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Boom

About: Boom is a research topic. Over the lifetime, 7597 publications have been published within this topic receiving 80207 citations.


Papers
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Journal ArticleDOI
TL;DR: In this paper, the authors present evidence from seven Latin American countries that natural resource booms are sometimes accompa- nied by declining per-capita GDP, and they present a model with natural resources, increasing returns in the spirit of big push models.

1,581 citations

Journal ArticleDOI
TL;DR: The authors argue that politicians tend to over-extract natural resources relative to the efficient extraction path because they discount the future too much, and resource booms improve the efficiency of the extraction path.

1,456 citations

Book
10 Oct 1997
TL;DR: The Paradox of Plenty as mentioned in this paper explains why, in the midst of two massive oil booms in the 1970s, oil-exporting governments as different as Venezuela, Iran, Nigeria, Algeria, and Indonesia chose common development paths and suffered similarly disappointing outcomes.
Abstract: "The Paradox of Plenty" explains why, in the midst of two massive oil booms in the 1970s, oil-exporting governments as different as Venezuela, Iran, Nigeria, Algeria, and Indonesia chose common development paths and suffered similarly disappointing outcomes. Meticulously documented and theoretically innovative, this book illuminates the manifold factors - economic, political, and social - that determine the nature of the oil state, from the coherence of public bureaucracies, to the degree of centralization, to patterns of policy-making. Karl contends that oil countries, while seemingly disparate, are characterized by similar social classes and patterns of collective action. In these countries, dependence on petroleum leads to disproportionate fiscal reliance on petrodollars and public spending, at the expense of statecraft. Oil booms, which create the illusion of prosperity and development, actually destabilize regimes by reinforcing oil-based interests and further weakening state capacity. Karl's incisive investigation unites structural and choice-based approaches by illuminating how decisions of policymakers are embedded in institutions interacting with domestic and international markets. This approach - which Karl dubs 'structured contingency' - uses a state's leading sector as the starting point for identifying a range of decision-making choices, and ends by examining the dynamics of the state itself.

1,365 citations

Journal ArticleDOI
TL;DR: The authors provide an idiosyncratic synthesis of what they view as the key issues in this debate and the insights gained over the last 30 years, and highlight some of the conceptual difficulties in assigning a central role to oil price shocks in explaining economic performance.
Abstract: Economists have long been intrigued by empirical evidence that suggests that oil price shocks may be closely related to macroeconomic performance. This interest dates back to the 1970s. The 1970s were a period of growing dependence on imported oil, unprecedented disruptions in the global oil market and poor macroeconomic performance in the United States. Thus, it was natural to suspect a causal relationship from oil prices to U.S. macroeconomic aggregates. Since then, a large body of work has accumulated that purports to establish this link on theoretical grounds and to provide empirical evidence in its support. We do not attempt a comprehensive survey of this literature, but rather provide an idiosyncratic synthesis of what we view as the key issues in this debate and the insights gained over the last 30 years. The timing seems right for such an account. Although the experience of the 1970s continues to play an important role in discussions of the link between oil and the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990 –1991 Gulf war and the 2003 Iraq war. Given this richer case history, we are arguably in a better position than two decades ago to distinguish the idiosyncratic features of each oil crisis from the systematic effects. Increases in oil prices have been held responsible for recessions, periods of excessive inflation, reduced productivity and lower economic growth. In this paper, we review the arguments supporting such views. First, we highlight some of the conceptual difficulties in assigning a central role to oil price shocks in explaining

859 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20243
2023613
20221,255
2021148
2020204
2019237