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Author: Gøril Havro Publisher: ISBN: 9781858649634 Category : Economic development Languages : en Pages : 54
Book Description
While natural resource revenues ought to enable development, past experiences with the "Paradox of Plenty" have shown that mineral and oil wealth often represents a curse rather than a blessing, inducing slower growth and higher levels of poverty. Many resource rich countries have high poverty rates and are among recipients of international aid. This paper looks at how lessons from successful resource rich countries can provide lessons for resource management. It also considers how international donors can act to facilitate such processes. Norway and Chile are small open economies with high concentration in petroleum and copper, respectively. Yet the interaction between good institutions and fiscal policy, facilitated by the use of resource funds, has allowed both countries to largely escape the resource curse. Both countries have prioritised institutional development before engaging in heavy resource extraction. Maintaining a broad tax base, developing linkages to the rest of the economy, investing in human capital, and engaging in political consensus-building have helped retain incentives that limit rent-seeking. Many countries facing high inflows of natural resource rents also have weak institutions. For these countries, strengthening institutions through developing the skill and efficiency of civil servants and committing to transparency and accountability can help change the pay-offs from engaging in corrupt practices or rent-seeking. Yet in many cases, large-scale institution building might be beyond these countries' immediate capacity, leaving an important opportunity for international donors. Aid, in the traditional sense, is not the solution to the resource curse. Once the natural resource revenues have started flowing, resource rich countries are not primarily in need of further financial inflows. Fostering long-term development here is rather a question of technical support and capacity building, support for international anti-corruption mechanisms and imposing transparency and legal requirements on national companies operating in these countries.
Author: Gøril Havro Publisher: ISBN: 9781858649634 Category : Economic development Languages : en Pages : 54
Book Description
While natural resource revenues ought to enable development, past experiences with the "Paradox of Plenty" have shown that mineral and oil wealth often represents a curse rather than a blessing, inducing slower growth and higher levels of poverty. Many resource rich countries have high poverty rates and are among recipients of international aid. This paper looks at how lessons from successful resource rich countries can provide lessons for resource management. It also considers how international donors can act to facilitate such processes. Norway and Chile are small open economies with high concentration in petroleum and copper, respectively. Yet the interaction between good institutions and fiscal policy, facilitated by the use of resource funds, has allowed both countries to largely escape the resource curse. Both countries have prioritised institutional development before engaging in heavy resource extraction. Maintaining a broad tax base, developing linkages to the rest of the economy, investing in human capital, and engaging in political consensus-building have helped retain incentives that limit rent-seeking. Many countries facing high inflows of natural resource rents also have weak institutions. For these countries, strengthening institutions through developing the skill and efficiency of civil servants and committing to transparency and accountability can help change the pay-offs from engaging in corrupt practices or rent-seeking. Yet in many cases, large-scale institution building might be beyond these countries' immediate capacity, leaving an important opportunity for international donors. Aid, in the traditional sense, is not the solution to the resource curse. Once the natural resource revenues have started flowing, resource rich countries are not primarily in need of further financial inflows. Fostering long-term development here is rather a question of technical support and capacity building, support for international anti-corruption mechanisms and imposing transparency and legal requirements on national companies operating in these countries.
Author: Rabah Arezki Publisher: ISBN: 9781616351458 Category : Law Languages : en Pages : 275
Book Description
Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial stability, and governance. The ideas in this book were first presented at a seminar in November 2010 that was aimed primarily at policymakers in sub-Saharan Africa and brought together ministers, central bank governors, other senior policymakers, and well-known academics.
Author: Frederick van der Ploeg Publisher: Edward Elgar Publishing ISBN: 9781849803915 Category : Natural resources Languages : en Pages : 0
Book Description
Accompanied by an original and informative introduction by the editors, this volume brings together scholarly contributions on the problems and benefits of an economy rich in natural resources. After a brief look at some historical aspects of the subject, the book explores the concept known as the 'Dutch Disease' and offers empirical and theoretical insights into the effects of rich natural resources on economic growth. Further topics are the political economy of natural resources, issues of conflict and natural resources and an investigation into a variety of policies and strategies for managing the revenue from natural resources.
Author: Richard Auty Publisher: Routledge ISBN: 1134867891 Category : Business & Economics Languages : en Pages : 306
Book Description
It is widely believed that natural mineral resources are desirable. However there is growing evidence that this may not always be the case. Indeed, it seems that natural assets can distort the economy to such a degree that the benefit actually becomes a curse. In Sustaining Development in Mineral Economies, Richard Auty highlights these drawbacks and the devastating effect they can have on developing economies. With reference to six ore-exporters (viz. Peru, Bolivia, Chile, Jamaica, Zambia and Papua New Guinea) he outlines how things can go badly wrong. He particularly stresses the need to avoid `Dutch Disease' whereby competitiveness is drained out of the agriculture and manufacturing sectors so that in the long term growth falters.
Author: Robert J. Johnston Publisher: Springer ISBN: 940179930X Category : Business & Economics Languages : en Pages : 583
Book Description
This book provides a comprehensive review of environmental benefit transfer methods, issues and challenges, covering topics relevant to researchers and practitioners. Early chapters provide accessible introductory materials suitable for non-economists. These chapters also detail how benefit transfer is used within the policy process. Later chapters cover more advanced topics suited to valuation researchers, graduate students and those with similar knowledge of economic and statistical theory and methods. This book provides the most complete coverage of environmental benefit transfer methods available in a single location. The book targets a wide audience, including undergraduate and graduate students, practitioners in economics and other disciplines looking for a one-stop handbook covering benefit transfer topics and those who wish to apply or evaluate benefit transfer methods. It is designed for those both with and without training in economics
Author: R. M. Auty Publisher: Oxford University Press ISBN: 0199246882 Category : Business & Economics Languages : en Pages : 357
Book Description
Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exportsboost their capacity to invest and to import."Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failure than the resource-abundant countriesbecause social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policycoherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of 'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy.The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example of successful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. Itdemonstrates the importance of initial conditions to successful economic reform.
Author: Macartan Humphreys Publisher: Columbia University Press ISBN: 0231512104 Category : Business & Economics Languages : en Pages : 429
Book Description
The wealth derived from natural resources can have a tremendous impact on the economics and politics of producing countries. In the last quarter century, we have seen the surprising and sobering consequences of this wealth, producing what is now known as the "resource curse." Countries with large endowments of natural resources, such as oil and gas, often do worse than their poorer neighbors. Their resource wealth frequently leads to lower growth rates, greater volatility, more corruption, and, in extreme cases, devastating civil wars. In this volume, leading economists, lawyers, and political scientists address the fundamental channels generated by this wealth and examine the major decisions a country must make when faced with an abundance of a natural resource. They identify such problems as asymmetric bargaining power, limited access to information, the failure to engage in long-term planning, weak institutional structures, and missing mechanisms of accountability. They also provide a series of solutions, including recommendations for contracting with oil companies and allocating revenue; guidelines for negotiators; models for optimal auctions; and strategies to strengthen state-society linkages and public accountability. The contributors show that solutions to the resource curse do exist; yet, institutional innovations are necessary to align the incentives of key domestic and international actors, and this requires fundamental political changes and much greater levels of transparency than currently exist. It is becoming increasingly clear that past policies have not provided the benefits they promised. Escaping the Resource Curse lays out a path for radically improving the management of the world's natural resources.
Author: Glenn-Marie Lange Publisher: World Bank Publications ISBN: 1464810478 Category : Business & Economics Languages : en Pages : 293
Book Description
Countries regularly track gross domestic product (GDP) as an indicator of their economic progress, but not wealth—the assets such as infrastructure, forests, minerals, and human capital that produce GDP. In contrast, corporations routinely report on both their income and assets to assess their economic health and prospects for the future. Wealth accounts allow countries to take stock of their assets to monitor the sustainability of development, an urgent concern today for all countries. The Changing Wealth of Nations 2018: Building a Sustainable Future covers national wealth for 141 countries over 20 years (1995†“2014) as the sum of produced capital, 19 types of natural capital, net foreign assets, and human capital overall as well as by gender and type of employment. Great progress has been made in estimating wealth since the fi rst volume, Where Is the Wealth of Nations? Measuring Capital for the 21st Century, was published in 2006. New data substantially improve estimates of natural capital, and, for the fi rst time, human capital is measured by using household surveys to estimate lifetime earnings. The Changing Wealth of Nations 2018 begins with a review of global and regional trends in wealth over the past two decades and provides examples of how wealth accounts can be used for the analysis of development patterns. Several chapters discuss the new work on human capital and its application in development policy. The book then tackles elements of natural capital that are not yet fully incorporated in the wealth accounts: air pollution, marine fi sheries, and ecosystems. This book targets policy makers but will engage anyone committed to building a sustainable future for the planet.
Author: Gøril Havro
Author: Gøril Havro
Author: Rabah Arezki
Author: 
Author: Frederick van der Ploeg
Author: Richard Auty
Author: Robert J. Johnston
Author: R. M. Auty
Author: Macartan Humphreys
Author: Glenn-Marie Lange
Author: University of Kentucky. Department of Agricultural Economics