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The Shifting Natural Wealth of Nations: The Role of Market Orientation

Frederick (Rick) van der Ploeg (), Rabah Arezki () and Frederik Toscani

No 180, OxCarre Working Papers from Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford

Abstract: This paper explores the effect of market orientation on (known) natural wealth using a novel dataset of world-wide major hydrocarbon and mineral discoveries. Consistent with the predictions of a two-region model, our empirical estimates based on a large panel of countries show that increased market orientation causes a significant increase in discoveries. In a thought experiment whereby economies in Latin America and sub-Saharan Africa remained closed, they would have only achieved one quarter of the actual increase in discoveries they have experienced since the early 1990s. Our results call into question the commonly held view that resource endowment is exogenous.

Keywords: natural resources; discoveries; market orientation; liberalization; institutions; endogenous reserves (search for similar items in EconPapers)
JEL-codes: E00 F3 F4 (search for similar items in EconPapers)
Date: 2016-08-31
New Economics Papers: this item is included in nep-mac
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Related works:
Journal Article: The shifting natural wealth of nations: The role of market orientation (2019) Downloads
Working Paper: The shifting natural wealth of nations: the role of market orientation (2018) Downloads
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