Development Based on Commodity Revenues?

Sergei Guriev, Alexander Plekhanov and Konstantin Sonin
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Alexander Plekhanov: EBRD - European Bank for Reconstruction and Development - EBRD

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Abstract: Commodity resources offer significant opportunities for development. In the long run, however, the performance of commodity - rich countries tends to fall short of expectations, as commodity rents induce macroeconomic volatility and undermine incentives to improve institutions. The resource - rich countries have embraced a range of diversification strategies to avoid the "resource trap", to varying degrees and with varying success. Improving institutions remains the key challenge.

Date: 2009
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Published in [Research Report] European Bank for Reconstruction and Development. 2009, pp.76 - 93

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