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The Impact of Natural Resource Discoveries in Latin America and the Caribbean: A Closer Look at the Case of Bolivia

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  • Mr. Frederik G Toscani

Abstract

This paper studies the impact of natural resource extraction in Latin America and the Caribbean (LAC) from a number of angles. First, we exploit a novel dataset on the universe of giant oil and gas discoveries in the region to trace out the cyclical response of macroeconomic variables to discoveries over the short- and medium-run. Second, we use non-stationary panel data techniques to look at the long-run (trend) relationship between GDP per capita and the value of oil and gas production—our results imply that the recent fall in prices could depress GDP per capita by several percentage points. Last, we use Bolivia, which discovered huge gas reserves in the late 1990s, as a case study to apply the cross-country results and to study the impact of discoveries at the subnational level.

Suggested Citation

  • Mr. Frederik G Toscani, 2017. "The Impact of Natural Resource Discoveries in Latin America and the Caribbean: A Closer Look at the Case of Bolivia," IMF Working Papers 2017/027, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2017/027
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    Citations

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    Cited by:

    1. Coelho dos Santos, Marcelo Bittencourt & Klotzle, Marcelo Cabus & Baptista Palazzi, Rafael, 2024. "The effect of oil discovery in Brazil: A synthetic control approach," Resources Policy, Elsevier, vol. 92(C).
    2. Néstor Adrián Le Clech, 2023. "Productive capacity and international competitiveness: evidence from Latin America and Caribbean countries," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 50(3), pages 695-724, August.
    3. Le Clech, Néstor A., 2024. "Policy market orientation, property rights, and corruption effects on the rent of non-renewable resources in Latin America and the Caribbean," Resources Policy, Elsevier, vol. 91(C).
    4. Arrouna Keita & Camelia Turcu, 2020. "Natural Resource Discoveries and Fiscal Discipline," Working Papers 2020.07, International Network for Economic Research - INFER.

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