Resource curse in oil exporting countries:
This paper provides a comprehensive analysis of the "resource curse" phenomenon, i.e. the negative impact of the natural resource abundance on the long-term economic development, for a set of oil exporting countries. It distinguishes between two potential drivers of the resource curse: oil...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2018
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Schlagworte: | |
| Online-Zugang: | UBA01 UBG01 UEI01 UER01 UPA01 UBR01 UBW01 FFW01 FNU01 EUV01 FRO01 FHR01 FHN01 TUM01 FHI01 UBM01 Volltext |
| Zusammenfassung: | This paper provides a comprehensive analysis of the "resource curse" phenomenon, i.e. the negative impact of the natural resource abundance on the long-term economic development, for a set of oil exporting countries. It distinguishes between two potential drivers of the resource curse: oil dependence and oil price shocks, and it investigates whether the resource curse depends on a country's institutional and macroeconomic environment. The empirical analysis relies on a panel of 24 oil exporters between 1982 and 2012 and an error correction model. The paper provides robust evidence in favour of the resource curse hypothesis: a 10-percentage point increase in the oil export share is associated with a 7% lower GDP per capita in the long run. Oil price shocks appear to have an asymmetric impact in the short run: the growth effect is positive when oil prices rise, while no statistically significant effect is observed when they fall. There is an indirect evidence that the impact of an oil price shock is partly offset by fiscal policies, particularly in countries with high oil dependence. In the long run, an oil price shock does not appear to have a statistically significant impact on GDP. Finally, exchange rate regimes seem to play a role: a fixed exchange rate regime is associated with a higher GDP, potentially due to the presence of sovereign wealth or stabilisation funds. Most of oil exporters with a fixed exchange rate regime have such funds allowing them to actively use fiscal policies to counter oil price shocks |
| Beschreibung: | 1 Online-Ressource (36 Seiten) |
| DOI: | 10.1787/a5012a3d-en |
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Datensatz im Suchindex
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| author | Kakanov, Evgeny |
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| doi_str_mv | 10.1787/a5012a3d-en |
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| spelling | Kakanov, Evgeny Verfasser aut Resource curse in oil exporting countries Evgeny Kakanov, Hansjörg Blöchliger and Lilas Demmou Paris OECD Publishing 2018 1 Online-Ressource (36 Seiten) txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers This paper provides a comprehensive analysis of the "resource curse" phenomenon, i.e. the negative impact of the natural resource abundance on the long-term economic development, for a set of oil exporting countries. It distinguishes between two potential drivers of the resource curse: oil dependence and oil price shocks, and it investigates whether the resource curse depends on a country's institutional and macroeconomic environment. The empirical analysis relies on a panel of 24 oil exporters between 1982 and 2012 and an error correction model. The paper provides robust evidence in favour of the resource curse hypothesis: a 10-percentage point increase in the oil export share is associated with a 7% lower GDP per capita in the long run. Oil price shocks appear to have an asymmetric impact in the short run: the growth effect is positive when oil prices rise, while no statistically significant effect is observed when they fall. There is an indirect evidence that the impact of an oil price shock is partly offset by fiscal policies, particularly in countries with high oil dependence. In the long run, an oil price shock does not appear to have a statistically significant impact on GDP. Finally, exchange rate regimes seem to play a role: a fixed exchange rate regime is associated with a higher GDP, potentially due to the presence of sovereign wealth or stabilisation funds. Most of oil exporters with a fixed exchange rate regime have such funds allowing them to actively use fiscal policies to counter oil price shocks Economics Blöchliger, Hansjörg ctb Demmou, Lilas ctb https://doi.org/10.1787/a5012a3d-en Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Kakanov, Evgeny Resource curse in oil exporting countries Economics |
| title | Resource curse in oil exporting countries |
| title_auth | Resource curse in oil exporting countries |
| title_exact_search | Resource curse in oil exporting countries |
| title_exact_search_txtP | Resource curse in oil exporting countries |
| title_full | Resource curse in oil exporting countries Evgeny Kakanov, Hansjörg Blöchliger and Lilas Demmou |
| title_fullStr | Resource curse in oil exporting countries Evgeny Kakanov, Hansjörg Blöchliger and Lilas Demmou |
| title_full_unstemmed | Resource curse in oil exporting countries Evgeny Kakanov, Hansjörg Blöchliger and Lilas Demmou |
| title_short | Resource curse in oil exporting countries |
| title_sort | resource curse in oil exporting countries |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/a5012a3d-en |
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