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Development Based on Commodity Revenues?

Sergei Guriev (), Alexander Plekhanov and Konstantin Sonin ()

Sciences Po publications from Sciences Po

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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