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Transforming Natural Resource Wealth into Sustained Growth and Poverty Reduction : A Conceptual Framework for Sub-Saharan African Oil Exporting Countries

ABSORPTIVE CAPACITIES ABSORPTIVE CAPACITY ACCUMULATION OF DEBT ADVERSE CONSEQUENCES AGRICULTURE ARREARS BALANCE-OF-PAYMENTS CRISIS BANK POLICY BENCHMARK BLACK MARKET BLACK MARKET PREMIUM BORROWING BUDGET DEFICIT CALCULATIONS CAPACITY BUILDING CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL GOODS CAPITAL GOODS INDUSTRIES CAPITAL STOCK CAPITAL STOCKS COMMERCIAL BANKS COMPETITIVENESS COMPREHENSIVE DEVELOPMENT CONSUMER CONSUMER GOODS CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS DEBT DEBT BURDEN DEBT BURDENS DEBT OVERHANG DEBT REDUCTION DEPOSITS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT ASSISTANCE DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DEVELOPMENT STRATEGY DISBURSEMENTS DOMESTIC ECONOMY DOMESTIC INFLATION DOMESTIC SAVING DURABLE DUTCH DISEASE ECONOMIC ACTIVITY ECONOMIC DEVELOPMENT ECONOMIC EXPANSION ECONOMIC GROWTH ECONOMIC HISTORIANS ECONOMIC LIFE ECONOMIC MANAGEMENT ECONOMIC MODEL ECONOMIC ORDER ECONOMIC OUTCOMES ECONOMIC OUTLOOK ECONOMIC PERFORMANCE ECONOMIC POLICY ECONOMIC RESEARCH ECONOMIC STRUCTURE ECONOMICS RESEARCH EMERGING ECONOMY EXCHANGE RATE EXCHANGE RATE APPRECIATION EXCHANGE RATE VOLATILITY EXCHANGE RATES EXPENDITURE EXPENDITURES EXPORT EARNINGS EXPORT PERFORMANCE EXPORT REVENUES EXPORTER EXPORTERS EXPORTS EXTERNAL DEBT EXTERNALITIES FINANCIAL ASSETS FINANCIAL CRISIS FISCAL BALANCE FISCAL DEFICITS FISCAL POLICY FLOATING INTEREST RATES FORECASTS FOREIGN DIRECT INVESTMENT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN EXCHANGE RESOURCES FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN RESERVES FULL EMPLOYMENT GDP GDP PER CAPITA GLOBAL DEMAND GLOBAL ECONOMY GLOBALIZATION GOVERNMENT EXPENDITURE GOVERNMENT FINANCES GOVERNMENT POLICY GOVERNMENT REVENUE GOVERNMENT REVENUES GOVERNMENT SPENDING GROWTH MODELS GROWTH PERFORMANCE GROWTH POTENTIAL GROWTH RATE GROWTH RATES HUMAN CAPITAL IMPORT IMPORTS INCOME INCREASING RETURNS INCREASING RETURNS TO SCALE INDUSTRIAL INVESTMENTS INDUSTRIALIZATION INEFFICIENCY INFLATION INSTRUMENT INTERNATIONAL BANK INTERNATIONAL ECONOMICS INTERNATIONAL MARKET INTERNATIONAL TRADE INVESTING INVESTMENT DECISION INVESTMENT DECISIONS INVESTMENT PROGRAM INVESTMENT RATE INVESTMENT SPENDING LACK OF EXPERIENCE LIQUIDITY LIVING STANDARDS MACROECONOMIC IMPEDIMENT MACROECONOMIC POLICIES MACROECONOMIC REFORMS MARGINAL PRODUCTIVITY MARKET TRANSACTIONS MONETARY FUND MONETARY POLICY NATIONAL SAVING NATIONAL SAVINGS NATURAL RESOURCE NATURAL RESOURCES NEWLY INDUSTRIALIZED COUNTRIES OIL BOOM OIL BOOMS OIL ECONOMY OIL EXPORTER OIL EXPORTERS OIL EXPORTING COUNTRIES OIL EXPORTING COUNTRY OIL EXPORTS OIL PRICE OIL PRICES OIL PRODUCING COUNTRIES OIL RESOURCES OIL REVENUE OIL REVENUES OIL-EXPORTING COUNTRIES OPEN ECONOMY PENSION PENSION FUND PER CAPITA INCOME POLITICAL ECONOMY PORTFOLIO PORTFOLIO INVESTMENT POSITIVE EFFECTS POSITIVE EXTERNALITIES POVERTY REDUCTION PRICE MOVEMENTS PRIMARY COMMODITIES PRIVATE CAPITAL PRIVATE INVESTMENT PROBABILITY PRODUCTION INPUTS PROPERTY RIGHTS PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC FINANCE PUBLIC INVESTMENT PUBLIC INVESTMENTS RATE OF GROWTH REAL EFFECTIVE EXCHANGE RATE REAL EXCHANGE RATE REAL EXCHANGE RATE APPRECIATION REAL GDP REAL INVESTMENT RELATIVE PRICE RELATIVE PRICES RENTS RESERVES RESOURCE ALLOCATION RESOURCE MOVEMENT EFFECT RETURN RULE OF LAW SAVINGS RATE SECTOR REFORMS SECURITIES SLACK SLOW GROWTH SUPPLY SIDE TAX TAX REGIMES TAX SYSTEM TAXATION TECHNICAL ASSISTANCE TOTAL EXPORTS TRANSMISSION MECHANISMS TRANSPARENCY UNEMPLOYMENT VALUE ADDED WAGES WEALTH WORLD DEVELOPMENT INDICATOR WORLD DEVELOPMENT INDICATORS WORLD ECONOMIES
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Africa | Africa | Africa
2012-03-19T19:09:03Z | 2012-03-19T19:09:03Z | 2009-03-01

Oil and mineral revenues raise national savings and hence facilitate investment, capital accumulation, and sustained growth; thus, there are benefits of owning large natural resources. There can be a significant spillover effect from the oil sector to the non-oil sector particularly if governments are committed to bridge the infrastructure gap and promote the non-oil economy and foremost the non-oil tradable sector. Consequently, the capacity for coordinated policy formulation and execution is fundamental as well as sound windfall management mechanisms and institutions. This conceptual framework uses the case of Indonesia and the example of Norway to argue that the resource paradox is avoidable. Abundance should not be a curse, but rather a blessing for Sub-Saharan Africa's oil and mineral exporting countries. The country context and political economy matter a great deal but should not be the main driving forces behind windfall management, to avoid excessive rent-seeking activities, inefficiency, and wasteful spending. The EITI++ implementation can contribute to make a difference, mostly through capacity building, implementation assistance, and coordination support.

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