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The Impact of Natural Resources on Economic Development in an...
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The Impact of Natural Resources on Economic Development in an Era of Globalization

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (31 October 2017) | Viewed by 30597

Special Issue Editor

Prof. Dr. Abdur Chowdhury

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Guest Editor
Department of Economics, Marquette University, Milwaukee, WI 53201, USA

Special Issue Information

Dear Colleagues,

It is increasingly recognized that exploiting natural resources does not always guarantee economic development. Thus, sustained development and equitable growth are now the focus of policy makers in many emerging markets. If natural resource development is properly managed, the associated revenue can be used to speed up growth, reduce inequality, and lift people out of poverty.

As extractive industry revenue represents an important share of total government revenue, government in many emerging markets are looking at different avenues to provide investors with credible fiscal and regulatory regimes within which to explore, develop, and produce.

The potential pitfalls and opportunities associated with natural resource development will be the focus of a Special Issue of the Economies.

Prof. Dr. Abdur Chowdhury
Guest Editor

Manuscript Submission Information

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Published Papers (3 papers)

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654 KiB  
Article
Management of Oil Revenues: Has That of Azerbaijan Been Prudent?
by Sarvar Gurbanov, Jeffrey B. Nugent and Jeyhun Mikayilov
Economies 2017, 5(2), 19; https://doi.org/10.3390/economies5020019 - 12 Jun 2017
Cited by 10 | Viewed by 9660
Abstract
To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted [...] Read more.
To help explain the common failure of oil or other natural resource exporting countries to diversify into industry, it has been common to trace this failure to real exchange rate appreciation. This has also been done in Azerbaijan. However, because Azerbaijan has devoted so much of its oil revenues to government investment, Azerbaijan provides a suitable case for examining an alternative link through government investment. This study applies the ARDL cointegration method to quarterly time series data on oil prices, government capital formation, non-oil exports and non-oil GDP to estimate the long run relationships linking oil prices to government investment expenditures and further to generation of non-oil GDP. The results show that despite the massive government investment expenditures, extremely little non-oil production of the tradable type has been generated, calling attention to the need for policy reform. Full article
(This article belongs to the Special Issue The Impact of Natural Resources on Economic Development in an Era of Globalization)
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1116 KiB  
Article
Natural Resources and Productivity: Can Banking Development Mitigate the Curse?
by Ramez Abubakr Badeeb and Hooi Hooi Lean
Economies 2017, 5(2), 11; https://doi.org/10.3390/economies5020011 - 06 Apr 2017
Cited by 22 | Viewed by 8642
Abstract
This paper contributes to the literature concerning the natural resource curse by exploring the role of banking development in reducing the resource curse in a natural resource-based country, Yemen. Using time series data over the period 1980–2012, we find that natural resource dependence [...] Read more.
This paper contributes to the literature concerning the natural resource curse by exploring the role of banking development in reducing the resource curse in a natural resource-based country, Yemen. Using time series data over the period 1980–2012, we find that natural resource dependence is negatively related to productivity, and this relationship depends on the level of banking development. Increasing this level reduces the negative consequences of the natural resource curse. Therefore, policymakers should proactively encourage credit to enable the banking sector to play a more efficient intermediary role in mobilizing domestic savings and channeling them to productive investments. This will help to accumulate permanent productive wealth to enhance any diversification effort and compensate for the decline in natural resource production. Full article
(This article belongs to the Special Issue The Impact of Natural Resources on Economic Development in an Era of Globalization)
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2891 KiB  
Article
Examining the "Natural Resource Curse" and the Impact of Various Forms of Capital in Small Tourism and Natural Resource-Dependent Economies
by Petar Kurecic and Filip Kokotovic
Economies 2017, 5(1), 6; https://doi.org/10.3390/economies5010006 - 14 Feb 2017
Cited by 8 | Viewed by 11717
Abstract
The problem of the relevance of human and natural capital, as well as the potential adverse effect of natural capital on economic growth, has gained increased attention in development economics. The aim of this paper is to assess, theoretically and empirically, the relevance [...] Read more.
The problem of the relevance of human and natural capital, as well as the potential adverse effect of natural capital on economic growth, has gained increased attention in development economics. The aim of this paper is to assess, theoretically and empirically, the relevance of several forms of capital on economic growth in certain small economies that are dependent upon tourism or natural resources. The empirical framework is based on Impulse Response Functions obtained from Vector Autoregressive models in which we focus on the model where economic growth is the dependent variable for ten small economies that are dependent upon either tourism or natural resources. We find that there is evidence of the “natural resource curse”, especially in the economies that have a strong dependence on resources that are easily substitutable and whose prices constantly fluctuate. We further find that in the majority of observed cases, the type of capital these small economies are most dependent on for their economic growth causes negative impulses in the majority of the observed periods. Therefore, the main policy recommendation should be to assure that even these small economies should strive towards further diversification and avoid dependence on only one segment of their economy. Full article
(This article belongs to the Special Issue The Impact of Natural Resources on Economic Development in an Era of Globalization)
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