Natural resources, export structure and investment
AbstractWe present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 72 developing countries. Our empirical results suggest important differences between oil and non-oil resources. While revenue from oil exports tends to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other measures of resource abundance, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility.
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Bibliographic InfoPaper provided by Centre for the Study of African Economies, University of Oxford in its series CSAE Working Paper Series with number 2008-20.
Date of creation: 2008
Date of revision:
Find related papers by JEL classification:
- E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
- Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- F15 - International Economics - - Trade - - - Economic Integration
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- Frederick van der Ploeg & Steven Poelhekke, 2007.
"Volatility, Financial Development and the Natural Resource Curse,"
Economics Working Papers
ECO2007/36, European University Institute.
- Poelhekke, Steven & van der Ploeg, Frederick, 2007. "Volatility, Financial Development and the Natural Resource Curse," CEPR Discussion Papers 6513, C.E.P.R. Discussion Papers.
- Frederick van der Ploeg & Steven Poelhekke, 2008. "Volatility, Financial Development and the Natural Resource Curse," OxCarre Working Papers 003, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
- van der Ploeg, Frederick, 2006.
"Challenges and Opportunities for Resource Rich Economies,"
CEPR Discussion Papers
5688, C.E.P.R. Discussion Papers.
- Frederick van der Ploeg, 2008. "Challenges and Opportunities for Resource Rich Economies," OxCarre Working Papers 005, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
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