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Author/Editor:
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Sala-i-Martin, Xavier ; Subramanian, Arvind
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Publication Date:
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July 01, 2003
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Electronic Access:
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Free Full text
(PDF file size is 1,293KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Some natural resources-oil and minerals in particular-exert a negative and nonlinear impact on growth via their deleterious impact on institutional quality. We show this result to be very robust. The Nigerian experience provides telling confirmation of this aspect of natural resources. Waste and poor institutional quality stemming from oil appear to have been primarily responsible for Nigeria's poor long-run economic performance. We propose a solution for addressing this resource curse which involves directly distributing the oil revenues to the public. Even with all the difficulties that will no doubt plague its actual implementation, our proposal will, at the least, be vastly superior to the status quo. At best, however, it could fundamentally improve the quality of public institutions and, as a result, durably raise long-run growth performance.
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Order a print copy
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Series:
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Working Paper No. 03/139
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Subject(s):
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Oil | Nigeria | Oil revenues | Economic growth | Natural resources
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Author's Keyword(s):
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Natural Resources | oil | Nigeria | institutions | growth |
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English
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Publication Date:
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July 01, 2003
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1392003
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Pages:
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45
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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