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Challenges and Opportunities for Resource Rich Economies

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  • Frederick van der Ploeg

Abstract

The political economy of resource rich countries is surveyed. The empirical evidence suggests that countries with a large share of primary exports in GNP have bad growth records and high inequality, especially if the quality of institutions and the rule of law are bad. The economic argument that a resource bonanza induces appreciation of the real exchange rate and a decline of non-resource export sectors may have some relevance. More important, a resource boom reinforces rent grabbing, especially if institutions are bad, and keeps in place bad policies. Optimal resource management may make use of the Hoteling rule and the Hartwick rule. However, a recent World Bank study suggests that resource rich economies squander their natural resource wealth and more often have negative genuine saving rates. Still, countries such as Botswana, Canada, Australia and Norway suggest it is possible to escape the resource curse. Some practical suggestions for a better management of natural resources are offered.

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Paper provided by Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford in its series OxCarre Working Papers with number 005.

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Date of creation: 2008
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Handle: RePEc:oxf:oxcrwp:005

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Keywords: Resource curse; cross-country and panel evidence; growth record; Dutch disease; dependent economy; real exchage rate; debt overhang; corruption; rule of law; institutions; optimal resource depletion; Hotelling rule; genuine saving; Hartwick rule; natural resource wealth management; sustainable development; transparency; resource fund; resource dividend;

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