mineral-rich countries and dutch disease: understanding the macroeconomic implications of windfalls and the development prospects the case of equatorial guinea


Book Description

Abstract: Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only crowded out other exports, it actually reduced other exports disproportionately and fueled the fears of dire consequences for Dutch manufacturing. In the case of Equatorial Guinea, the secondary sector represents about 2 percent of the gross domestic product, manufacturing represents less than 1 percent, and oil represents more than 95 percent. The negative impact of the Dutch Disease in this context would be limited given the structure of the economy and on the contrary may even be a good thing because it fuels the structural transformational process of the economy, which is needed in Equatorial Guinea. This paper argues that the ongoing Dutch Disease is a natural and necessary reallocation of resources in the economy of Equatorial Guinea. The magnitude of negative macroeconomic consequences of the Dutch Disease depends on the country's economic structure and stage of development. In a country where the manufacturing sector barely exists or where the non-oil primary sector is structurally deficient, as has been the case of Equatorial Guinea, there is little to fear about the disease. The oil boom is a blessing, given that oil revenues when properly managed can play a special and critical role in overall economic development and poverty reduction in low-income countries. To promote good governance in the management of the country's oil wealth, the government may wish to adhere to clear standards of accountability and transparency; especially by complying with the Extractive Industries Transparency Initiative (EITI++).




Mineral-Rich Countries and Dutch Disease


Book Description

Referring to the original context of Dutch Disease, the term refers to the fears of de-industrialization that gripped the Netherlands as a result of the appreciation of the Dutch currency that followed the discovery of natural gas deposits. Expansion of petroleum exports in the 1960s not only crowded out other exports, it actually reduced other exports disproportionately and fueled the fears of dire consequences for Dutch manufacturing.In the case of Equatorial Guinea, the secondary sector represents about 2 percent of the gross domestic product, manufacturing represents less than 1 percent, and oil represents more than 95 percent. The negative impact of the Dutch Disease in this context would be limited given the structure of the economy and on the contrary may even be a good thing because it fuels the structural transformational process of the economy, which is needed in Equatorial Guinea. This paper argues that the ongoing Dutch Disease is a natural and necessary reallocation of resources in the economy of Equatorial Guinea.The magnitude of negative macroeconomic consequences of the Dutch Disease depends on the country's economic structure and stage of development. In a country where the manufacturing sector barely exists or where the non-oil primary sector is structurally deficient, as has been the case of Equatorial Guinea, there is little to fear about the disease. The oil boom is a blessing, given that oil revenues when properly managed can play a special and critical role in overall economic development and poverty reduction in low-income countries. To promote good governance in the management of the country's oil wealth, the government may wish to adhere to clear standards of accountability and transparency; especially by complying with the Extractive Industries Transparency Initiative (EITI++).




Sovereign Wealth Funds


Book Description

Sovereign wealth funds are a growing and dynamic force in international finance. This is the first book to compile a history of sovereign wealth funds, recounting the Abu Dhabi Investment Authority's involvement with the scandal-plagued BCCI bank and Chinese arms exports to Iran. In a straightforward and accessible style, the author examines the complex and amazing growth of an unknown group of investors controlling trillions of dollars worldwide.




Oil, Democracy, and Development in Africa


Book Description

This book focuses on the history, key industry and policy actors, and political economic outcomes in oil-producing African states, filling a gap in the literature on resource-abundant countries by providing an optimistic assessment of circumstances in contemporary Africa.




Mining Africa. Law, Environment, Society and Politics in Historical and Multidisciplinary Perspectives


Book Description

This book is a pacesetter in matters of mining and the environment in Africa from multidisciplinary and spatio-temporal perspectives. The book approaches mining from the perspectives of law, politics, archaeology, anthropology, African studies, geography, human ecology, sociology, history, economics and development. It interrogates mining and environment from the perspectives of customary law as well as from the perspectives of Euro-modern laws. In this sense, the book straddles precolonial, colonial and postcolonial mining and environmental perspectives. In all this, it maintains a Pan-Africanist perspective that also speaks to contemporary debates on African Renaissance and to the unity of Africa. From scrutinising the lived realities of African miners who are often insensitively and unjustly addressed as illegal miners, the book also interrogates transnational mining corporations; matters of corporate social responsibility as well as matters of tax evasions by transnational corporations whose commitment to accountability to African governments is questioned. With both theoretical chapters and chapter based on empirical studies on mining and the environment across the African continent, the book provides a much needed holistic, one stop shop for scholars, activists, researchers and policy makers who need a comprehensive treatise on African mining and the environment. The book comes at the right time when matters of African mining and environment are increasingly coming to the fore in the light of discourses about the new 21st century scramble for African resources, in which big transnational corporations and nations are jostling to suck Africa dry in their race to control planetary resources. It is a book that speaks to contemporary broader issues of (de-)coloniality and transformation of African minds and African environmental resources.




The Crises of Postcoloniality in Africa


Book Description

The Crises of Postcoloniality in Africa is an assemblage of transdisciplinary essays that offer a spirited reflection on the debate and phenomenon of postcoloniality in Africa, including the changing patterns and ramifications of problems, challenges and opportunities associated with it. A key conceptual rhythm that runs through the various chapters of the book is that, far from being demised, postcoloniality is still firmly embedded in Africa, manifesting itself in both blatant and insidious forms. Among the important themes covered in the book include the concepts of postcolonialism, postcoloniality, and neocolonialism; Africa’s precolonial formations and the impact of colonialism; the enduring patterns of colonial legacies in Africa; the persistent contradictions between African indigenous institutions and western versions of modernity; the unravelling of the postcolonial state and issues of armed conflict, conflict intervention and peacebuilding; postcolonial imperialism in Africa and the US-led global war on terror, the historical and postcolonial contexts of gender relations in Africa, as well as pan-Africanism and regionalist approaches to redressing the crises of postcoloniality.




Crowdfunding and Sustainable Urban Development in Emerging Economies


Book Description

Economic and societal systems continually evolve as the needs and demands of society change. With the development of new technologies, research, and discoveries, various opportunities emerge for venture development and developing economies. Crowdfunding and Sustainable Urban Development in Emerging Economies provides innovative research on current issues in the rise of new platforms for digital activities, a collaborative economy, crowdsourcing, crowdfunding, and other activities that are shaping developing countries. Highlighting a range of pertinent topics, such as infrastructure finance, tertiary educational institutions, and urban sustainability, this book is an important resource for academicians, practitioners, researchers, and students.




Oil to Cash


Book Description

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 Oxford Handbook of Sovereign Wealth Funds


Book Description

Sovereign Wealth Funds (SWFs) represent both an increasingly important - and potentially dominant - category of alternative investor, and a novel form for governments to project their interests both home and abroad. As such, they represent both economic actors and embody power vested in the financial and diplomatic resources they can leverage. Although at times they have acted in concert with other alternative investors, their intergenerational savings function should, in theory at least, promote more long-termist thinking. However, they may be impelled in towards greater short termism, in response to popular pressures, demands from predatory elites and/or unforeseen external shocks. Of all the categories of alternative investment, SWFs perhaps embody the most contradictory pressures, making for diverse and complex outcomes. The aim of this volume is to consolidate the present state of the art, and advance the field through new applied, conceptual and theoretical insights. The volume is ordered into chapters that explore thematic issues and country studies, incorporating novel insights in on the most recent developments in the SWF ecosystem. This handbook is organized into four sections and 23 chapters. The four sections are: Governance of SWFs, Political and Legal Aspects of SWFs, Investment Choices and Structures of SWFs, Country and Regional Analyses of SWFs.




The World Bank Research Program 2008-2009


Book Description

'The World Bank Research Program 2008-2009: Abstracts of Current Studies' is a compendium of research projects initiated, ongoing, or completed in fiscal years 2008 to 2009 by World Bank staff and consultants.