48
PublicaciónAmerican Economic Journal: Macroeconomics
Volumen11
N.º2
DOI
EstadoPublicada - 1 ene 2019

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