Natural Resources: Curse or Blessing?

Journal of Economic Literature - Tập 49 Số 2 - Trang 366-420 - 2011
Frederick van der Ploeg1
1University of Oxford, VU University of Amsterdam, Tinbergen Institute, CEPR and CESifo.

Tóm tắt

Are natural resources a “curse” or a “blessing”? The empirical evidence suggests that either outcome is possible. This paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a resource bonanza induces appreciation of the real exchange rate, deindustrialization, and bad growth prospects, and that these adverse effects are more severe in volatile countries with bad institutions and lack of rule of law, corruption, presidential democracies, and underdeveloped financial systems. Another hypothesis is that a resource boom reinforces rent grabbing and civil conflict especially if institutions are bad, induces corruption especially in nondemocratic countries, and keeps in place bad policies. Finally, resource rich developing economies seem unable to successfully convert their depleting exhaustible resources into other productive assets. The survey also offers some welfare-based fiscal rules for harnessing resource windfalls in developed and developing economies. (JEL O47, Q32, Q33)

Từ khóa


Tài liệu tham khảo

10.1016/0014-2921(94)00014-Q

10.1257/aer.91.5.1369

10.1515/9781400845897-006

10.1016/S0304-3932(02)00208-8

10.1017/S0003055406062046

10.1162/154247604323067916

10.1093/wber/lhj011

10.1111/1468-0343.00060

10.1046/j.0013-0133.2003.00181.x

10.1257/aer.89.4.982

10.1016/j.jmoneco.2009.03.015

10.1111/1468-0335.00163

Alesina Alberto, 1991, American Economic Review, 81, 1170

10.2307/2298021

10.1016/j.jdeveco.2007.12.005

10.1162/rest.90.2.191

10.1007/s00199-002-0335-2

10.2307/135338

10.1016/0047-2727(95)01500-0

10.1016/j.jeem.2006.09.001

10.1016/S0165-1765(01)00493-1

10.1111/j.1467-9442.2006.00471.x

10.1016/j.worlddev.2003.05.001

10.1002/(SICI)1099-1328(199706)9:4<651::AID-JID474>3.0.CO;2-4

10.1016/S0014-2921(01)00126-X

10.1016/S0304-3878(00)00067-5

Bardhan Pranab, 1997, Journal of Economic Literature, 35, 1320

10.1162/003355397555136

Besley Timothy, 1998, American Economic Review, 88, 139

10.1257/aer.99.4.1218

10.3982/ECTA8073

10.1016/j.geb.2009.09.012

10.1016/j.euroecorev.2009.10.004

10.1111/j.1467-9442.2007.00509.x

10.1016/S0304-3878(00)00086-9

10.2307/2527315

10.1086/380592

10.1016/j.jeem.2007.08.004

10.2307/2297191

10.1093/oxfordjournals.oep.a028599

Buiter Willem H, 1983, Economic Interdependence and Flexible Exchange Rates, ed. Jagdeep Bhandari, Bluford H. Putnam, and Jay H. Levin, 221

10.2202/1935-1682.1890

10.1016/j.worlddev.2005.04.004

10.1093/oep/gpp023

10.1016/j.jdeveco.2003.08.005

10.1093/oxfordjournals.oep.a041854

10.1093/oep/gpf064

10.1177/0022002705277551

10.1016/j.euroecorev.2008.05.006

10.1177/0022343304043769

10.1057/imfsp.2009.16

10.1093/oxfordjournals.oep.a041643

10.2307/2232670

10.1111/1468-0297.00617

10.2307/1884164

10.2307/2296369

10.1017/S1355770X00000061

10.1093/icc/6.2.203

Demsetz Harold, 1967, American Economic Review, 57, 347

10.2307/2297306

10.2307/2232441

10.1016/j.jeem.2003.12.004

10.1007/BF02706521

10.1111/j.1467-9361.2010.00551.x

Fasano Ugo, 2002, IMFSurvey, 330

10.1177/0022002705277544

10.1017/S0003055403000534

10.1016/S0304-3878(98)00045-5

10.1111/j.1475-5890.1980.tb00556.x

10.1111/j.1475-5890.1981.tb00459.x

10.1257/aer.89.3.379

10.1016/j.econlet.2010.03.008

10.1177/016001799761012334

10.1023/B:JOEG.0000038933.16398.ed

10.1016/S0165-1889(02)00154-9

10.1257/aer.91.2.347

10.1016/S0014-2921(01)00127-1

10.1017/S1365100599011049

Gylfason Thorvaldur, 2003, Inequality and Growth: Theory and Policy Implications, ed. Theo S. Eicher and Stephen J. Turnovsky, 255, 10.7551/mitpress/3750.003.0016

10.1162/003355399555954

10.1093/wber/13.2.333

10.1111/j.0008-4085.2005.00295.x

Harford Tim, 2005, Public Policy Journal, 291, 1

Hartwick John M, 1977, American Economic Review, 67, 972

10.1006/jeem.1998.1136

10.1162/rest.2010.12184

10.1016/j.euroecorev.2005.05.004

10.1177/0022002705277545

International Monetary Fund, 2005, World Economic Outlook: Building Institutions, 125

10.1093/wber/lhi010

10.2307/2946651

Karl Terry Lynn, 1999, Journal of International Affairs, 53, 31, 10.1080/00049919994015

10.1093/oxfordjournals.oep.a042069

10.1111/j.1468-0343.1995.tb00111.x

10.1016/0304-3878(87)90005-8

10.1007/BF00138863

10.1111/j.1536-7150.2006.00476.x

10.1017/S0022050700105121

10.1017/S0022050700096340

10.1177/0022343309350015

10.1016/S0022-1996(03)00038-2

10.2307/2234899

10.1016/j.jdeveco.2004.09.003

10.1016/0022-0531(92)90057-O

10.2307/2946696

10.1177/0022343302039004005

10.1111/j.1467-9701.2006.00808.x

10.1111/j.1468-0297.2006.01045.x

10.1086/421174

10.2307/2526120

10.1006/jeth.2001.2964

10.1086/261641

Murphy Kevin M, 1993, American Economic Review, 83, 409

10.1177/0022343302039004001

Neary J. Peter., 1988, American Economic Review, 78, 210

10.2307/3439637

10.2307/2232829

10.2307/2534581

10.1177/0022343304043772

10.1016/S0176-2680(97)00016-5

10.1016/j.jce.2003.11.002

10.1086/261933

10.1086/260935

10.1016/j.jpubeco.2010.02.005

10.1111/j.1468-2354.2010.00583.x

10.1016/j.reseneeco.2009.07.002

10.1093/oep/gpp027

10.1016/j.jeem.2010.03.003

10.1111/j.1468-0297.2010.02411.x

Ramey Garey, 1995, American Economic Review, 85, 1138

10.1016/j.jpubeco.2004.05.004

10.1016/j.jdeveco.2006.01.008

10.1023/A:1009876618968

10.1023/B:JOEG.0000031425.72248.85

10.1016/j.jdeveco.2008.04.005

10.1017/S0043887100008200

10.1353/wp.2001.0011

10.1177/0022343304043773

Sachs Jeffrey D, 1997, Leading Issues in Economic Development, First edition, ed. Gerald M. Meier and James E. Rauch, 161

10.1093/oxfordjournals.jae.a020932

10.1016/S0014-2921(01)00125-8

Martin Xavier, 1997, American Economic Review, 87, 178

Sauré Philip, 2010, Swiss National Bank Working Paper, 2010

10.1016/0047-2727(95)01527-2

10.1111/j.1467-937X.2006.00375.x

10.1177/0022343302039004004

10.2307/2296370

10.2307/2296377

10.1016/j.resourpol.2005.05.001

10.1016/j.econmod.2007.05.005

10.1016/S0022-1996(99)00014-8

10.1257/aer.89.1.22

10.1016/S0014-2921(99)00071-9

10.1016/S0304-3878(01)00195-X

10.1111/j.1467-9396.1996.tb00106.x

Velasco Andres, 1999, Fiscal Institutions and Fiscal Performance, ed. James M. Poterba and Jürgen von Hagen, 37

10.1016/j.jdeveco.2009.01.005

10.1006/jeem.1997.0992

10.1177/0022002705277802

10.1007/s11127-005-9010-z

10.2307/2232214

10.2307/1885524

10.1016/S0165-1889(97)00109-7

Wood Adrian J. B., 1999, Development Policies in Natural Resource Economies, ed. Jörg Mayer, Brian Chambers, and Ayisha Farooq, 39

Woolcock Michael, 2001, R. M. Auty, 76

10.1080/05775132.2004.11034243