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Long-run Effects of Resource Rents in Developing Countries: The role of public investment management

  • Firew B Woldeyes
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    The paper studies the long-run effects of shocks to resource rents on the economy using a structural vector error correction model for 37 developing countries. First, the long-run relations involving resource rents and the economy differ for resource importers and exporters. Second, there is an indirect effect from resource rents to output through public capital accumulation for resource exporters. third, although resource rents have a positive long-run impact on output, good public investment management is required for resource rents to improve non-resource output.

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    File URL: http://www.oxcarre.ox.ac.uk/files/OxCarreRP2013105.pdf
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    Paper provided by Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford in its series OxCarre Working Papers with number 105.

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    Date of creation: 2013
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    Handle: RePEc:oxf:oxcrwp:105
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    Web page: http://www.oxcarre.ox.ac.uk/
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    1. Kilian, Lutz & Rebucci, Alessandro & Spatafora, Nikola, 2009. "Oil shocks and external balances," Journal of International Economics, Elsevier, vol. 77(2), pages 181-194, April.
    2. Zac Mills & Annette Kyobe & Jim Brumby & Chris Papageorgiou & Era Dabla-Norris, 2011. "Investing in Public Investment; An Index of Public Investment Efficiency," IMF Working Papers 11/37, International Monetary Fund.
    3. Paul Collier & Benedikt Goderis, 2008. "Commodity Prices and Growth: An empirical investigation," OxCarre Working Papers 014, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
    4. Sanjeev Gupta & Alvar Kangur & Abdoul Wane & Chris Papageorgiou, 2011. "Efficiency-Adjusted Public Capital and Growth," IMF Working Papers 11/217, International Monetary Fund.
    5. Juan F. Rubio-Ramírez & Daniel F. Waggoner & Tao Zha, 2008. "Structural vector autoregressions: theory of identification and algorithms for inference," FRB Atlanta Working Paper 2008-18, Federal Reserve Bank of Atlanta.
    6. Michael Alexeev & Robert Conrad, 2009. "The Elusive Curse of Oil," The Review of Economics and Statistics, MIT Press, vol. 91(3), pages 586-598, August.
    7. Renée Fry & Adrian Pagan, 2011. "Sign Restrictions in Structural Vector Autoregressions: A Critical Review," Journal of Economic Literature, American Economic Association, vol. 49(4), pages 938-60, December.
    8. Justin Yifu Lin & Doerte Doemeland, 2012. "Beyond Keynesianism: Global Infrastructure Investments In Times Of Crisis," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 1250015-1-1.
    9. Palaskas, Theodosios B. & Varangis, Panos N., 1991. "Is there excess co-movement of primary commodity prices? A co-integration test," Policy Research Working Paper Series 758, The World Bank.
    10. Frederick Van der Ploeg, 2010. "Natural Resources: Curse or Blessing?," CESifo Working Paper Series 3125, CESifo Group Munich.
    11. Phylaktis, Kate & Girardin, Eric, 2001. "Foreign exchange markets in transition economies: China," Journal of Development Economics, Elsevier, vol. 64(1), pages 215-235, February.
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