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Natural resources, export structure and investment

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  • Stephen R. Bond
  • Adeel Malik

Abstract

We present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 72 developing countries. Our empirical results suggest important differences between oil and non-oil resources. While revenue from oil exports tends to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other measures of resource abundance, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility.

Suggested Citation

  • Stephen R. Bond & Adeel Malik, 2008. "Natural resources, export structure and investment," CSAE Working Paper Series 2008-20, Centre for the Study of African Economies, University of Oxford.
    • Handle: RePEc:csa:wpaper:2008-20
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    File URL: https://ora.ox.ac.uk/objects/uuid:216c2866-c5df-4963-9843-4fe3a4d3b2a1
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    References listed on IDEAS

    as
    1. van der Ploeg, Frederick & Poelhekke, Steven, 2007. "Volatility, Financial Development and the Natural Resource Curse," CEPR Discussion Papers 6513, C.E.P.R. Discussion Papers.
    2. van der Ploeg, Frederick, 2006. "Challenges and Opportunities for Resource Rich Economies," CEPR Discussion Papers 5688, C.E.P.R. Discussion Papers.
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    Cited by:

    1. Enrique Javier Burbano Valencia, 2015. "Reestructuración sectorial en el Putumayo: una dinámica de “tres velocidades”," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 0(1), pages 115-139, June.
    2. Badeeb, Ramez Abubakr & Szulczyk, Kenneth R. & Zahra, Samia & Mukherjee, Tanusree Chakravarty, 2023. "Innovation dynamics in the natural resource curse hypothesis: A new perspective from BRICS countries," Resources Policy, Elsevier, vol. 81(C).
    3. Enrique Javier Burbano, 2014. "Geografía económica de la región del Bajo Putumayo," Revista Economía y Región, Universidad Tecnológica de Bolívar, vol. 8(1), pages 165-205, June.

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    More about this item

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • Q5 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • F15 - International Economics - - Trade - - - Economic Integration

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