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Natural Resource Endowment: A Mixed Blessing?

Author

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  • Thorvaldur Gylfason

Abstract

This paper deals with the implications of natural resources for the conduct of economic policies and the role and design of institutions in resource-rich countries. The paper briefly reviews the experience of a few resource-rich countries, highlighting the successes of those that have done well as well as some of the fiscal, monetary, and exchange rate policy issues that arise along the way. Special attention is given to Norway, the world's third largest oil exporter, and the role of good governance, including democracy. The paper then turns from anecdotal to econometric analysis by offering a quick glance at some of the empirical cross-country patterns that can be brought to bear on the relationship between natural resources, economic growth, and some of the main determinants of growth, including democracy.

Suggested Citation

  • Thorvaldur Gylfason, 2011. "Natural Resource Endowment: A Mixed Blessing?," CESifo Working Paper Series 3353, CESifo Group Munich.
  • Handle: RePEc:ces:ceswps:_3353
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    File URL: http://www.cesifo-group.de/DocDL/cesifo1_wp3353.pdf
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    References listed on IDEAS

    as
    1. Anne D. Boschini & Jan Pettersson & Jesper Roine, 2007. "Resource Curse or Not: A Question of Appropriability," Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(3), pages 593-617, September.
    2. Nauro F. Campos & Abrizio Coricelli, 2002. "Growth in Transition: What We Know, What We Don't, and What We Should," Journal of Economic Literature, American Economic Association, vol. 40(3), pages 793-836, September.
    3. Sachs, J-D & Warner, A-M, 1995. "Natural Resource Abundance and Economic Growth," Papers 517a, Harvard - Institute for International Development.
    4. Gylfason, Thorvaldur & Weitzman, Martin, 2003. "Icelandic Fisheries Management: Fees versus Quotas," CEPR Discussion Papers 3849, C.E.P.R. Discussion Papers.
    5. Ola Olsson, 2006. "Diamonds Are a Rebel's Best Friend," The World Economy, Wiley Blackwell, vol. 29(8), pages 1133-1150, August.
    6. Halvor Mehlum & Karl Moene & Ragnar Torvik, 2006. "Cursed by Resources or Institutions?," The World Economy, Wiley Blackwell, vol. 29(8), pages 1117-1131, August.
    7. Gylfason, Thorvaldur, 2008. "Development and Growth in Mineral-Rich Countries," CEPR Discussion Papers 7031, C.E.P.R. Discussion Papers.
    8. William F. Maloney & Daniel Lederman, 2008. "In search of the Missing Resource Curse," ECONOMIA JOURNAL, THE LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION - LACEA, vol. 0(Fall 2008), pages 1-57, August.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Clark, Jeremy, 2017. "The evolution of the natural resource curse thesis: A critical literature survey," Resources Policy, Elsevier, vol. 51(C), pages 123-134.
    2. Söderholm, Patrik & Svahn, Nanna, 2015. "Mining, regional development and benefit-sharing in developed countries," Resources Policy, Elsevier, vol. 45(C), pages 78-91.
    3. Laura Recuero Virto & Denis Couvet & Frédéric Ducarme, 2018. "The determinants of economic growth in countries with high marine biodiversity," Working Papers 2018.03, FAERE - French Association of Environmental and Resource Economists.
    4. Michel Beine & Serge Coulombe & Wessel N. Vermeulen, 2015. "Dutch Disease and the Mitigation Effect of Migration: Evidence from Canadian Provinces," Economic Journal, Royal Economic Society, vol. 125(589), pages 1574-1615, December.
    5. repec:eee:jrpoli:v:53:y:2017:i:c:p:1-11 is not listed on IDEAS
    6. Laura Recuero Virto & Denis Couvet, 2018. "Economic growth determinants in countries with blue carbon: Natural capital as a limiting factor ?," Working Papers 2018.06, FAERE - French Association of Environmental and Resource Economists.

    More about this item

    Keywords

    economic growth; natural resources; governance;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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