 The shifting natural wealth of nations: The role of market orientationRabah Arezki, Frederick (Rick) van der Ploeg and Frederik Toscani Journal of Development Economics, 2019, vol. 138, issue C, 228-245 Abstract: This paper explores the effect of market orientation on (known or available) natural resource wealth using a novel dataset of world-wide major hydrocarbon and mineral discoveries. Our empirical estimates based on a large panel of countries show that increased market orientation causes a significant increase in discoveries of natural resources. In a thought experiment where economies in Latin America and sub-Saharan Africa remain closed, they would have only achieved one quarter of the actual increase in discoveries they have experienced since the early 1990s. Our results call into question the commonly held view that known or available natural resource endowments are exogenous. Keywords: Natural resources; Discoveries; Market orientation; Liberalization; Institutions; Endogenous reserves (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:deveco:v:138:y:2019:i:c:p:228-245 DOI: 10.1016/j.jdeveco.2018.12.002 Access Statistics for this article Journal of Development Economics is currently edited by M. R. Rosenzweig More articles in Journal of Development Economics from Elsevier |
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