TY - BOOK ID - 84542944 TI - Resource Windfalls, Macroeconomic Stability and Growth : The Role of Political Institutions AU - Kazimov, Kazim. AU - Hamilton, Kirk. AU - Arezki, Rabah. PY - 2011 SN - 1462319327 1462386938 1283557800 9786613870254 1455267465 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Economic stabilization KW - Economic development KW - Adjustment, Economic KW - Business stabilization KW - Economic adjustment KW - Stabilization, Economic KW - Economic policy KW - Political aspects. KW - Public Finance KW - Natural Resources KW - Macroeconomics KW - Economic Development: Agriculture KW - Energy KW - Environment KW - Other Primary Products KW - Fiscal Policies and Behavior of Economic Agents: General KW - Multiple or Simultaneous Equation Models: Models with Panel Data KW - National Government Expenditures and Related Policies: General KW - Fiscal Policy KW - Agricultural and Natural Resource Economics KW - Environmental and Ecological Economics: General KW - Commodity Markets KW - Public finance & taxation KW - Environmental management KW - Expenditure KW - Fiscal policy KW - Natural resources KW - Commodity price fluctuations KW - Prices KW - Expenditures, Public KW - Norway UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542944 AB - We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending in commodity-exporting countries has been procyclical. Second, we find that resource windfalls initially crowd out non-resource GDP which then increases as a result of the fiscal expansion. Third, we find that in the long run resource windfalls have negative effects on non-resource sector GDP growth. Yet, the effects turn out to be statistically insignificant when controlling for government spending. Both the effects of resource windfalls on macroeconomic stability and economic growth are moderated by the quality of political institutions. ER -