In the context of falls in extractive commodities prices since 2011, this paper examines the history of thinking about the interplay between extractives and economic development. Just as 'the resource curse' fails as a generic explanation on account of the huge diversity in country contexts, so...

The resource curse literature's main lesson is that developing and natural resource-rich countries should save most of their oil windfalls in foreign currency. Moreover, the political cycle literature's recent contributions predict stronger cycles in these countries. This paper investigates how...

Cover -- Table of Contents -- Preface -- Acknowledgments -- Introduction -- Natural Resources and Economic Performance -- Declining Terms of Trade -- Commodity Price Volatility -- Resource Pulls and Crowding Out -- Dutch Disease -- Assessing the Resource Curse -- Conclusion -- Natural Resources...