Using natural resources for development: why has it proven so difficult?
Developing economies have found it hard to use natural resource wealth to improve their economic performance. Utilizing resource endowments is a multistage economic and political problem that requires private investment to discover and extract the resource, fiscal regimes to capture revenue, judicio...
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| Format: | Journal article |
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American Economic Association
2016
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| _version_ | 1797101374293409792 |
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| author | Venables, A |
| author_facet | Venables, A |
| author_sort | Venables, A |
| collection | OXFORD |
| description | Developing economies have found it hard to use natural resource wealth to improve their economic performance. Utilizing resource endowments is a multistage 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. |
| first_indexed | 2024-03-07T05:50:59Z |
| format | Journal article |
| id | oxford-uuid:e8ddf7ed-29f2-45ec-b1e4-6dd9a035b29e |
| institution | University of Oxford |
| last_indexed | 2024-03-07T05:50:59Z |
| publishDate | 2016 |
| publisher | American Economic Association |
| record_format | dspace |
| spelling | oxford-uuid:e8ddf7ed-29f2-45ec-b1e4-6dd9a035b29e2022-03-27T10:50:05ZUsing natural resources for development: why has it proven so difficult?Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:e8ddf7ed-29f2-45ec-b1e4-6dd9a035b29eSymplectic Elements at OxfordAmerican Economic Association2016Venables, ADeveloping economies have found it hard to use natural resource wealth to improve their economic performance. Utilizing resource endowments is a multistage 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. |
| spellingShingle | Venables, A Using natural resources for development: why has it proven so difficult? |
| title | Using natural resources for development: why has it proven so difficult? |
| title_full | Using natural resources for development: why has it proven so difficult? |
| title_fullStr | Using natural resources for development: why has it proven so difficult? |
| title_full_unstemmed | Using natural resources for development: why has it proven so difficult? |
| title_short | Using natural resources for development: why has it proven so difficult? |
| title_sort | using natural resources for development why has it proven so difficult |
| work_keys_str_mv | AT venablesa usingnaturalresourcesfordevelopmentwhyhasitprovensodifficult |