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Natural resources, export structure, and investment

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  • Stephen R. Bond
  • Adeel Malik

Abstract

We present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 78 developing countries. Our empirical results suggest important differences between fossil fuels and non-fuel resources. While significant fuel exports tend to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other natural resource indicators, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility. Copyright 2009 Oxford University Press 2009 All rights reserved, Oxford University Press.

Suggested Citation

  • Stephen R. Bond & Adeel Malik, 2009. "Natural resources, export structure, and investment," Oxford Economic Papers, Oxford University Press, vol. 61(4), pages 675-702, October.
    • Handle: RePEc:oup:oxecpp:v:61:y:2009:i:4:p:675-702
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    Cited by:

    1. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Clark, Jeremy, 2017. "The evolution of the natural resource curse thesis: A critical literature survey," Resources Policy, Elsevier, vol. 51(C), pages 123-134.
    2. Mr. Nikola Spatafora & Ms. Oana Luca, 2012. "Capital Inflows, Financial Development, and Domestic Investment: Determinants and Inter-Relationships," IMF Working Papers 2012/120, International Monetary Fund.
    3. Oskenbayev, Yessengali & Yilmaz, Mesut & Abdulla, Kanat, 2013. "Resource concentration, institutional quality and the natural resource curse," Economic Systems, Elsevier, vol. 37(2), pages 254-270.
    4. Chandan Sharma & Ritesh Kumar Mishra, 2022. "On the Good and Bad of Natural Resource, Corruption, and Economic Growth Nexus," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(4), pages 889-922, August.
    5. Cavallo, Eduardo & Daude, Christian, 2011. "Public investment in developing countries: A blessing or a curse?," Journal of Comparative Economics, Elsevier, vol. 39(1), pages 65-81, March.
    6. Bruno Ćorić & Vladimir Šimić, 2021. "Economic disasters and aggregate investment," Empirical Economics, Springer, vol. 61(6), pages 3087-3124, December.
    7. Wang, Yanjun & Li, Yongfang, 2023. "Chinese economic growth and sustainable development: Role of artificial intelligence and natural resource management," Resources Policy, Elsevier, vol. 85(PB).
    8. Felipe de S Tavares & Alexandre Almeida & Fernando Postali, 2021. "Does Oil Dependence Affect Regional Wealth? A Regional Study for the Municipalities of the State of Rio de Janeiro," International Journal of Energy Economics and Policy, Econjournals, vol. 11(6), pages 381-391.
    9. Mesagan, Ekundayo Peter & Charles, Ayobola Olufolake & Vo, Xuan Vinh, 2023. "The relevance of resource wealth in output growth and industrial development in Africa," Resources Policy, Elsevier, vol. 82(C).
    10. Maria Khan, 2021. "Effect of Natural Resources on Economic Growth in Pakistan: A Time Series Analysis," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 9(1), pages 29-47, March.
    11. Zarach, Zuzanna Helena & Parteka, Aleksandra, 2023. "Export diversification and dependence on natural resources," Economic Modelling, Elsevier, vol. 126(C).
    12. Frey, Daniel & Frey, Miriam & Wieslhuber, Carmen, 2013. "Do natural resources define convergence clubs? Empirical evidence from the Kazakh regions," Economic Systems, Elsevier, vol. 37(3), pages 404-414.

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