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Oxford Economic Papers Advance Access originally published online on July 29, 2009
Oxford Economic Papers 2009 61(4):675-702; doi:10.1093/oep/gpp025
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© Oxford University Press 2009 All rights reserved

This article appears in the following Oxford Economic Papers issue: Symposium on Resource Rich Economies [View the issue table of contents]

Natural resources, export structure, and investment

Stephen R. Bond* and Adeel Malik{dagger}

*Department of Economics, Centre for Business Taxation, and Nuffield College, Oxford University, and Institute for Fiscal Studies
{dagger}Oxford Centre for Islamic Studies, Department of International Development (QEH) and St. Peter's College, Oxford University, Oxford OX1 2AR; e-mail: adeel.malik{at}qeh.ox.ac.uk

JEL classifications: E22, Q5, O16, F15


  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.


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