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Resource windfalls, macroeconmic stability and growth : the role of political institutions

Rabah Arezki; Kirk Hamilton; Kazim Kazimov

We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending... Full description

Year of Publication: 2011
Authors: Arezki, Rabah; Hamilton, Kirk; Kazimov, Kazim
Publisher: München : CESifo
Physical Description: Online-Ressource (PDF-Datei: 25 S., 411 KB)
graph. Darst., Kt.
Series: CESifo working paper / Fiscal Policy, Macroeconomics and Growth ; 3678
Language: English
Subjects: Rohstoffwirtschaft | Resources sector | Export | Windfall Profit | Windfall gains | Rohstoffreichtum | Resource wealth | Finanzpolitik | Fiscal policy | Makroökonomischer Einfluss | Macroeconomic effect | Wirtschaftswachstum | Economic Growth | Welt | World | 1970-2007
Classification: jel-O13; jel-H30; jel-C33
Type of Publication (narrower categories): Arbeitspapier
Working Paper
Graue Literatur
Non-commercial literature
Type of Publication: Book / Working Paper
Notes: Systemvoraussetzungen: Acrobat Reader
Title record from database: ECONIS - Online Catalogue of the ZBW
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Summary: We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending in commodity-exporting countries has been procyclical. Second, we find that resource windfalls initially crowd out non-resource GDP which then increases as a result of the fiscal expansion. Third, we find that in the long run resource windfalls have negative effects on non-resource sector GDP growth. Yet, the effects turn out to be statistically insignificant when controlling for government spending. Both the effects of resource windfalls on macroeconomic stability and economic growth are moderated by the quality of political institutions. -- commodity ; fiscal policy ; macroeconomic stability ; economic growth
Item Description: Systemvoraussetzungen: Acrobat Reader
Physical Description: Online-Ressource (PDF-Datei: 25 S., 411 KB)
graph. Darst., Kt.
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