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Natural resource revenues and public investment in resource-rich economies in sub-Saharan Africa
Umeå University, Faculty of Social Sciences, Center for Environmental and Resource Economics (CERE). University of Ghana Business School, Ghana.
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2017 (English)In: Review of Development Economics, ISSN 1363-6669, E-ISSN 1467-9361, Vol. 21, no 4, p. E107-E130Article in journal (Refereed) Published
Abstract [en]

The general policy prescription for resource-rich countries is that, for sustainable consumption, a greater percentage of the windfall from resource rents should be channeled into accumulating foreign assets such as a sovereign public fund as done in Norway and other developed but resource-rich countries. This might not be a correct policy prescription for resource-rich sub-Saharan African (SSA) countries, where public capital is very low to support the needed economic growth. In such countries, rents from resources serve as an opportunity to scale-up the needed public capital. Using a panel data for the period 19902013, we find in line with the scaling-up hypothesis that resource rents significantly increases public investment in SSA and that this tends to depend on the quality of political institutions. Moreover, we also find evidence of a positive effect of public investment on economic growth, which also depends on the level of resource rents.

Place, publisher, year, edition, pages
John Wiley & Sons, 2017. Vol. 21, no 4, p. E107-E130
National Category
Economics
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URN: urn:nbn:se:umu:diva-144864DOI: 10.1111/rode.12313ISI: 000423410200006OAI: oai:DiVA.org:umu-144864DiVA, id: diva2:1184715
Available from: 2018-02-22 Created: 2018-02-22 Last updated: 2018-06-09Bibliographically approved

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Karimu, Amin

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