Foreign Resource Inflows, Saving, and Growth

Maurice Obstfeld

No C98-099, Center for International and Development Economics Research (CIDER) Working Papers from University of California at Berkeley

Abstract: This paper surveys aspects of the empirical and theoretical debate over the effects of foreign resource inflows on the national saving, investment, and growth of developing countries. The paper suggests a methodology for systematically studying the effects of resource inflows, based on standard optimal growth models modified for consistency with key empirical macro relations. A fairly robust normative implication even of representative-agent optimal consumption models is that much if not most of extra permanent resources should be consumed rather than invested.

Date: 1998-05-01
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Working Paper: Foreign Resource Inflows, Saving, and Growth (1998)
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