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Natural Resource Wealth: The Challenge of Managing a Windfall

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  • Frederick van der Ploeg
  • Anthony J. Venables

    ()
    (Oxford Centre for the Analysis of Resource Rich Economies, Department of Economics, University of Oxford, Oxford OX1 3UQ, United Kingdom)

Abstract

Many countries have failed to use natural resource wealth to promote growth and development. They have been damaged by the volatility of revenues and have failed to save a sufficiently high proportion of their resource revenues and failed to make high-return investments to support diversification of their economies. This review explores the reasons for these failures and discusses policies to improve performance.

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Bibliographic Info

Article provided by Annual Reviews in its journal Annual Review of Economics.

Volume (Year): 4 (2012)
Issue (Month): 1 (07)
Pages: 315-337

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Handle: RePEc:anr:reveco:v:4:y:2012:p:315-337

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Related research

Keywords: resource curse; managing windfalls; fiscal rules; volatility; absorptive capacity; Dutch disease; public investment;

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References

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Citations

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Cited by:
  1. John Anyanwu & Andrew E. O. Erhijakpor, 2013. "Working Paper 184 - Does Oil Wealth Affect Democracy in Africa?," Working Paper Series 988, African Development Bank.
  2. Samuel Wills, 2014. "Optimal Monetry Responses to Oil Discoveries," OxCarre Working Papers 121, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  3. Ton S. van den Bremer & Frederick van der Ploeg, 2012. "How to Spend a Windfall: Dealing with volatility and capital scarcity," OxCarre Working Papers 085, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  4. Jean-Pierre Allegret & Cécile Couharde & Dramane Coulibaly & Valérie Mignon, 2013. "Current Accounts and Oil Price Fluctuations in Oil-Exporting Countries: the Role of Financial Development," Working Papers 2013-19, CEPII research center.
  5. van der Ploeg, Frederick & Venables, Anthony J., 2013. "Absorbing a windfall of foreign exchange: Dutch disease dynamics," Journal of Development Economics, Elsevier, vol. 103(C), pages 229-243.
  6. Samuel Wills, 2013. "Optimal Monetary Responses to Oil Discoveries," Economics Series Working Papers OxCarre Research Paper 12, University of Oxford, Department of Economics.
  7. Landon, Stuart & Smith, Constance, 2014. "Rule-Based Resource Revenue Stabilization Funds: A Welfare Comparison," Working Papers 2014-1, University of Alberta, Department of Economics.

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