This paper explores the relationships between natural resources, foreign direct investment (FDI) and the quality of national institutions, also known as "the rules of the game". Using a data set of 69 developing countries over the period 1970–2015 to estimate a dynamic panel data model, we...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, 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...

A windfall of natural resource revenue (or foreign aid) faces government with choices of how to manage public debt, 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...

This handbook devotes most of its chapters to reviewing sectoral policies related to agriculture. This chapter moves to a macroeconomic and macrosectoral view of the policy framework and its possible interaction with the agricultural sector. A previous handbook (Gordon Rausser and Bruce Gardner,...

This paper investigates the relationship between resource funds, governance and institutional quality in resource-rich countries. The study is motivated by the relatively recent and inconclusive debate on resource funds and on their role in the addressing of the “resource curse”. The...

Emerging-market growth from 2000 to 2012 was extraordinarily high. Aslund cites several factors to explain why emerging-economy growth is likely to be lower in the future. Having caught up with advanced economies in many respects, these countries face limitations on their future catch-up...

Between 1990 and 2008, many industrializing countries have experienced tremendous economic growth, which coincided with a substantial increase in the use of materials. That poses the question how a continued economic convergence of developing nations will affect the use of biomass, fossil fuels,...

Between 1990 and 2008, many industrializing countries have experienced tremendous economic growth, which coincided with a substantial increase in the use of materials. That poses the question how a continued economic convergence of developing nations will affect the use of biomass, fossil fuels,...

This article is a revised version of the lecture Edmund S. Phelps delivered in Stockholm, Sweden, on December 10, 2006, when he received the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The modern economy, where fully adopted, has been transformative for nations ? but...

For various reasons ? empirical, technical and casual ? modern (neo-classical) growth theory has centered its attention on steady-state exponential growth. When the models are intented to serve as a guide to policy, the tacit presumption is that the goal of growth policy is to increase the...