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Harnessing Windfall Revenues : Optimal Policies for Resource-Rich Developing Economies

van der Ploeg, Rick - 2009

, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

Persistent link: https://www.econbiz.de/10012764524

Fiscal Policy and Dutch Disease

van der Ploeg, Rick - 2021

In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...

Persistent link: https://www.econbiz.de/10013316031

Saving Alberta's Resource Revenues : Role of Intergenerational and Liquidity Funds

Van Den Bremer, Ton - 2016

We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...

Persistent link: https://www.econbiz.de/10012979602

Growth, Foreign Direct Investment and Urban Concentrations : Unbundling Spatial Lags

Poelhekke, Steven - 2014

Cross-country regressions suggest that urbanization and FDI are important drivers of growth. However, it is not clear that primacy eventually hurts growth performance. Since it is tough to interpret cross-country growth regressions, we provide detailed evidence on the determinants of outward FDI...

Persistent link: https://www.econbiz.de/10012751105

The Volatility Curse : Revisiting the Paradox of Plenty

van der Ploeg, Rick - 2013

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

Persistent link: https://www.econbiz.de/10012753136

The Pungent Smell of 'Red Herrings' : Subsoil Assets, Rents, Volatility and the Resource Curse

van der Ploeg, Rick; Poelhekke, Steven - 2021

Brunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a “red herring” once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of...

Persistent link: https://www.econbiz.de/10013316217

Natural Resources : Curse or Blessing?

van der Ploeg, Rick - 2013

Are natural resources a “curse” or a “blessing”? The empirical evidence suggests either outcome is possible. The paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a...

Persistent link: https://www.econbiz.de/10013094532

Rapacious Resource Depletion, Excessive Investment and Insecure Property Rights

van der Ploeg, Rick - 2013

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … rule. The power struggle boosts output but depresses aggregate consumption and welfare, especially in highly fractionalized …

Persistent link: https://www.econbiz.de/10013095003

Is Norway's Bird-in-Hand Stabilization Fund Prudent Enough? Fiscal Reactions to Hydrocarbon Windfalls and Graying Populations

Harding, Torfinn - 2014

We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

Persistent link: https://www.econbiz.de/10013070656

Monetary Policy in Turkey after Central Bank Independence

Gürkaynak, Refet S. - 2015

We present an accessible narrative of the Turkish economy since its great 2001 crisis. We broadly survey economic developments and pay particular attention to monetary policy. The data suggests that the Central Bank of Turkey was a strong inflation targeter early in this period but began to pay...

Persistent link: https://www.econbiz.de/10013011437