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The Natural Resource Curse: A Survey

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Frankel, Jeffrey·2010·National Bureau of Economic Research
DOI 10.3386/w15836
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Abstract

It is striking how often countries with oil or other natural resource wealth have failed to grow more rapidly than those without.This is the phenomenon known as the Natural Resource Curse.The principle has been borne out in some econometric tests of the determinants of economic performance across a comprehensive sample of countries.This paper considers six aspects of commodity wealth, each of interest in its own right, but each also a channel that some have suggested could lead to sub-standard economic performance.They are: long-term trends in world commodity prices, volatility, crowding out of manufacturing, civil war, poor institutions, and the Dutch Disease.Skeptics have questioned the Natural Resource Curse, pointing to examples of commodity-exporting countries that have done well and arguing that resource endowments and booms are not exogenous.The paper concludes with a consideration of institutions and policies that some commodity-producers have tried, in efforts to overcome the pitfalls of the Curse.Ideas include indexation of oil contracts, hedging of export proceeds, denomination of debt in terms of oil, Chile-style fiscal rules, a monetary target that emphasizes product prices, transparent commodity funds, and lump-sum distribution.

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  • For many developing countries, the ownership of natural resources in a globalised world has not led to increased welfare, but to rising rents and exploitation.

    “For many developing countries, the ownership of natural resources in a globalised world has not led to increased welfare (for a survey see Frankel, 2010), but to rising rents and exploitation.”

    From Mapping modern economic rents: the good, the bad, and the grey areas (2023) · cites this paper as Frankel, 2010

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Authors
Frankel, J.
Affiliations
National Bureau of Economic Research (US)
Corresponding author
Frankel, Jeffrey
Venue
National Bureau of Economic Research
Publisher
National Bureau of Economic Research
Published
2010-03
DOI
10.3386/w15836
OpenAlex
W2113807065
Cited by
655
References
2
Citations by year
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Type
report
Language
en
Open access
Locations
  • National Bureau of Economic Research (publishedVersion)
  • Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
Funders
Harvard University
Topics
  • Social Sciences › Economics, Econometrics and Finance › General Economics, Econometrics and Finance › Natural Resources and Economic Development
  • Social Sciences › Demography › Culture, Economy, and Development Studies
  • Physical Sciences › Computer Science › Information Systems › Economic Growth and Development
Keywords
resource curse, oil-exporting countries, economic growth, commodity price volatility, Dutch disease, civil war, institutions, fiscal rules, commodity funds, lump-sum distributions, resource endowment

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