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Resource abundance: A curse or blessing?

Resource abundance: A curse or blessing?

Resource abundance: A curse or

DESA Working Paper No. 93 ST/ESA/2010/DWP/93 June 2010 Resource abundance: A curse or blessing? Victor Polterovich, Vladimir Popov, and Alexander Tonis Abstract Economic & Is resource abundance a blessing or a curse? Typically, in resource rich countries, domestic fuel prices are lower, and energy intensity of GDP is higher. But they have higher investment in R&D and fixed capital stock, larger foreign exchange reserves and more inflows of FDI. They also have lower budget deficits and lower inflation. These are conducive for long term growth. We also find that in resource rich countries, real exchange rate is generally higher, accumulation of human capital is slower and institutions are worse, especially if they were not strong initially, which are detrimental for growth. JEL Classification: O25, O43, Q32, Q43, Q48 Keywords: Resource curse, economic growth, inequality, institutions, real exchange rate, budget deficit, inflation, investment, industrial policy Victor Polterovich, Vladimir Popov and Alexander Tonis are with the New Economic School, Moscow. At the time of publication, Popov was working for the United Nations Department of Economic and Social Affairs. Comments should be addressed by email to the authors: polterov@mail.ru, vpopov@nes.ru, atonis@mail.ru Social Affairs

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