Resource Blessing, Revenue Curse? Domestic Revenue Effort in Resource-Rich Countries

Resource Blessing, Revenue Curse? Domestic Revenue Effort in Resource-Rich Countries
Author: Ernesto Crivelli
Publisher: International Monetary Fund
Total Pages: 29
Release: 2014-01-14
Genre: Business & Economics
ISBN: 1484351487

This paper uses a newly constructed revenue dataset of 35 resource-rich countries for the period 1992-2009 to analyze the impact of expanding resource revenues on different types of domestic (non resource) tax revenues. Overall, we find a statistically significant negative relationship between resource revenues and total domestic (non resource) revenues, including for the major tax components. For each additional percentage point of GDP in resource revenues, there is a reduction in domestic (non resource) revenues of about 0.3 percentage points of GDP. We find this primarily occurs through reduced effort on taxes on goods and services—in particular, the VAT— followed by a smaller negative impact on corporate income and trade taxes.

Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth

Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth
Author: Daniel Wilde
Publisher: Commonwealth Secretariat
Total Pages: 49
Release: 2016-10-11
Genre: Business & Economics
ISBN: 1849291608

Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely used to finance sustainable economic development. This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.

The Oxford Handbook of Sovereign Wealth Funds

The Oxford Handbook of Sovereign Wealth Funds
Author: Douglas Cumming
Publisher: Oxford University Press
Total Pages: 737
Release: 2017
Genre: Business & Economics
ISBN: 0198754809

Sovereign Wealth Funds have become increasingly powerful and influential investors. Their increasing role, and unusual character as both political and market actors, raise a number of issues with regard to finance, politics, regulation, and international business. This handbook draws together the growing but fragmented research on SWFs.

Natural Resources, Neither Curse nor Destiny

Natural Resources, Neither Curse nor Destiny
Author: Daniel Lederman
Publisher: World Bank Publications
Total Pages: 396
Release: 2006-10-23
Genre: Nature
ISBN: 0821365460

'Natural Resources: Neither Course nor Destiny' brings together a variety of analytical perspectives, ranging from econometric analyses of economic growth to historical studies of successful development experiences in countries with abundant natural resources. The evidence suggests that natural resources are neither a curse nor destiny. Natural resources can actually spur economic development when combined with the accumulation of knowledge for economic innovation. Furthermore, natural resource abundance need not be the only determinant of the structure of trade in developing countries. In fact, the accumulation of knowledge, infrastructure, and the quality of governance all seem to determine not only what countries produce and export, but also how firms and workers produce any good.

Fiscal Regimes for Extractive Industries—Design and Implementation

Fiscal Regimes for Extractive Industries—Design and Implementation
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
Total Pages: 82
Release: 2012-08-16
Genre: Business & Economics
ISBN: 1498340067

Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación

Oil to Cash

Oil to Cash
Author: Todd Moss
Publisher: CGD Books
Total Pages: 190
Release: 2015-06-10
Genre: Business & Economics
ISBN: 1933286695

Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.

The Oil Curse

The Oil Curse
Author: Michael L. Ross
Publisher: Princeton University Press
Total Pages: 314
Release: 2013-09-08
Genre: Political Science
ISBN: 0691159637

Explaining—and solving—the oil curse in the developing world Countries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed? In this groundbreaking analysis, Michael L. Ross looks at how developing nations are shaped by their mineral wealth—and how they can turn oil from a curse into a blessing. Ross traces the oil curse to the upheaval of the 1970s, when oil prices soared and governments across the developing world seized control of their countries' oil industries. Before nationalization, the oil-rich countries looked much like the rest of the world; today, they are 50 percent more likely to be ruled by autocrats—and twice as likely to descend into civil war—than countries without oil. The Oil Curse shows why oil wealth typically creates less economic growth than it should; why it produces jobs for men but not women; and why it creates more problems in poor states than in rich ones. It also warns that the global thirst for petroleum is causing companies to drill in increasingly poor nations, which could further spread the oil curse. This landmark book explains why good geology often leads to bad governance, and how this can be changed.

High-Value Natural Resources and Post-Conflict Peacebuilding

High-Value Natural Resources and Post-Conflict Peacebuilding
Author: Päivi Lujala
Publisher: Routledge
Total Pages: 624
Release: 2012-03-29
Genre: Law
ISBN: 1136536698

For most post-conflict countries, the transition to peace is daunting. In countries with high-value natural resources – including oil, gas, diamonds, other minerals, and timber –the stakes are unusually high and peacebuilding is especially challenging. Resource-rich post-conflict countries face both unique problems and opportunities. They enter peacebuilding with an advantage that distinguishes them from other war-torn societies: access to natural resources that can yield substantial revenues for alleviating poverty, compensating victims, creating jobs, and rebuilding the country and the economy. Evidence shows, however, that this opportunity is often wasted. Resource-rich countries do not have a better record in sustaining peace. In fact, resource-related conflicts are more likely to relapse. Focusing on the relationship between high-value natural resources and peacebuilding in post-conflict settings, this book identifies opportunities and strategies for converting resource revenues to a peaceful future. Its thirty chapters draw on the experiences of forty-one researchers and practitioners – as well as the broader literature – and cover a range of key issues, including resource extraction, revenue sharing and allocation, and institution building. The book provides a concise theoretical and practical framework that policy makers, researchers, practitioners, and students can use to understand and address the complex interplay between the management of high-value resources and peace. High-Value Natural Resources and Post-Conflict Peacebuilding is part of a global initiative led by the Environmental Law Institute (ELI), the United Nations Environment Programme (UNEP), the University of Tokyo, and McGill University to identify and analyze lessons in natural resource management and post-conflict peacebuilding. The project has generated six edited books of case studies and analyses, with contributions from practitioners, policy makers, and researchers. Other books in the series address land; water; livelihoods; assessing and restoring natural resources; and governance.

Beyond the Curse

Beyond the Curse
Author: Rabah Arezki
Publisher:
Total Pages: 275
Release: 2011
Genre: Law
ISBN: 9781616351458

Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial stability, and governance. The ideas in this book were first presented at a seminar in November 2010 that was aimed primarily at policymakers in sub-Saharan Africa and brought together ministers, central bank governors, other senior policymakers, and well-known academics.