Democracy and the curse of natural resources

We propose a theoretical model to explain empirical regularities related to the curse of natural resources. This is an explicitly political model which emphasizes the behavior and incentives of politicians. We extend the standard voting model to give voters political control beyond the elections. This gives rise to a new restriction into our political economy model: policies should not give rise to a revolution. Our model clarifies when resource discoveries might lead to revolutions, namely, in countries with weak institutions. Natural resources may be bad for democracy by harming political turnover. Our model also suggests a non-linear dependence of human capital on natural resources. For low levels of democracy human capital depends negatively on natural resources, while for high levels of democracy the dependence is reversed. This theoretical finding is corroborated in both cross section and panel data regressions.

Constant interest rate projections without the curse of indeterminacy

Constant interest rate (CIR) projections are often criticized on the grounds that they are inconsistent with the existence of a unique equilibrium in a variety of forward-looking models. This note shows howto construct CIR projections that are not subject to that criticism, using a standard New Keynesian model as a reference framework.

Addressing the natural resource curse: An illustration from Nigeria

Some natural resources oil and minerals in particular exert a negative andnonlinear impact on growth via their deleterious impact on institutionalquality. We show this result to be very robust. The Nigerian experienceprovides telling confirmation of this aspect of natural resources. Wasteand corruption from oil rather than Dutch disease has been responsible forits poor long run economic performance. We propose a solution for addressingthis resource curse which involves directly distributing the oil revenuesto the public. Even with all the difficulties of corruption and inefficiencythat will no doubt plague its actual implementation, our proposal will, atthe least, be vastly superior to the status quo. At best, however, it couldfundamentally improve the quality of public institutions and, as a result,transform economics and politics in Nigeria.

The curse of aid

Foreign aid provides a windfall of resources to recipient countries and may result in the same rent seeking behavior as documented in the curse of natural resources literature. In this paper we discuss this effect and document its magnitude. Using data for 108 recipient countries in the period 1960 to 1999, we find that foreign aid has a negative impact on democracy. In particular, if the foreign aid over GDP that a country receives over a period of five years reaches the 75th percentile in the sample, then a 10-point index of democracy is reduced between 0.6 and one point, a large effect. For comparison, we also measure the effect of oil rents on political institutions. The fall in democracy if oil revenues reach the 75th percentile is smaller, (0.02). Aid is a bigger curse than oil.

Winner's curse in toll road concessions

We empirically assess the effect of the winner's curse in auctions for toll road concessions, taking into account, to our knowledge for the first time, problems of commitment and enforcement, using a unique dataset of 49 worldwide road concessions.

Conjuring the Curse of Repetition or « Sleeping Beauty » Revamped : Angela Carter's Vampirella and The Lady of the House of Love

Abstract:This article illustrates Angela Carter's literary practice through her utilization of "Sleeping Beauty" in the radio play Vampirella and its prose variation The Lady of the House of Love. It argues that she vampirised European culture as she transfused old stories into new bodies to give them new life and bite. Carter's experiments with forms, genres and mediums in her vampire fiction capture the inherent hybridity of the fairy tale as it sheds new light on her main source, Charles Perrault's La Belle au bois dormant, bringing to the fore the horror and terror as well as the textual ambiguities of the French conte that were gradually obscured in favor of the romance element. Carter's vampire stories thus trace the 'dark' underside of the reception of the tale in Gothic fiction and in the subculture of comic books and Hammer films so popular in the 1970s, where the Sleeping Beauty figure is revived as a femme fatale or vamp who takes her fate in her own hands.Résumé:Cet article s'attache à montrer comment l'utilisation de La Belle au bois dormant dans deux histoires de vampire d'Angela Carter, la pièce radiophonique Vampirella et sa réécriture en prose The Lady of the House of Love, illustre la pratique littéraire de l'auteur, qui consiste à vampiriser la culture européenne et à transfuser les vieilles histoires dans de nouvelles formes, genres, et médias afin de leur donner une nouvelle vie. Le traitement du conte de fée permet d'aborder un aspect essentiel de la démarche créative de l'auteur, tout en offrant un éclairage inédit sur le conte de Perrault. En effet, Carter met en évidence les éléments inquiétants et l'atmosphère de menace qui caractérisent la deuxième partie du conte, tout en jouant sur les ambiguités du texte français souvent négligés au profit de la veine romanesque. A cet égard, ses histoires de vampire peuvent se lire comme une réflexion sur la réception 'obscure' du conte de fées dans la culture populaire, qui voit le personnage de la Belle au bois dormant prendre son destin en main et se réinventer en femme fatale ou vamp dans la bande dessinée et les séries B des années 1970.

The long run development of Chile and the Natural Resources curse. Linkages, policy and growth, 1850-1950

This chapter analyses the effects of Natural Resources on the Chilean economy in the long run -1850-1950-. Specifically, the authors focus their attention on the mining cycles -nitrates and copper- and their impact on the mining activity. We also compare it with the evolution of the industry and whole economy, and how this has affected the economic growth of the country. In that sense, the industrial performance in Chile at the end of the 19th century until the Great Depression is still under debate. The optimistic view of Kirsch -1977- forehead the pessimistic view of Lagos -1966- and Palma -1979-. The new data and its analyses shows a neutral effect of the Natural Resources in the industrial development.

My repository is being aggregated: a blessing or a curse?

Presentation at Open Repositories 2014, Helsinki, Finland, June 9-13, 2014

« Quinte Curse, des faiz du grant Alexandre, » traduction de « Vasque de Lucène, Portugalois » (1468).

Miniatures grossières ; au fol. 12 les armes de Pons, en Poitou. En haut du fol. 1, on lit : « Cest livre est à Jacques de Pons, sr et baron de Mirambeau.. »

Directrices del II plan de desarrollo : en el cuatrienio 1968-1971 se procurará dar el máximo impulso posible para que toda la población escolar de 10 a 14 años curse el Bachillerato elemental.

Se exponen las pautas a seguir en la redacción del nuevo Plan de Desarrollo para el período 1968-1971 en el ámbito de la educación y la investigación en España. En la política educativa el objetivo es elevar el nivel cultural de la población como medio para conseguir un desarrollo económico más duradero y mejora las condiciones de bienestar social. En la política de investigación, se pretende crear un ambiente favorable a la innovación técnica y al desarrollo de la investigación, para poder competir con el mercado internacional.

A sovereign wealth fund to lift Germany's curse of excess savings. CEPS Policy Brief No. 280, 28 August 2012

As an alternative to the present system of intermediation of the German savings surplus, this paper suggests that the risk-adjusted rate of return could be improved by creating a sovereign wealth fund for Germany (designated DESWF), which could invest excess German savings globally. Such a DESWF would offer German savers a secure vehicle paying a guaranteed positive minimum real interest rate, with a top-up when real investment returns allowed. The vehicle would invest the funds in a portfolio that is highly diversified by geography and asset classes. Positive real returns can be expected in the long run based on positive real global growth. Since, in this case, a significant amount of funds would flow outside the euro area, the euro would depreciate, which would help crisis countries presently struggling to revive growth through exports and to close their external deficits so as to recoup their international credit-worthiness. Target imbalances would gradually disappear and German claims abroad would move from nominal claims on the ECB to diversified real and nominal claims on various private and public foreign entities in a variety of asset classes.