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Resource Windfalls, Macroeconomic Stability and Growth [electronic resource] : The Role of Political Institutions, Kazimov, Kazim.

Author/Creator:
Kazimov, Kazim.
Publication:
Washington, D.C. : International Monetary Fund, 2011.
Format/Description:
Government document
Book
1 online resource (25 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 11/142.
IMF Working Papers; Working Paper No. 11/142
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Local subjects:
Agricultural exports. (search)
Agriculture. (search)
Capital flows. (search)
Commodity export. (search)
Commodity exporters. (search)
Commodity exports. (search)
Commodity-exporting countries. (search)
Developing countries. (search)
Economic growth. (search)
Energy. (search)
Energy exporters. (search)
Energy exporting countries. (search)
Energy exports. (search)
Environment. (search)
Export booms. (search)
Export price. (search)
Export price index. (search)
Export structures. (search)
Export tariffs. (search)
Exporters. (search)
Exporting countries. (search)
Fiscal policy. (search)
Fiscal stability. (search)
General. (search)
Governance. (search)
Government expenditures. (search)
Government policy. (search)
Government spending. (search)
Models with Panel Data. (search)
Natural Resources. (search)
Other Primary Products. (search)
Political institutions. (search)
Political risk. (search)
Real effective exchange rate. (search)
Reer. (search)
Value of exports. (search)
Norway. (search)
Venezuela, República Bolivariana de. (search)
Summary:
We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending in commodity-exporting countries has been procyclical. Second, we find that resource windfalls initially crowd out non-resource GDP which then increases as a result of the fiscal expansion. Third, we find that in the long run resource windfalls have negative effects on non-resource sector GDP growth. Yet, the effects turn out to be statistically insignificant when controlling for government spending. Both the effects of resource windfalls on macroeconomic stability and economic growth are moderated by the quality of political institutions.
Notes:
Description based on print version record.
Contributor:
Arezki, Rabah.
Hamilton, Kirk.
Kazimov, Kazim.
Other format:
Print Version:
ISBN:
1455266434:
9781455266432
ISSN:
1018-5941
Publisher Number:
10.5089/9781455266432.001
Access Restriction:
Restricted for use by site license.