| Foreword |
|
vii | |
| Acknowledgments |
|
ix | |
| Abbreviations and Acronyms |
|
xi | |
|
|
|
1 | (4) |
|
|
|
|
|
2 | (1) |
|
Management of the Extraction |
|
|
2 | (1) |
|
|
|
3 | (1) |
|
Monetary Policy and Exchange Rate |
|
|
3 | (1) |
|
|
|
3 | (1) |
|
|
|
4 | (1) |
|
Part I COMMODITY MARKETS AND THE MACROECONOMY |
|
|
5 | (48) |
|
2 Natural Resource Endowment: A Mixed Blessing? |
|
|
7 | (28) |
|
|
|
|
|
7 | (4) |
|
Policy Issues in Natural-Resource-Rich Countries |
|
|
11 | (9) |
|
Norway and Other Success Stories |
|
|
20 | (6) |
|
From Anecdotes to Empirical Testing |
|
|
26 | (5) |
|
|
|
31 | (2) |
|
|
|
33 | (2) |
|
3 Primary Commodities: Historical Perspectives and Prospects |
|
|
35 | (18) |
|
|
|
Primary Commodities in the Economic Development Process |
|
|
35 | (4) |
|
Falling Transport Costs and Globalizing Markets |
|
|
39 | (3) |
|
The Entry and Exit of the State in the Commodity Sector in the 20th Century |
|
|
42 | (3) |
|
Real Prices: Falling Long-Run Trends and Short-Run Instability |
|
|
45 | (3) |
|
Policy Implications for Commodity-Exporting Nations |
|
|
48 | (2) |
|
|
|
50 | (3) |
|
Part II ECONOMIC DIVERSIFICATION AND THE ROLE OF FINANCE |
|
|
53 | (64) |
|
4 Economic Diversification in Resource-Rich Countries |
|
|
55 | (26) |
|
|
|
|
|
55 | (4) |
|
|
|
59 | (3) |
|
The Resource Curse: A Diversification Perspective |
|
|
62 | (7) |
|
The Examples of Malaysia, Indonesia, Chile, and Dubai |
|
|
69 | (5) |
|
Some Common Factors in Success |
|
|
74 | (2) |
|
|
|
76 | (2) |
|
|
|
78 | (3) |
|
5 Finance and Oil: Is There a Resource Curse? |
|
|
81 | (26) |
|
|
|
|
|
81 | (4) |
|
Finance and Growth: Is There a Natural Resource Discount? |
|
|
85 | (5) |
|
Finance and Natural Resources---Is There a Resource Curse? |
|
|
90 | (5) |
|
Banks in Resource-Based Economies |
|
|
95 | (3) |
|
Access to Finance in Resource-Based Economies |
|
|
98 | (5) |
|
Summary and Policy Implications |
|
|
103 | (1) |
|
|
|
104 | (3) |
|
6 The Economics of Sovereign Wealth Funds: Lessons from Norway |
|
|
107 | (10) |
|
|
|
|
|
|
|
107 | (1) |
|
The Economics of Sovereign Wealth Funds |
|
|
108 | (1) |
|
The (Long) Road to a Sovereign Wealth Fund |
|
|
109 | (2) |
|
Sovereign Wealth Management |
|
|
111 | (3) |
|
Conclusions and Policy Implications |
|
|
114 | (1) |
|
|
|
115 | (2) |
|
|
|
117 | (48) |
|
7 Primary Commodity Price Series: Lessons for Policymakers in Resource-Rich Countries |
|
|
119 | (12) |
|
|
|
|
|
119 | (3) |
|
|
|
122 | (5) |
|
What Can Policymakers Do to Counter These Three Challenges? |
|
|
127 | (2) |
|
|
|
129 | (1) |
|
|
|
129 | (2) |
|
8 Sustainable Fiscal Policy for Mineral-Based Economies |
|
|
131 | (18) |
|
|
|
|
|
|
|
131 | (1) |
|
Measuring Economic Performance |
|
|
132 | (3) |
|
Achieving Economic and Fiscal Sustainability |
|
|
135 | (9) |
|
Conclusions and Policy Implications |
|
|
144 | (1) |
|
|
|
145 | (2) |
|
|
|
147 | (2) |
|
9 Fiscal Policy In Commodity-Exporting Countries: Stability and Growth |
|
|
149 | (16) |
|
|
|
|
|
149 | (3) |
|
|
|
152 | (1) |
|
Estimation Strategy and Main Results |
|
|
153 | (7) |
|
|
|
160 | (1) |
|
|
|
161 | (4) |
|
Part IV EXCHANGE RATES AND FINANCIAL STABILITY |
|
|
165 | (70) |
|
10 How Can Commodity Exporters Make Fiscal and Monetary Policy Less Procyclical? |
|
|
167 | (26) |
|
|
|
The Problem of Procyclicality |
|
|
167 | (6) |
|
Proposal to Make Fiscal Policy More Countercyclical: Emulate Chile's Structural Budget Rule Institutions |
|
|
173 | (6) |
|
Proposal to Make Monetary Policy More Countercyclical: Product Price Targeting |
|
|
179 | (8) |
|
|
|
187 | (2) |
|
|
|
189 | (4) |
|
11 Natural Resources Management and Financial Stability: Evidence from Algeria |
|
|
193 | (10) |
|
|
|
|
|
193 | (1) |
|
External Shocks and Financial Instability |
|
|
194 | (2) |
|
Adoption of Prudent Macroeconomic Management for Increased Resources |
|
|
196 | (1) |
|
Financing for the Economy in a Context of Prudent Resource Management |
|
|
197 | (3) |
|
Strengthening the Framework for Financial Stability: Outlook for the Macroprudential Approach |
|
|
200 | (3) |
|
12 Copper, The Real Exchange Rate and Macroeconomic Fluctuations in Chile |
|
|
203 | (32) |
|
|
|
|
|
|
|
203 | (2) |
|
Copper in the Chilean Economy |
|
|
205 | (4) |
|
|
|
209 | (4) |
|
Economic Fluctuations and the Copper Cycle |
|
|
213 | (5) |
|
Terms-of-Trade Shocks, Real Exchange Rate, and Long-Run Dynamics |
|
|
218 | (5) |
|
Macroeconomic Fluctuations and Real Exchange Rate Volatility |
|
|
223 | (4) |
|
Simulation of a Copper Price Shock Using a DSGE Model |
|
|
227 | (2) |
|
|
|
229 | (1) |
|
|
|
230 | (5) |
|
|
|
232 | (1) |
|
|
|
233 | (2) |
|
Part V GOVERNANCE AND INSTITUTIONAL ASPECTS |
|
|
235 | |
|
13 The Political Economy of Reform in Resource-Rich Countries |
|
|
237 | (20) |
|
|
|
|
|
237 | (1) |
|
How Do Countries Reform When They Receive Resource Rents? |
|
|
238 | (1) |
|
How Should Countries Reform When They Receive Resource Rents? |
|
|
239 | (5) |
|
|
|
244 | (2) |
|
The Design of Petroleum Funds and Political Incentives |
|
|
246 | (8) |
|
|
|
254 | (1) |
|
|
|
254 | (3) |
|
14 Terms of Trade and Growth of Resource Economies: Contrasting Evidence from Two African Countries |
|
|
257 | |
|
|
|
|
|
|
|
257 | (2) |
|
|
|
259 | (5) |
|
|
|
264 | (4) |
|
Some Lessons and Concluding Observations |
|
|
268 | (4) |
|
|
|
272 | |
