La maldición de los recursos naturales y los hidrocarburos: una revisión de literatura

Eszter Wirth

doi:10.5209/PADE.61487

The resource course and hydrocarbons: a literature review

Eszter Wirth Universidad Pontificia Comillas (ICADE)

DOI: https://doi.org/10.5209/PADE.61487

Keywords: resource curse, development, international trade, hydrocarbons.

Abstract

Specialization in natural resources and its inherent challenges have been two of the most analyzed and discussed topics in the literature on development economics. This article aims to systematize the core ideas regarding the debate on the resource curse, by focusing on its four potential transmission channels and by trying to identify the features of oil and natural gas that make exporters of these raw materials prone to suffer from the curse symptoms. The institutional variable, which holds a key role in designing policies focused on the mitigation of the four transmission channels is highlighted.

Downloads

Download data is not yet available.

View citations

References

Acemoglu, D.; Johnson, S. y Robinson, J. (2004): “Institutions as the Fundamental Cause of Long-Run Growth”. National Bureau of Economic Research Working Paper 10481, Cambridge.

Acemoglu, D. y Zilibotti, F. (1997): “Was Prometheus Unbound by Chance? Risk, Diversification and Growth.” Journal of Political Economy, Vol. 105(4), 709-751.

Aguilera, R.F. y Radetzki, M. (2016): The Price of Oil. Cambridge University Press, Cambridge.

Alexeev, M. y Conrad, R. (2005): “The Elusive Curse of Oil”. Working Paper SAN05-07, Terry Sanford Institute of Public Policy, Duke University, Durham NC.

Andersen, A.D.; Johnson, B.H.; Marín, A; Kaplan, D.; Stubrin, L.; Lundvall, B.Å.; y Kaplinsky, R. (2015): Natural Resources, Innovation and Development. Aalborg Universitetsforlag, Aalborg.

Arrow, K. J. (1962): “The Economic Consequences of Learning-by-Doing”. The Review of Economic Studies, Vol. 29 (3), 155-173.

Arroyo Peláez, A. y Cossío Muñoz, F. (2015): Impacto fiscal de la volatilidad del precio del petróleo en América Latina y el Caribe. Cepal y Cooperación Española, Santiago de Chile.

Auty, R. (1993): Sustaining Development in Mineral Economies: The Resource Curse Thesis. Routledge, Londres.

Banco Mundial (2016): World Development Indicators. Disponible en: http://data.worldbank.org/datacatalog/world-development-indicators.

Beblawi, H. (1987): “The Rentier State in the Arab World”. Beblawi, H. y Luciani, G. (eds.): The Rentier State. IAI, Croom Helm, Londres.

Barnett, S. y Ossowski, R. (2003): “Operational Aspects of Fiscal Policy in Oil-Producing Countries”. Davis, J.M.; Ossowski, R.; y Fedelino, A. (eds.): Fiscal Policy Formulation and Implementation in Oil- Producing Countries. FMI, Washington, 45-81.

Boyce, R. y Emery, H. (2011): “Is a Negative Correlation Between Resource Abundance and Growth Sufficient Evidence that There Is a “Resource Curse”?” Resources Policy, Vol. 36, 1-13.

von Braun, J. y Tadesse, G. (2012): “Food Security, Commodity Price Volatility, and the Poor”. IAoki M., Kuran T., Roland G. (eds) Institutions and Comparative Economic Development. International Economic Association Series. Palgrave Macmillan, Londres, 298-312.

Brunnschweiler, C.N. y Bulte, E. (2008): “The Natural Resource Curse Revised and Revisited: A Tale of Paradoxes and Red Herrings”. Journal of Environmental Economics and Management, Vol. 55 (3), 248 264.

Buur, L.; Therkildsen, O.; Hansen, M.W.; y Kjaer, M. (2013): “Extractive Natural Resource Development: Governance, Linkages and Aid”. Danish Institute for International Studies Report 28, Copenhague.

Chang, H.J. (2004): Retirar la escalera. La estrategia del desarrollo en perspectiva histórica. Libros de la Catarata, Madrid.

Corden, W. M. y Neary, P. (1982): “Booming Sector and De-Industrialization in a Small Open Economy”. The Economic Journal, Vol. 92 (368), 825-848.

Cuddington, J.T.; Ludema, R.; y Jayasuriya, S.A. (2007): “Prebisch-Singer Redux”. Lederman, D. y Maloney, W.F. (eds.): Natural Resources. Neither Curse Nor Destiny. Stanford University y Banco Mundial, Washington.

De Jong, D.; van der Linde, C.; y Smeek, T. (2010): “The Evolving Role of LNG in the Gas Market”. Goldthau, A. y Witte, J.M. (eds.): Global Energy Governance. The New Rules of the Game. Brookings Institution Press, Washington.

EIA (2017): Short-term Energy Outlook. Disponible en: https://www.eia.gov/outlooks/steo/ Edwards, S. y Aoki, M. (1983): “Oil Export Boom and Dutch Disease: a Dynamic Analysis”. Resources and Energy, Vol. 5 (3), 219-242.

Fernández, R. y Palazuelos, E. (2014): “A Political Economy Approach to the European Union Gas Model: Continuities and Changes”. Journal of Common Market Studies, Vol. 52 (3), 495-511.

Frankel, J. (2012): “How Can Commodity Exporters Make Fiscal and Monetary Policy Less Procyclical?” Arezki, R.; Gylfason; y Sy, A. (eds.): Beyond the Curse. Policies to Harness the Power of Natural Resources. FMI, Washington, 167-192.

Gately, D. (2011): OPEC at 50: Looking Back and Looking Ahead. Conference on “OPEC at 50”, National Energy Policy Institure. Tusla.

Gause, F.G. (2013): “Kings for All Seasons: How the Middle Eastern Monarchies Survived the Arab Spring”. Brookings Doha Center Analysis Paper 8.

Goldthau, A. (2012): “A Public Policy Perspective on Global Energy Security”. International Studies Perspectives, Vol. 13 (1), 65-84.

Grilli, E.R. y Yang, M.C. (1988): “Primary Commodity Prices, Manufactured Goods Prices, and the Terms of Trade of Developing Countries: What Long Run Shows.” The World Bank Economic Review, Vol. 2(1), Washington, 1-47.

Gylfason, T. (2001): “Lessons from the Dutch Disease: Causes, Treatment and Cures.” Institute of Economic Studies Working Paper Series, Vol. 06, Reykjavik.

Hanesson, R. (1998): Petroleum Economics: Issues and Strategies of Oil and Natural Gas Production. Quorum Books, Londres.

Hilaire, N., y Doucet, J. (2004): Dutch Disease, Oil and Developing Countries. Universidad de Alberta, Edmonton, documento inédito.

Hirschman, A. (1958): The Strategy of Economic Development. Yale University Press, New Haven. IEA (2005): Resources to Reserves. París.

Johnson, C. (1999): “The Developmental State: Oddisey of a Concept”. Woo-Cummings, M. (ed.): The Developmental State. Cornell University, Ithaca, 32-60.

Kaplinsky, R. y Santos Paulino, A. (2005): “Innovation and Competitiveness. Trends in Unit Prices in Global Trade”. Oxford Development Studies, Vol. 33 (3-4), 333-355.

Karl, T.L. (2007): “Ensuring Fairness: The Case for a Transparent Fiscal Social Contract”. Humphreys, M.; Sachs, J.D.; y Stiglitz, J.E. (eds.): Escaping the Resource Curse. Columbia University Press, Nueva York, 276-305.

Kolstad, I. y Wiig, A. (2009): “It’s the Rents, Stupid! The Political Economy of the Resource Curse.” Energy Policy, Vol. 37, 5317-5325.

Lewis, W.A. (1955): The Theory of Economic Growth. R.D. Irwin, Homewood.

Loayza, N.V.; Rancière, R.; Servén, L.; y Ventura (2007): “Macroeconomic Volatility and Welfare in Developing Countries: An Introduction”. World Bank Economic Review, Vol. 21, 343-357.

Lobejón Herrero, L.F. (2001): El comercio internacional. Akal, Madrid.

Lujala, P. (2007): The Spoils of Nature: Armed Civil Conflict and Rebel Access to Natural Resources. Universidad de Trondheim, Trondheim, documento inédito.

Machín Álvarez, A. (2010): “Rentierism in the Algerian Economy Based on Oil and Natural Gas”. Energy Policy, Vol. 38, 6338-6348.

Magud, N. y Sosa, S. (2010): “When and Why Worry about Real Exchange Rate Appreciation? The Missing Link between Dutch Disease and Growth”. IMF Working Paper, 271, Washington.

Mahdavi, H. (1970): “The Pattern and Problems of Economic Development in Rentier States: the Case of Iran”. Cook, M. (ed.): Studies in Economic Theory of the Middle East. Oxford University Press, Oxford, 428-467.

Mancini, L. (2012): ¿Qué condiciones pueden promover una industrialización a partir de los recursos naturales? Un estudio crítico de la literatura. Trabajo de Fin de Máster, Universidad Complutense de Madrid, Madrid.

Marín, A.; Navas-Alemán, L.; y Pérez, C. (2015): “Natural Resource Industries as a Platform for the Development of Knowledge Intensive Industries”. Tijdschrift voor Economische en Sociale Geografie, Vol. 106 (2), 154-168

Martín-Moreno, J.M. (2016): “El papel de la OPEP ante los retos de la Nueva Economía del Petróleo”. Documento de Trabajo 19, Observatorio de Divulgación Financiera, Barcelona.

Mehlum, H., Moene, K., y Torvik, R. (2006): “Institutions and the Resource Curse”. The Economic Journal, Vol. 116, 1-20.

Mehlum, H.; Moene, K.; y Torvik, R. (2011): “Mineral Rents and Social Development in Norway”. Department of Economics Memorandum 14/2011, Universidad de Oslo, Oslo.

Mill, J.S. (1848): Principles of Political Economy, Vol. II. John W. Parker, Londres.

Moreno, C. (2015): “El posextractivismo y el reto de repensar el metabolismo de la economía mundial”. Fundación Heinrich Böll (2015): Más allá de la sobreexplotación – Alternativas latinoamericanas al extractivismo. Berlín: 18-21

Myrdal, G. (1959): Teoría económica y regiones subdesarrolladas. Fondo de Cultura Económica, México D.F.

North, D.C. (1990): Institutions, Institutional Change and Economic Performance. Political Economy of Institutions and Decision Collection. Cambridge University Press, Cambridge.

Nurske, R. (1953): “Algunos aspectos internacionales del desarrollo económico”. Agarwala, A.N. y Singh, S.P. (eds.) (1963): La economía del subdesarrollo. Tecnos, Madrid, 216-228.

Ocampo, J.A. y Parra, M.A. (2003): “Los términos de intercambio de los productos básicos del siglo XX”. Revista de la Cepal, Vol. 79, Santiago de Chile, 7-35.

Ohlin, B. (1933): Interregional and International Trade. Harvard University Press, Cambridge.

Orlandini, A. (2011): El desarrollo del mercado internacional de gas natural licuado (GNL). Liquidez y convergencia de precios: ¿hacia un mercado de commodity? Trabajo de Fin de Máster, Universidad Complutense de Madrid, Madrid.

Ovadia, J.S. (2016): “Local content policies and petro-development in Sub-Saharan Africa: A comparative analysis”. Resources Policy, Vol 49, 20-30.

Palazuelos, E. (2011): Mercados Internacionales de Petróleo y Relaciones de Poder. Seminario de Postgrado en Economía Internacional y Desarrollo, Universidad Complutense de Madrid, Madrid, documento inédito.

Parra, F. (2004): Oil Politics. A Modern History of Petroleum. Tauris, Londres.

Pfaffenzeller, S.; Newbold, P., and Rayner, A. (2007): “A Short Note on Updating the Grilli and Yang Commodity Price Index”. The World Bank Economic Review, Vol. 21 (1): 151-163.

Prebisch, R. (1950): “Crecimiento, desequilibrio y disparidades: interpretación del proceso de desarrollo”. Estudio económico de América Latina, Organización de las Naciones Unidas, Nueva York.

Radetzki, M. (2006): “The Anatomy of three Commodity Booms”. Resources Policy Vol. 31, 56-64.

Radetzki, M. (2012): “Primary Commodities: Historical Perspectives and Prospects”. Arezki, R.; Gylfason; y Sy, A. (eds.): Beyond the Curse. Policies to Harness the Power of Natural Resources. FMI, Washington, 35-51.

Ramírez, J.M.; Bordón, M.; García, S.; Mateo, J.P.; y Paz, M.J. (2011): “La explotación de los hidrocarburos y el fomento del desarrollo en América Latina: los casos de Bolivia, Brasil y Ecuador”. Serie Avances de Investigación 71, Fundación Carolina, Madrid.

Robinson, J.A. y Torvik, R. (2005): “White Elephants”. Journal of Public Economics, Vol. 89, 197-210.

Rodríguez, C.M. (2006). Dutch Disease in Saudi Arabia? Trabajo de Fin de Máster, Universidad de Lund, Lund.

Rollins, C.E. (1971): “Mineral Development and Economic Growth”. Rhodes, I. (ed.): Imperialism and Underdevelopment. Monthly Review Press, Nueva York.

Ross, M.L. (1999): “The Political Economy of the Resource Curse”. World Politics, Vol. 51 (2), 297-322.

Ross, M.L. (2015): “What Have We Learned about the Resource Curse?” Annual Review of Political Science, Vol. 18, 239-259.

Sala-i-Martín, X. y Subramanian, A. (2003): “Addressing the Natural Resource Curse: an Illustration from Nigeria.” National Bureau of Economic Research Working Paper 9804, Cambridge.

Sachs, J. y Warner, A. (1995): “Natural Resource Abundance and Economic Growth”. National Bureau of Economic Research Working Paper 5398, Cambridge.

Sarkar, P. y Singer, H.W. (1991): “Manufactured Goods of Developing Countries and their Terms of Trade”. World Development, Vol. 19 (4), 333-340.

Singer, H.W. (1950): “The Distribution of Gains between Investing and Borrowing Countries”. The American Economic Review, Papers and Proceedings, Vol. 40 (2), 473-485.

Sinnott, E.; Nash, J. y de la Torre, A. (2010): Los recursos naturales en América Latina y el Caribe. ¿Más allá de la bonanza y crisis? Banco Mundial, Washington.

Smith, B. (2004): “Oil Wealth and Regime Survival in the Developing World, 1960-99”. American Journal of Political Science, Vol. 48 (2), 232-246.

Stern, J. y Rogers, H.R. (2014): “The Dynamics of a Liberalised European Gas Market: Key determinants of hub prices, and roles and risks of major players”. The Oxford Institute for Energy Studies Paper, NG 94, Oxford.

The Economist (1977): The Dutch Disease. 26/11/1977.

The Economist (2005): Recycling the Petrodollars. 10/11/2005.

Torvik, R. (2001): “Learning-by-Doing and the Dutch Disease”. European Economic Review, Vol. 45 (2), 285-306.

Torvik, R. (2002): “Natural Resources, Rent Seeking and Welfare”. Journal of Development Economics, Vol. 76, 455-470.

UNCTAD (2012a): Excessive Commodity Price Volatility: Macroeconomic Effects on Growth and Policy Options. Ginebra.

UNCTAD (2012b): “Don’t blame the Physical Markets: Financialization is the Root Cause of Oil and Commodity Price Volatility”. Policy Brief 25, Ginebra.

Viner, J. (1952): International Trade and Economic Development. The Free Press, Glencoe.

Watkins, M.H. (1963): “A Staple Theory of Economic Growth”. The Canadian Journal of Economics and Political Science, Vol. 29 (2), 141-158.

van Wijnbergen, S. (1984): “The `Dutch Disease´: A Disease after All?” The Economic Journal, Vol. 94 (373), 41-55.

Wirth, E. (2017): Los fondos soberanos de inversión y su coordinación con políticas macroeconómicas: el caso de Noruega, 1990-2015. Tesis Doctoral, Universidad Complutense de Madrid, Madrid.

World Energy Council (2016): World Energy Resources I 2016. Londres.

Wright, G. y Czelusta, J. (2002): “Exorcizing the Resource Curse: Minerals as a Knowledge Industry, Past and Present”. Stanford University Working Papers 25, Stanford.

YPF (2014): ¿Qué son los recursos no convencionales? Disponible en: https://www.ypf.com/energiaypf/ Novedades/Paginas/Que-son-los-yacimientos-no-convencionales.aspx

Article download

PDF (Español (España))

Crossmark

Metrics

Published

2018-09-14

How to Cite

Wirth E. (2018). The resource course and hydrocarbons: a literature review. Papeles de Europa, 31(1), 19-40. https://doi.org/10.5209/PADE.61487

ACM
ACS
APA
ABNT
Chicago
Harvard
IEEE
MLA
Turabian
Vancouver

Download Citation

Endnote/Zotero/Mendeley (RIS)
BibTeX

Issue

Vol. 31 No. 1 (2018)

Section

Articles

License

In order to support the global exchange of knowledge, the journal Papeles de Europa is allowing unrestricted access to its content as from its publication in this electronic edition, and as such it is an open-access journal. The originals published in this journal are the property of the Complutense University of Madrid and any reproduction thereof in full or in part must cite the source. All content is distributed under a Creative Commons Attribution 4.0 use and distribution licence (CC BY 4.0). This circumstance must be expressly stated in these terms where necessary. You can view the summary and the complete legal text of the licence.

The resource course and hydrocarbons: a literature review

Abstract

Downloads

Article download

Crossmark

Metrics

License

Language

Information

logos

RedesSociales

Web Feed Plugin

Make a Submission