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Author Arezki, Rabah, author

Title Commodity windfalls, polarization, and net foreign assets : panel data evidence on the voracity effect / prepared by Rabah Arezki and Markus Brückner
Published Washington, D.C. : International Monetary Fund, 2010
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Description 1 online resource (24 pages)
Series IMF working paper, 2227-8885 ; WP/10/209
IMF working paper ; WP/10/209
Contents Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Data; Commodity Revenue Windfalls; Polarization; Net Foreign Assets and Other Data; Table 1. Summary Statistics; Table 2. Correlation Matrix; III. Estimation Strategy; IV. Main Results; Table 3. Commodity Windfalls and Net Foreign Assets; Table 4. Commodity Windfalls and Net Foreign Assets; Table 5. Commodity Windfalls, Polarization, and Net Foreign Assets; Table 6. Commodity Windfalls, Polarization, and the Terms of Trade; Table 7. Commodity Windfalls, Polarization, and Private Investment
Table 8. Commodity Windfalls, Growth, Government Spending, and CorruptionTable 9. Commodity Windfalls, Polarization, and the Current Account; V. Conclusion; Table 1. The Terms of Trade, Polarization, and Net Foreign Assets; Table 1. List of Countries; Table 2. List of Commodities; References; Footnotes
Summary This paper examines the effect that windfalls from international commodity price booms have on net foreign assets in a panel of 145 countries during the period 1970-2007. The main finding is that windfalls from international commodity price booms lead to a significant increase in net foreign assets, but only in countries that are homogeneous. In polarized countries, net foreign assets significantly decreased. To explain this asymmetry, the paper shows that in polarized countries commodity windfalls lead to large increases in government spending, political corruption, and the risk of expropriation, with no overall effect on GDP per capita growth. The paper's findings are consistent with theoretical models of the current account that have a built-in voracity effect
Bibliography Includes bibliographical references
Notes Print version record
Subject Commodity control.
International finance -- Econometric models.
Form Electronic book
Author Bückner, Markus, author
IMF Institute, issuing body
ISBN 1283558785
1455204536
1455205400 (Trade Paper)
1455274798
9781283558785
9781455204533
9781455205400
9781455274796