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Abstract We examine if resource revenues are likely to be managed more effectively with strong (or lack of) institutions and if so to contribute to economic development in resource abundant countries. We estimate a general model using evidence for the resource booms of the 1970-2012 period, resource rents, natural capital, socio-economic indicators and for institutions. Results show on the one hand 1) countries with ample natural capital and subsoil wealth levels are associated to a healthier democracy which potentially mitigates the resource curse; while on the other 2) high resource rents are negatively associated to weak institutional quality deepening the curse. Long run economic growth is positively associated to natural capital but negatively associated for those countries that receive high resource rents. We recommend stronger transparency for revenue allocation, for sales of oil production, for the allocation of licences, and for revenue collection. One limitation is the lack of information: (energy) laws inducing economic growth. This paper contributes to explaining the long run impact of democratic change on managing resource revenue.

Examinamos si las rentas de recursos naturales son probablemente mejor administradas bajo instituciones fuertes (o falta de estas), y de serlo así si eso contribuye al desarrollo económico de países con abundantes recursos naturales. Estimamos un modelo usando evidencia de booms (1970-2012) de recursos, rentas de recursos, capital natural, indicadores socio-económicos y de instituciones. Nuestros resultados son tres que 1) países con capital natural y riqueza del subsuelo están asociados a una sana democracia lo que mitiga la maldición de los recursos naturales (MRN); 2) altos niveles de renta están negativamente asociados a la baja calidad de instituciones lo que profundiza la maldición; 3) el crecimiento económico a largo plazo está asociado a el capital natural pero tal crecimiento esta negativamente asociado en países que registran altos percepciones de rentas. Recomendamos transparencia en: la distribución de rentas, las ventas de petróleo, distribución de licencias y la recaudación de rentas. Una limitación es la falta de información: leyes (sector energético) que produzcan el crecimiento. Explicamos el impacto de largo plazo de el cambio democrático sobre la gestión de la rentas. Nuestras tres conclusiones claves son: 1) La abundancia de recursos naturales en todo el mundo produce un fuerte efecto sobre los ingresos; 2) La calidad institucional emerge como un mecanismo clave del que emana el efecto MRN; y 3) El efecto MRN no aparece en todos los países en todo momento como argumentan algunos investigadores. ; We examine if resource revenues are likely to be managed more effectively with strong (or lack of) institutions and if so to contribute to economic development in resource abundant countries. We estimate a general model using evidence for the resource booms of the 1970-2012 period, resource rents, natural capital, socio-economic indicators and for institutions. Our results show 1) Countries with ample natural capital and subsoil wealth levels are associated to a healthier democracy which potentially mitigates the resource curse (RC); 2) High resource rents are negatively associated to weak institutional quality deepening the curse; 3) Long run economic growth is positively associated to natural capital but negatively associated for those countries that receive high resource rents. We recommend stronger transparency for revenue allocation, for sales of oil production, for the allocation of licences, and for revenue collection. One limitation is the lack of information: (energy) laws inducing economic growth. This paper contributes to explaining the long run impact of democratic change on managing resource revenue. Our three key conclusions are:1) Resource abundance across the world produces a strong income effect; 2) Institution quality emerges as the key mechanism from which the RC effect emanates; and 3)The RC effect does not appear in all countries at all times as some researchers argue.