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Natural Resources, Volatility, and Inclusive Growth

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  • Mustapha K. Nabli
  • Rabah Arezki

Abstract

This paper takes stock of the economic performance of resource rich countries in the Middle East and North Africa (MENA) over the past forty years. While those countries have maintained high levels of income per capita, they have performed poorly when going beyond the assessment based on standard income level measures. Resource rich countries in MENA have experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important improvements in health and education have taken place but the quality of the provision of public goods and services remains an important source of concerns. Looking forward we argue that the success of economic reforms in MENA rests on the ability of those countries to invest boldly in building inclusive institutions as well as high levels of human capacity in public administrations.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/111.

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Length: 26
Date of creation: 01 May 2012
Date of revision:
Handle: RePEc:imf:imfwpa:12/111

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Related research

Keywords: Natural resources; Commodity prices; Economic growth; Emerging markets; Human capital; Infrastructure; Public investment; resource-rich countries; natural resource; resource-poor countries; natural resource curse; rent-seeking behavior; eiti; natural resource abundance; terms of trade; rent seeking activities; transparency and accountability; extractive industries; natural resource wealth; exhaustible resources; transparency initiative; state intervention; state interventions; common; extractive resources;

This paper has been announced in the following NEP Reports:

References

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  1. Rabah Arezki & Thorvaldur Gylfason, 2011. "Commodity Price Volatility, Democracy and Economic Growth," CESifo Working Paper Series 3619, CESifo Group Munich.
  2. Zac Mills & Annette Kyobe & Jim Brumby & Chris Papageorgiou & Era Dabla-Norris, 2011. "Investing in Public Investment," IMF Working Papers 11/37, International Monetary Fund.
  3. Benedikt Goderis & Samuel W. Malone, 2011. "Natural Resource Booms and Inequality: Theory and Evidence," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 113, pages 388-417, 06.
  4. Aghion, Philippe & Banerjee, Abhijit, 2005. "Volatility and Growth," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199248612, October.
  5. Kareem Ismail & Rabah Arezki, 2010. "Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease," IMF Working Papers 10/94, International Monetary Fund.
  6. International Monetary Fund, 2004. "Financial Sector Development in the Middle East and North Africa," IMF Working Papers 04/201, International Monetary Fund.
  7. International Monetary Fund, 2007. "Ipo Behavior in Gcc Countries," IMF Working Papers 07/149, International Monetary Fund.
  8. Sami Bibi & Mustapha K. Nabli, 2009. "Income Inequality In The Arab Region: Data And Measurement, Patterns And Trends," Middle East Development Journal (MEDJ), World Scientific Publishing Co. Pte. Ltd., World Scientific Publishing Co. Pte. Ltd., vol. 1(02), pages 275-314.
  9. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  10. Gylfason, Thorvaldur, 2001. "Natural resources, education, and economic development," European Economic Review, Elsevier, Elsevier, vol. 45(4-6), pages 847-859, May.
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Citations

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Cited by:
  1. Huang, Yongfu & Quibria, M. G., 2013. "The global partnership for inclusive growth," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  2. Jean-Pierre Allegret & Valérie Mignon & Audrey Sallenave, 2014. "Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies," Working Papers 2014-01, CEPII research center.
  3. Kjurchiski, Nikola, . "Public Administration Efficiency in Resource Economies," Published Papers, Russian Presidential Academy of National Economy and Public Administration nvg128, Russian Presidential Academy of National Economy and Public Administration.

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