Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only...

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...

Natural resource revenues contribute to sustainable development when they are reinvested sufficiently in public services, such as education, that offer long-term social returns. Cross-country evidence suggests that resource-rich countries fail at this, spending less on public services than...