Study On The Relationship Between Natural Resources Development,Institutions And Economic Development

Economic growth is a complex process,and its essence is the process of institutional change which makes the resource utilization is more efficient and improves the efficiency of social production.Natural resources,especially non-renewable resources are indispensable elements of economic growth.Natural resources has long been regarded as the Gospel of economic growth in the past,but now some scholars believe that sometimes turns into a country or region's crisis.The development of natural resources leads to two kinds of effects,one is the output effect.The other is "a system of effect",that is,the action will be direct or indirect influence on system.This paper focuses on the problem is the institutional change play what role in the process of resource development degree influencing economic growth,which from various system exploratory opens the "black box" that resources development produce negative effect on economic growth.This paper firstly generalizes the related research results,the induction and summary.Then on this basis,it analyzes the resources development which by influencing the system formation and development,impact on economic growth mechanism,providing theoretical support for the full text.Finally,in order to more deeply understand "resources development-institutions-economic growth" this path,choose 1991-2014 panel data of 29 provinces in China as samples,the paper construct indicators from the three aspect of government system,the system of ownership,financial index system.The paper establish the corresponding econometric model,after the unit root test,cointegration test,the empirical test if resources development exits a significant effect on institutions,institutions exits a significant effect on economic growth,and how much the influence degree it is.With the theoretical analysis and empirical test,the following conclusions are drawn.The development of natural resources not only has a positive effect on economic growth,but also can indirectly affect the economic growth through the influence of the system.Namely,resources development will weaken the good system,making the good system did not play a role in promoting economic growth,or is not good strengthening effect on the system.It will increase the inhibitory effect of bad system on economic growth.In particular,the increase of the intensity of resource exploitation will prompt the government to improve the economy and weaken the government system reform.The increase of the intensity of resource development promotes the proportion of state-owned economy and weakens the reform of ownership system,which makes the degree of financial market decrease and the reform of the financial system.The degree of government intervention,state-owned than excessive weight has a significant negative impact on economic growth,financial the system has significant positive effect on economic growth.And resource development have the biggest significant negative effect on the development of economy through weakening ownership reforms,the Financial institutions is the second,the Government Institutions is minimal.Finally based on the above analysis,this paper,from the perspective of institutional innovation,puts forward some suggestions of how to alleviate the negative effect from the resources development to region especially resources development strength of the region,to promote long-term economic growth.