From fiscal stabilization to economic diversification: A developmental approach to managing resource revenues
Ha-Joon Chang and
No wp-2020-108, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)
The management of revenues from exhaustible natural resources involves a number of challenges. In this paper, we argue that the standard policy advice to managers of resource revenues has been dominated by short-termism and the lack of a perspective on economic development and structural transformation. As a result, mainstream approaches have often addressed only the symptoms of commodity dependence (e.g. vulnerability to commodity price volatility) rather than its root causes (insufficiently diversified productive structures).
Keywords: Commodity dependence; Economic development; Natural resources; Resource revenue management; Structural transformation (search for similar items in EconPapers)
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