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Natural Resource Revenues and Public Investment in Resource-rich Economies in Sub-Saharan Africa

Karimu, Amin (author)
Umeå universitet,Centrum för miljö- och naturresursekonomi (CERE),Centre for Environmental and Resource Economics, Umeå University, Umeå, Sweden; University of Ghana Business School, Ghana
Adu, George (author)
The Nordic Africa Institute, Uppsala University, Uppsala, Sweden; Department of Economics, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana,Nordic Africa Institute,Kwame Nkrumah University of Science and Technology (KNUST)
Marbuah, George (author)
Swedish University of Agricultural Sciences,Sveriges lantbruksuniversitet,Institutionen för ekonomi,Department of Economics
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Tei Mensah, Justice (author)
Swedish University of Agricultural Sciences,Sveriges lantbruksuniversitet,Institutionen för ekonomi,Department of Economics
Amuakwa-Mensah, Franklin (author)
Swedish University of Agricultural Sciences,Sveriges lantbruksuniversitet,Institutionen för ekonomi,Department of Economics
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 (creator_code:org_t)
 
2017-03-13
2017
English.
In: Review of Development Economics. - : John Wiley & Sons. - 1363-6669 .- 1467-9361. ; 21:4, s. 107-130
  • Journal article (peer-reviewed)
Abstract Subject headings
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  • The general policy prescription for resource-rich countries is that, for sustainable consumption, a greater percentage of the windfall from resource rents should be channeled into accumulating foreign assets such as a sovereign public fund as done in Norway and other developed but resource-rich countries. This might not be a correct policy prescription for resource-rich sub-Saharan African (SSA) countries, where public capital is very low to support the needed economic growth. In such countries, rents from resources serve as an opportunity to scale-up the needed public capital. Using a panel data for the period 1990–2013, we find in line with the scaling-up hypothesis that resource rents significantly increases public investment in SSA and that this tends to depend on the quality of political institutions. Moreover, we also find evidence of a positive effect of public investment on economic growth, which also depends on the level of resource rents.

Subject headings

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
SOCIAL SCIENCES  -- Economics and Business -- Economics (hsv//eng)

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