Natural Resources, Physical Capital and Institutions : Evidence from Eurasia
Natural resource abundance can lead to
strong economic growth if resource rents are well invested
in physical assets and other forms of productive capital.
This paper focuses on the case of the resource-abundant
economies in Eurasia, which has been less documented in the
literature on natural resource-led development than other
parts of the world. The analysis shows that the stock of
productive physical assets is relatively low, contrary to