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Being rich in energy resources – a blessing or a curse

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Author Info
Schubert, Samuel R.

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Abstract

“Being rich in energy resources – a blessing or a curse” finds that an energy resource curse plagues many EU supplier states. This in turn directly affects Europe’s energy supply security and threatens to engulf Europe in unwanted hostilities at home and abroad. The study addresses seven issues including the evidence suggesting that a curse exists among Europe’s external energy suppliers, active programs to limit that risk, the significance of economic diversification, the applicability of dividend programs, the link between corruption and security of energy supplies, additional possible actions of the Union, and further threats posed by resource cursed countries. It establishes a definitive links between corruption and supply security, poor transparency, and inequality, and proves that a low level of economic diversification is a reliable indicator for the existence of the curse. It also finds that there are examples of excellence in recovering from and even converting the curse to a blessing. In looking at the policy instruments available to the Union, the study determines that the Union does have the technical expertise and financial means to restructure political and economic systems and strengthen public administrations and institutions and found that Europe’s successful implementation of similar past programs could be taken, at least in part, as models for future efforts. Finally, the study recommends the controversial approach of conditionality in the use of aid and finds that the Union should legislate standards for the reporting and auditing of energy exports and imports at home and abroad.

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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 10108.

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Date of creation: 31 Jan 2007
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Publication status: Published in EP Policy Department Studies 386.614(2007): pp. 1-60
Handle: RePEc:pra:mprapa:10108

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Related research
Keywords: Resource Curse Oil Curse Energy Security Energy Policy EU European Union Foreign Policy Development Policy

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F0 - International Economics - - General
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O1 - Economic Development, Technological Change, and Growth - - Economic Development
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Y1 - Miscellaneous Categories - - Data: Tables and Charts
F59 - International Economics - - International Relations and International Political Economy - - - Other
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
H2 - Public Economics - - Taxation, Subsidies, and Revenue
F51 - International Economics - - International Relations and International Political Economy - - - International Conflicts; Negotiations; Sanctions
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N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
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C19 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Other
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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L78 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Government Policy
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L3 - Industrial Organization - - Nonprofit Organizations and Public Enterprise
O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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