Nature’s blessing or nature’s curse: the political economy of transition in resource-based economies
Abstract
The 15 newly independent states that emerged from the breakdown of the Soviet Union are now celebrating their 10th anniversary of independence. This paper looks back over the first decade and draws some lessons from the experience made to date. It focuses on the energy-rich states of the Commonwealth of Independent States (CIS), namely Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan (AKTU for short) and contrasts their development to that in the resource-poor countries at the CIS periphery. The main argument of the paper is that far from being a blessing that would have allowed resource-rich countries to cushion the impact of reforms and thus make faster progress, resource rents have often been wasted or appropriated by the ruling elites. Progress in key structural reforms has in some cases lagged even behind other CIS countries and significant policy challenges need to be addressed if natural resource wealth is not to turn into a curse for the region.Download Info
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Paper provided by European Bank for Reconstruction and Development, Office of the Chief Economist in its series Working Papers with number 66.Length: 23 pages
Date of creation: Nov 2001
Date of revision:
Handle: RePEc:ebd:wpaper:66
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Web page: http://www.ebrd.com/pages/research/publications/workingpapers.shtml
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Keywords:Other versions of this item:
- Esanov, Akram & Raiser, Martin & Buiter, Willem, 2004. "Nature'S Blessing Or Nature'S Curse: The Political Economy Of Transition In Resource-Based Economies," Discussion Papers 18761, University of Bonn, Center for Development Research (ZEF).
- O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Campos, Nauro F & Kinoshita, Yuko, 2003.
"Why Does FDI Go Where it Goes? New Evidence from the Transitional Economies,"
CEPR Discussion Papers
3984, C.E.P.R. Discussion Papers.
- Yuko Kinoshita & Nauro F. Campos, 2003. "Why Does Fdi Go Where It Goes? New Evidence From The Transition Economies," William Davidson Institute Working Papers Series 2003-573, William Davidson Institute at the University of Michigan.
- Yuko Kinoshita & Nauro F. Campos, 2003. "Why Does FDI Go Where it Goes? New Evidence from the Transition Economies," IMF Working Papers 03/228, International Monetary Fund.
- Hamilton, Carl B, 2003. "Russia's European Economic Integration: Escapism and Realities," CEPR Discussion Papers 3840, C.E.P.R. Discussion Papers.
- Sabiroglu, Ilkin M. & Bashirli, Samad, 2012. "Input–output analysis in an oil-rich economy: The case of Azerbaijan," Resources Policy, Elsevier, vol. 37(1), pages 73-80.
- Robinson, Peter & Govereh, Jones & Ndlela, Daniel, 2007. "Distortions to Agricultural Incentives in Zambia," Agricultural Distortions Working Paper 48516, World Bank.
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