The shifting natural wealth of nations: The role of market orientation

• 成果类型: Article
• 署名作者: Arezki, Rabah; van der Ploeg, Frederick; Toscani, Frederik
• 署名单位: The World Bank; Harvard University; University of Oxford; International Monetary Fund
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/j.jdeveco.2018.12.002
• 发表日期: 2019
• 页码: 228-245
• 关键词: Natural resources; Discoveries; Market orientation; LIBERALIZATION; institutions; Endogenous reserves

摘要

This paper explores the effect of market orientation on (known or available) natural resource wealth using a novel dataset of world-wide major hydrocarbon and mineral discoveries. Our empirical estimates based on a large panel of countries show that increased market orientation causes a significant increase in discoveries of natural resources. In a thought experiment where economies in Latin America and sub-Saharan Africa remain closed, they would have only achieved one quarter of the actual increase in discoveries they have experienced since the early 1990s. Our results call into question the commonly held view that known or available natural resource endowments are exogenous.