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Natural resources: Curse or blessing?

Abstract:

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 la...

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Publisher copy:
10.1257/jel.49.2.366

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Journal:
Journal of Economic Literature
Volume:
49
Issue:
2
Publication date:
2011-01-01
DOI:
URN:
uuid:71c3bf65-8c65-4eca-bb97-cf3cebecedfd
Local pid:
oai:economics.ouls.ox.ac.uk:15201
Language:
English

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