The Shifting Natural Wealth of Nations : The Role of Market Orientation

Arezki, Rabah ; van der Ploeg, Frederick ; Toscani, Frederik

World Bank, Washington, DC

关键词: NATURAL RESOURCE MANAGEMENT;    MARKET ORIENTATION;    ECONOMIC LIBERALIZATION;    INSTITUTIONS;    ENDOGENOUS RESERVES;   

DOI  :  10.1596/1813-9450-8520
RP-ID  :  WPS8520

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper explores the effect of marketorientation on (known) natural resource wealth using a noveldataset of world-wide major hydrocarbon and mineraldiscoveries. Consistent with the predictions of a two-regionmodel, the empirical estimates based on a large panel ofcountries show that increased market orientation causes asignificant increase in discoveries of natural resources. Ina thought experiment whereby economies in Latin America andsub-Saharan Africa remained closed, they would have onlyachieved one quarter of the actual increase in discoveriesthey have experienced since the early 1990s. The resultscall into question the commonly held view that naturalresource endowments are exogenous.