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Working Paper

The Local Economic Impacts of Resource Abundance : What Have We Learned?

MONETARY POLICY ENVIRONMENTAL QUALITY INTERGENERATIONAL EQUITY ECONOMIC GROWTH TECHNOLOGICAL PROGRESS PRODUCTION ENVIRONMENTAL PROTECTION MULTIPLIERS AIR QUALITY PERVERSE INCENTIVES CARBON INCOME ECONOMIC WELFARE AGRICULTURAL PRODUCTION NITROGEN OXIDES PRODUCERS PROPERTY RIGHTS HEAVY METALS MACROECONOMIC POLICY LABOR FORCE LIQUIDITY EXPORTS EMISSIONS POLITICAL ECONOMY REVENUES WELFARE ENVIRONMENTAL REGULATIONS ECONOMIC EFFECTS INCENTIVES EQUILIBRIUM VARIABLES TAX SYSTEMS MODELS EMPIRICAL STUDIES REAL INCOME INPUTS REAL WAGES RETURNS TO SCALE WEALTH INPUT PRICES AGRICULTURAL OUTPUT DEVELOPED COUNTRIES SOCIOECONOMIC IMPACTS INCREASING RETURNS TO SCALE EMPIRICAL ANALYSIS ECONOMIC ACTIVITY DEVELOPMENT OIL PRICES COSTS VOTERS OIL AIR POLLUTION CROWDING OUT DEVELOPMENT ECONOMICS WELFARE EFFECTS POPULATION GROWTH CORPORATE INCOME TAXES RENT CAPITAL FORMATION FIXED COSTS EXCHANGE RATES PRODUCTIVITY OPTIONS LABOR PRODUCTIVITY EXTERNALITIES INDUSTRIALIZATION INCREASING RETURNS DEMOCRATIC INSTITUTIONS MARKET MECHANISM DEBT MARKETS POLLUTION ECONOMIC POLICIES ENVIRONMENTAL ECONOMICS NATURAL RESOURCES GROSS DOMESTIC PRODUCT METALS EFFICIENCY FISHING FOOD PRODUCTION TAXES CANCER LAND USE RESOURCES UNEMPLOYMENT EQUITY PRODUCTIVITY GROWTH HUMAN CAPITAL OPPORTUNITY COST ECONOMIC IMPACT ECONOMIC PERFORMANCE CAPITAL WAGES COMPLIANCE COSTS VALUE POLICY MAKERS AIR POLLUTION CONTROL ENVIRONMENTAL IMPACTS PURCHASING POWER COMPARATIVE ADVANTAGES DEMAND MINES AGGREGATE DEMAND PUBLIC EXPENDITURES ECONOMY ENVIRONMENTS EXPENDITURES PROPERTY CORPORATE TAXES GROWTH MODELS MEASUREMENT ENVIRONMENT SOIL DEGRADATION ECONOMICS ECONOMIC MODELS TERMS OF TRADE TAX REVENUE SIDE EFFECTS ECONOMIC DEVELOPMENT TRADE GDP GOODS LAND ECONOMIES OF SCALE INVESTMENT COMPARATIVE ADVANTAGE POSITIVE EXTERNALITIES COAL WATER POLLUTION DECENTRALIZATION REVENUE POLLUTION CONTROL OVERVALUATION EMPIRICAL EVIDENCE LIVING CONDITIONS ECONOMISTS PRICE INDEXES PROFITS ENVIRONMENTAL ACID RAIN LABOR MARKETS OUTCOMES OPEN ECONOMIES PUBLIC GOOD PRICES NEGATIVE EXTERNALITIES BENEFITS ECONOMIES DEVELOPMENT POLICY PUBLIC GOODS FUTURE RESEARCH
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World Bank, Washington, DC
Africa
2015-06-02T17:30:19Z | 2015-06-02T17:30:19Z | 2015-05

What are the socioeconomic impacts of resource abundance? Are these effects different at the national and local levels? How could resource booms benefit (or harm) local communities? This paper reviews a vast literature examining these questions, with an emphasis on empirical works. First, the evidence and theoretical arguments behind the so-called resource curse, and other impacts at the country level, are reviewed. This cross-country literature highlights the importance of institutions. Then, a simple analytical framework is developed to understand how resource booms could impact local communities, and the available empirical evidence is examined. This emerging literature exploits within-country variation and is opening new ways to think about the relation between natural resources and economic development. The main message is that others factors, such as market mechanisms and local spillovers, are also relevant for understanding the impact of resource abundance. Finally, the paper discusses issues related to fiscal decentralization and provides ideas for future research.

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