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Do Natural Resource Revenues Hinder Financial Development
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Book Synopsis Do Natural Resource Revenues Hinder Financial Development? by : Sambit Bhattacharyya
Download or read book Do Natural Resource Revenues Hinder Financial Development? written by Sambit Bhattacharyya and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We theoretically and empirically examine the relationship between natural resource revenues and financial development. In the theoretical part, we present a politico-economic model in which contract enforcement is low and decreasing in resource revenues when political institutions are poor, but high otherwise. As poor contract enforcement leads to low financial development, the model predicts that resource revenues hinder financial development in countries with poor political institutions, but not in countries with comparatively better political institutions. We test our theoretical predictions systematically using panel data covering the period 1970 to 2005 and 133 countries. Our estimates confirm our theoretical predictions. Our main results hold when we control country fixed effects, time varying common shocks, income and various additional covariates. They are also robust to alternative estimation techniques, various alternative measures of financial development and political institutions, as well as across different samples and data frequencies. We present further evidence using panel data covering the period 1870 to 1940 and 31 countries.
Book Synopsis Financial Development and Economic Growth by : Mr.Pablo Emilio Guidotti
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Book Synopsis The Impact of Natural Resources on Financial Development by : Remy Jonkam Oben
Download or read book The Impact of Natural Resources on Financial Development written by Remy Jonkam Oben and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a time series approach, this study investigates how natural resources impact financial development from a global perspective over the 1980-2019 period. Some important determinants of financial development (economic growth, trade openness, population growth, and investment) have been added to the model as control variables. Unit root tests have revealed that all the variables are integrated of order one. Johansen cointegration test has shown that the variables are in a long-run equilibrium relationship. The vector error correction model (VECM) has estimated the coefficient of the error correction term (ECT) which suggests that the short-run values of natural resources, economic growth, trade openness, population growth, and investment contribute to financial development converging to its long-run equilibrium level by a 23.63% annual speed of adjustment. The estimated coefficients suggest that global natural resource rent has a statistically-significant negative impact on global financial development in the long-run (thereby validating the financial resource curse), but not in the short-run. Causality test results imply that neither global natural resource rent nor global financial development Granger-causes each other.
Book Synopsis Introducing a New Broad-based Index of Financial Development by : Katsiaryna Svirydzenka
Download or read book Introducing a New Broad-based Index of Financial Development written by Katsiaryna Svirydzenka and published by International Monetary Fund. This book was released on 2016-01-12 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a vast body of literature estimating the impact of financial development on economic growth, inequality, and economic stability. A typical empirical study approximates financial development with either one of two measures of financial depth – the ratio of private credit to GDP or stock market capitalization to GDP. However, these indicators do not take into account the complex multidimensional nature of financial development. The contribution of this paper is to create nine indices that summarize how developed financial institutions and financial markets are in terms of their depth, access, and efficiency. These indices are then aggregated into an overall index of financial development. With the coverage of 183 countries on annual frequency between 1980 and 2013, the database should offer a useful analytical tool for researchers and policy makers.
Book Synopsis Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth by : Daniel Wilde
Download or read book Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth written by Daniel Wilde and published by Commonwealth Secretariat. This book was released on 2016-10-11 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely used to finance sustainable economic development. This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.
Book Synopsis Natural Resources, Neither Curse nor Destiny by : Daniel Lederman
Download or read book Natural Resources, Neither Curse nor Destiny written by Daniel Lederman and published by World Bank Publications. This book was released on 2006-10-23 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Natural Resources: Neither Course nor Destiny' brings together a variety of analytical perspectives, ranging from econometric analyses of economic growth to historical studies of successful development experiences in countries with abundant natural resources. The evidence suggests that natural resources are neither a curse nor destiny. Natural resources can actually spur economic development when combined with the accumulation of knowledge for economic innovation. Furthermore, natural resource abundance need not be the only determinant of the structure of trade in developing countries. In fact, the accumulation of knowledge, infrastructure, and the quality of governance all seem to determine not only what countries produce and export, but also how firms and workers produce any good.
Book Synopsis Rethinking Financial Deepening by : Ms.Ratna Sahay
Download or read book Rethinking Financial Deepening written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2015-05-04 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The global financial crisis experience shone a spotlight on the dangers of financial systems that have grown too big too fast. This note reexamines financial deepening, focusing on what emerging markets can learn from the advanced economy experience. It finds that gains for growth and stability from financial deepening remain large for most emerging markets, but there are limits on size and speed. When financial deepening outpaces the strength of the supervisory framework, it leads to excessive risk taking and instability. Encouragingly, the set of regulatory reforms that promote financial depth is essentially the same as those that contribute to greater stability. Better regulation—not necessarily more regulation—thus leads to greater possibilities both for development and stability.
Book Synopsis Resource Abundance and Economic Development by : R. M. Auty
Download or read book Resource Abundance and Economic Development written by R. M. Auty and published by Oxford University Press. This book was released on 2001-06-28 with total page 357 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exportsboost their capacity to invest and to import."Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failure than the resource-abundant countriesbecause social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policycoherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of 'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy.The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example of successful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. Itdemonstrates the importance of initial conditions to successful economic reform.
Book Synopsis Direct Distribution of Resource Revenues by : Mr.Sanjeev Gupta
Download or read book Direct Distribution of Resource Revenues written by Mr.Sanjeev Gupta and published by International Monetary Fund. This book was released on 2014-06-10 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.” This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first priority for policymakers is to establish fiscal policy objectives to support macroeconomic stability and development objectives. In this regard, the establishment of an adequate fiscal framework that informs decisions on how much to save and invest, or how to smooth out revenue volatility, and deal with exhaustibility issues should precede any discussion of direct distribution of resource wealth to the population.
Book Synopsis Debt Sustainability, Public Investment, and Natural Resources in Developing Countries by : Mr.Giovanni Melina
Download or read book Debt Sustainability, Public Investment, and Natural Resources in Developing Countries written by Mr.Giovanni Melina and published by International Monetary Fund. This book was released on 2014-04-01 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the DIGNAR (Debt, Investment, Growth, and Natural Resources) model, which can be used to analyze the debt sustainability and macroeconomic effects of public investment plans in resource-abundant developing countries. DIGNAR is a dynamic, stochastic model of a small open economy. It has two types of households, including poor households with no access to financial markets, and features traded and nontraded sectors as well as a natural resource sector. Public capital enters production technologies, while public investment is subject to inefficiencies and absorptive capacity constraints. The government has access to different types of debt (concessional, domestic and external commercial) and a resource fund, which can be used to finance public investment plans. The resource fund can also serve as a buffer to absorb fiscal balances for given projections of resource revenues and public investment plans. When the fund is drawn down to its minimal value, a combination of external and domestic borrowing can be used to cover the fiscal gap in the short to medium run. Fiscal adjustments through tax rates and government non-capital expenditures—which may be constrained by ceilings and floors, respectively—are then triggered to maintain debt sustainability. The paper illustrates how the model can be particularly useful to assess debt sustainability in countries that borrow against future resource revenues to scale up public investment.
Book Synopsis Rents to Riches? by : Naazneen Barma
Download or read book Rents to Riches? written by Naazneen Barma and published by World Bank Publications. This book was released on 2011-12-08 with total page 303 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume focuses on the political economy surrounding the detailed decisions that governments make at each step of the value chain for natural resource management. From the perspective of public interest or good governance, many resource-dependent developing countries pursue apparently short-sighted and sub-optimal policies in relation to the extraction and capture of resource rents, and to spending and savings from their resource endowments. This work contextualizes these micro-level choices and outcomes.
Book Synopsis Natural Resource Endowment and the Fallacy of Development in Cameroon by : Fonjong, Lotsmart
Download or read book Natural Resource Endowment and the Fallacy of Development in Cameroon written by Fonjong, Lotsmart and published by Langaa RPCIG. This book was released on 2019-10-05 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cameroon is rich in petroleum, minerals, tropical forests, wildlife, water systems, fertile lands, and much more. Paradoxically however, most citizens live in abject poverty and without jobs, potable water, electricity, good healthcare and roads. This book is a thoughtful interrogation of some of the structural factors driving persistent poverty in Cameroon in the midst of natural resource abundance. It engages in a multidimensional critical analysis of the impact of natural resources on basic development indicators and concludes that good resource governance and sound management are the missing link. Natural resources alone will not create socio-economic prosperity void of good management with a clear development vision and strategy in Cameroon. The book assembles a wide diversity of analysis, views, perspectives and recommendations from economists, development experts, social and political scientists, on Cameroon’s current development inertia. What emerges in the end is a coherent interdisciplinary analysis of the natural resource-development paradox as it plays out in an African setting. Theories and good practices from Africa and beyond are systematically applied to identify and critique present policy and management approaches while providing alternative options that can unlock Cameroon’s natural resource wealth for national prosperity.
Book Synopsis Exports, Inflation, and Growth by : Thorvaldur Gylfason
Download or read book Exports, Inflation, and Growth written by Thorvaldur Gylfason and published by International Monetary Fund. This book was released on 1997-09-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper identifies some of the main determinants of exports and economic growth in cross-sectional data from the World Bank, covering 160 countries in the period 1985-1994. First, the linkages between the propensity to export and population, per capita income, agriculture, primary exports, and inflation are studied by statistical methods. Then, the relationship between economic growth and some of the above-mentioned determinants of exports and investment are scrutinized the same way. The main conclusion is that, in the period under review, high inflation and an abundance of natural resources tended to be associated with low exports and slow growth.
Book Synopsis The Natural Resource-Drag by : Khalid Saeed
Download or read book The Natural Resource-Drag written by Khalid Saeed and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The goal of this study was to investigate whether natural resource dependence affects per capita growth through the financial system. A well-developed financial system provides better access to credit which is essential to economic growth. Therefore, if natural resource dependence hinders financial system development, then economic growth could be slowed down further as previously established by the natural resource curse. In a panel of 58 developing countries between 1996--2014 we tested whether there's an indirect effect on growth from natural resource dependence operating through the financial system as proxied by domestic credit to the private sector. Results show the interaction of natural resource dependence with a measure of financial system development is negatively associated with per capita growth. This result show there exists a negative indirect effect on growth operating through the financial system, this indirect negative effect is referred to as the natural resource-drag. Our findings highlight the urgent need for policymakers in natural resource-dependent developing countries to diversify their incomes away from the natural resource sector, and for new approaches to mitigate the adverse effect of natural resource dependence in the financial system.
Book Synopsis Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth by : Mr.Carlos Leite
Download or read book Does Mother Nature Corrupt? Natural Resources, Corruption, and Economic Growth written by Mr.Carlos Leite and published by International Monetary Fund. This book was released on 1999-07-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper argues that natural resource abundance creates opportunities for rent-seeking behavior and is an important factor in determining a country’s level of corruption. In a simple growth model, we illustrate the interrelationships between natural resources, corruption, and economic growth, and discuss potential anti-corruption policies. We show that the extent of corruption depends on natural resource abundance, government policies, and the concentration of bureaucratic power. Furthermore, the growth effects of natural resource discoveries and anticorruption policies crucially depend on the economy’s state of development. We empirically corroborate the model’s implications in a cross-country framework with both corruption and growth endogenized.
Book Synopsis Wasting Assets by : Robert C. Repetto
Download or read book Wasting Assets written by Robert C. Repetto and published by . This book was released on 1989 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Natural Resources, Democracy and Corruption by : Sambit Bhattacharyya
Download or read book Natural Resources, Democracy and Corruption written by Sambit Bhattacharyya and published by . This book was released on 2008 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study how natural resources can feed corruption and how this effect depends on the quality of the democratic institutions. Our game-theoretic model predicts that natural resources lead to an increase in corruption if the quality of the democratic institutions is relatively poor, but not otherwise. We use panel data covering the period 1980 to 2004 and 99 countries to test this theoretical prediction. Our estimates confirm that the relationship between resource abundance and corruption depends on the quality of the democratic institutions. In particular, resource abundance is positively associated with corruption only in countries that have endured a nondemocratic regime for more than 60 percent of the years since 1956. Our main results hold when we control for the effects of income, time varying common shocks, regional fixed effects and various additional covariates. They are also robust to various alternative measures of natural resources, corruption and the quality of the democratic institutions. These findings imply that democratization can be a powerful tool to reduce corruption in resource-rich countries.
