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Exploiting Energy and Mineral Resources in Central Asia, Azerbaijan and Mongolia

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  • Richard Pomfret

    ()
    (School of Economics, University of Adelaide, Adelaide, SA 5005, Australia.
    The Johns Hopkins University, via Belmeloro 11, 40126 Bologna, Italy)

Abstract

Formerly centrally planned countries may be especially vulnerable to institutional degradation and revenue volatility as sources of a resource curse. This paper examines these issues through case studies of six former Soviet republics and Mongolia, focussing on the methods of involving foreign partners in exploration and exploitation of natural resources. Kazakhstan in the 1990s was a prime example of rent-seeking institutional degradation, but an exceptionally positive conjuncture in the 2000s triggered institutional and policy evolution, while Uzbekistan had less resource-rent-driven institutional degradation in the 1990s, but stagnated in the 2000s. Turkmenistan and Mongolia highlight the missed opportunities from not involving foreign partners, while Azerbaijan and the Kyrgyz Republic illustrate the less predictable outcomes following quick deals with foreign investors. Institutions matter, but the case studies suggest more complex relationships than revealed by simple correlations between indicators of institutional quality or of ownership patterns.

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Article provided by Palgrave Macmillan in its journal Comparative Economic Studies.

Volume (Year): 53 (2011)
Issue (Month): 1 (March)
Pages: 5-33

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Handle: RePEc:pal:compes:v:53:y:2011:i:1:p:5-33

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References

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  1. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2006. "Institutions and the Resource Curse," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 116(508), pages 1-20, 01.
  2. Bulte, Erwin H. & Damania, Richard & Deacon, Robert T., 2005. "Resource intensity, institutions, and development," World Development, Elsevier, Elsevier, vol. 33(7), pages 1029-1044, July.
  3. Alexander Chubrik & Mateusz Walewski, 2010. "Oil Money vs. Economic Crisis: The Case of Azerbaijan," CASE Network E-briefs, CASE-Center for Social and Economic Research 06, CASE-Center for Social and Economic Research.
  4. Kalyuzhnova, Yelena & Nygaard, Christian, 2008. "State governance evolution in resource-rich transition economies: An application to Russia and Kazakhstan," Energy Policy, Elsevier, Elsevier, vol. 36(6), pages 1829-1842, June.
  5. Pomfret, Richard, 2004. "Resource Abundance, Governance And Economic Performance In Turkmenistan And Uzbekistan," Discussion Papers, University of Bonn, Center for Development Research (ZEF) 18735, University of Bonn, Center for Development Research (ZEF).
  6. Richard Pomfret, 2007. "Using Energy Resources to Diversify the Economy: Agricultural Price Distortions in Kazakhstan," CASE Network Studies and Analyses, CASE-Center for Social and Economic Research 0355, CASE-Center for Social and Economic Research.
  7. Hartwick, John M, 1977. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," American Economic Review, American Economic Association, American Economic Association, vol. 67(5), pages 972-74, December.
  8. Asheim,G.B. & Buchholz,W., 2000. "The Hartwick rule : myths and facts," Memorandum, Oslo University, Department of Economics 11/2000, Oslo University, Department of Economics.
  9. Christa Brunnschweiler, 2009. "Oil and Growth in Transition Countries," OxCarre Working Papers, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford 029, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  10. Marc Gronwald & Johannes Mayr & Sultan Orazbayev, 2009. "Estimating the effects of oil price shockson the Kazakh economy," Ifo Working Paper Series Ifo Working Paper Nr. 81, Ifo Institute for Economic Research at the University of Munich.
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Cited by:
  1. Richard Pomfret, 2011. "Resource Management and Transition in Central Asia, Azerbaijan, and Mongolia," Working Paper Series, Peterson Institute for International Economics WP11-8, Peterson Institute for International Economics.
  2. Arazmuradov, Annageldy, 2011. "Foreign aid, foreign direct investment and domestic investment nexus in landlocked economies of Central Asia," MPRA Paper 36881, University Library of Munich, Germany, revised 23 Feb 2012.
  3. Arman Mazhikeyev & T.Huw Edwards & Marian Rizov, 2014. "Openness and Isolation: the comparative trade performance of the Former Soviet Central Asian countries," Discussion Paper Series, Department of Economics, Loughborough University 2014_02, Department of Economics, Loughborough University, revised Feb 2014.
  4. Karen, Smith Stegen, 2011. "Deconstructing the "energy weapon": Russia's threat to Europe as case study," Energy Policy, Elsevier, Elsevier, vol. 39(10), pages 6505-6513, October.

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