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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Oil Windfall Shocks, Government Spending, and the Resource Curse
Author(s): Amany A. El Anshasy
Citation: Amany A. El Anshasy, (2011) "Oil Windfall Shocks, Government Spending, and the Resource Curse," Journal of Applied Business and Economics, Vol. 12, Iss. 4, pp. 44 - 63
Article Type: Research paper
Publisher: North American Business Press
Abstract:
I find evidence that the “curse” outcome in oil-abundant economies only holds when large oil windfall
shocks of the 1970s and 2000s are considered. The “curse” stems from and its magnitude is determined
by: (i) the effect of oil windfall shocks; (ii) the composition of public spending. Therefore, oil resources
may or may not be a “curse” depending on how oil rents are put to use and on the quality of windfall
management. The policy implication for oil-exporting countries is that institutional reforms which lead to
better and transparent resource management are essential ingredients to any diversification and growth
strategy.
