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Resource abundance: A curse or blessing?

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  • Victor Polterovich, Vladimir Popov, Alexander Tonis

Abstract

Is resource abundance a blessing or a curse? Typically, in resource rich countries, domestic fuel prices are lower, and energy intensity of GDP is higher. But they have higher investment in R&D and fixed capital stock, larger foreign exchange reserves and more inflows of FDI. They also have lower budget deficits and lower inflation. These are conducive for long term growth. We also find that in resource rich countries, real exchange rate is generally higher, accumulation of human capital is slower and institutions are worse, especially if they were not strong initially, which are detrimental for growth.

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Bibliographic Info

Paper provided by United Nations, Department of Economics and Social Affairs in its series Working Papers with number 93.

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Length: 27 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:une:wpaper:93

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Related research

Keywords: Resource curse; economic growth; inequality; institutions; real exchange rate; budget deficit; inflation; investment; industrial policy;

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  1. Ben-David, Dan, 1996. "Trade and convergence among countries," Journal of International Economics, Elsevier, vol. 40(3-4), pages 279-298, May.
  2. Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self-Discovery," Working Paper Series rwp02-023, Harvard University, John F. Kennedy School of Government.
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