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Escaping the resource curse in regional development: a case study on the allocation of oil royalties

Author

Listed:
  • Benedetto Rocchi
  • Chiara Landi
  • Gianluca Stefani
  • Severino Romano
  • Mario Cozzi

Abstract

The aim of this paper is to evaluate the socio-economic impact of the allocation of royalties from oil extraction on regional development through a case study on the Basilicata region (Italy). We examine how the regional government's chosen policies have impacted the income of Basilicata residents and the economic development of the region and how a different set of choices may reveal a more effective approach to turning revenue into long-term public benefits. The analysis focuses on growth as well as on distributive impacts of the allocation of royalties. The results clearly show that the past allocation of the royalties accruing to regional government into regional policies generated little impact in terms of economic growth and occupation, the total well below what was expected. Appreciable impacts on incomes and occupation will not be forthcoming unless resources are redirected towards supporting a stronger competitiveness of the regional economic system.

Suggested Citation

  • Benedetto Rocchi & Chiara Landi & Gianluca Stefani & Severino Romano & Mario Cozzi, 2015. "Escaping the resource curse in regional development: a case study on the allocation of oil royalties," International Journal of Sustainable Development, Inderscience Enterprises Ltd, vol. 18(1/2), pages 115-138.
    • Handle: RePEc:ids:ijsusd:v:18:y:2015:i:1/2:p:115-138
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    Citations

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    Cited by:

    1. Iacono, Roberto, 2015. "The Basilicata Wealth Fund: resource policy and long-run economic development in Southern Italy," MPRA Paper 66393, University Library of Munich, Germany.
    2. Iacono, Roberto, 2016. "No blessing, no curse? On the benefits of being a resource-rich southern region of Italy," Research in Economics, Elsevier, vol. 70(2), pages 346-359.
    3. Gritsenko, Daria & Efimova, Elena, 2020. "Is there Arctic resource curse? Evidence from the Russian Arctic regions," Resources Policy, Elsevier, vol. 65(C).
    4. Wang, Delu & Ma, Gang & Song, Xuefeng & Liu, Yun, 2017. "Energy price slump and policy response in the coal-chemical industry district: A case study of Ordos with a system dynamics model," Energy Policy, Elsevier, vol. 104(C), pages 325-339.

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