Natural Resource Wealth: The Challenge of Managing a Windfall

38 Pages Posted: 22 Dec 2011

See all articles by Rick van der Ploeg

Rick van der Ploeg

University of Oxford

Anthony J. Venables

University of Oxford; Centre for Economic Policy Research (CEPR)

Date Written: December 2011

Abstract

Many countries have failed to use natural resource wealth to promote growth and development. They have been damaged by volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high return investments to support diversification of their economies. This paper explores the reasons for these failures and discusses policies to improve performance.

Keywords: absorptive capacity, Dutch disease, fiscal rules, managing windfalls, public investment, resource curse, volatility

JEL Classification: E60, F34, F35, F43, H21, H63, O11, Q33

Suggested Citation

van der Ploeg, Frederick and Venables, Anthony J., Natural Resource Wealth: The Challenge of Managing a Windfall (December 2011). CEPR Discussion Paper No. DP8694. Available at SSRN: https://ssrn.com/abstract=1976036

Frederick Van der Ploeg (Contact Author)

University of Oxford ( email )

Manor Road Building
Manor Road
Oxford, OX1 3BJ
United Kingdom

Anthony J. Venables

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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