Natural resources, export structure and investment

Bond, Stephen and Malik, Adeel (2009) Natural resources, export structure and investment. Oxford Economic Papers, 61 (4). pp. 675-702.


We present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 72 developing countries. Our empirical results suggest important differences between oil and non-oil resources. While revenue from oil exports tends to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other measures of resource abundance, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility.

Item Type: Article
Subject(s): Taxation
Centre: Oxford University Centre for Business Taxation
Date Deposited: 29 May 2012 13:52
Last Modified: 23 Oct 2015 14:07

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