We examine the impact of resource windfall on the standard of living both in the short-run
and long-run, using a sample of 130 countries, 1963-2007. Then, we systematically
investigate the effect of resource windfall on welfare in three different groups of
countries: We find that in the short-run resource windfall is welfare enhancing in the
whole sample, especially via increases in income and decreases in inequality. However, in
SSA countries, the size of welfare improvement is small and it is smaller and almost zero
after one year in fragile Sub-Saharan Arican (SSA) countries. In the whole sample, a
resource windfall shock leads to significant welfare growth even in the long-run, but we
couldn’t find any significant long-run effect of resource windfall in SSA countries.
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|Size: ||940 KB|
|Publisher: ||INTERNATIONAL MONETARY FUND|
|Date published: || 2015|
|ISBN: ||9781484336588 (DRM-EPUB)|
|Read Aloud: ||not allowed|