Economic Policy in Mineral-Rich Countries

Samuel G. Asfaha

Chapter 3 in Mineral Rents and the Financing of Social Policy, 2012, pp 62-90 from Palgrave Macmillan

Abstract: Abstract Defying intuition, natural resource wealth on aggregate has been found to be negatively correlated with economic growth and living standards1 and positively correlated with income inequality (Ross 2003). Natural resource wealth has also been found to be a fertile ground for social conflict (Collier and Hoeffler 2005; Ross 2006) and authoritarianism (Ross 2001). The negative correlation between natural resource wealth and economic growth has been dubbed the ‘resource curse’.2

Keywords: Gross Domestic Product; International Monetary Fund; Real Exchange Rate; Capital Inflow; Exchange Rate Policy (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:sopchp:978-0-230-37091-3_3

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DOI: 10.1057/9780230370913_3

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