Match!

Using Natural Resources for Development: Why Has It Proven So Difficult?

Published on Feb 1, 2016in Journal of Economic Perspectives6.45
· DOI :10.1257/jep.30.1.161
Anthony J. Venables61
Estimated H-index: 61
Abstract
Developing economies have found it hard to use natural resource wealth to improve their economic performance. Utilising resource endowments is a multi-stage economic and political problem that requires private investment to discover and extract the resource, fiscal regimes to capture revenue, judicious spending and investment decisions, and policies to manage volatility and mitigate adverse impacts on the rest of the economy. Experience is mixed, with some successes (such as Botswana and Malaysia) and more failures. This paper reviews the challenges that are faced in successfully managing resource wealth, the evidence on country performance, and the reasons for disappointing results.
  • References (65)
  • Citations (63)
References65
Newest
#1Rabah Arezki (IMF: International Monetary Fund)H-Index: 22
#2Valerie A. Ramey (UCSD: University of California, San Diego)H-Index: 37
Last.Liugang Sheng (CUHK: The Chinese University of Hong Kong)H-Index: 4
view all 3 authors...
#1David P. Coady (IMF: International Monetary Fund)H-Index: 10
#2Ian Parry (IMF: International Monetary Fund)H-Index: 8
Last.Baoping Shang (IMF: International Monetary Fund)H-Index: 5
view all 4 authors...
#1Kenneth Hendricks (University of Texas at Austin)H-Index: 20
#2Robert H. Porter (NBER: National Bureau of Economic Research)H-Index: 25
#1Sanjeev GuptaH-Index: 40
Last.Enrique FloresH-Index: 2
view all 3 authors...
Cited By63
Newest
#1Lionel Roger (University of Nottingham)H-Index: 1
#2Gregory SmithH-Index: 1
Last.Oliver Morrissey (University of Nottingham)H-Index: 39
view all 3 authors...
View next paperThe curse of natural resources