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

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 framewo... Mehr ...

Verfasser: Toto Same, Achille
Erscheinungsdatum: 2009
Schlagwörter: 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
Sprache: Englisch
Permalink: https://search.fid-benelux.de/Record/base-29048905
Datenquelle: BASE; Originalkatalog
Powered By: BASE
Link(s) : https://hdl.handle.net/10986/4048

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.