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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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File URL: http://www.un.org/esa/desa/papers/2010/wp93_2010.pdf
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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, 1995. "Trade and Convergence Among Countries," CEPR Discussion Papers 1126, C.E.P.R. Discussion Papers.
  2. Hausmann, Ricardo & Rodrik, Dani, 2002. "Economic Development as Self Discovery," CEPR Discussion Papers 3356, C.E.P.R. Discussion Papers.
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