Natural Resources, Physical Capital and Institutions : Evidence from Eurasia
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World Bank, Washington, DC
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Natural resource abundance can lead to
strong economic growth if resource rents are well invested
in physical assets and other forms of productive capital.
This paper focuses on the case of the resource-abundant
economies in Eurasia, which has been less documented in the
literature on natural resource-led development than other
parts of the world. The analysis shows that the stock of
productive physical assets is relatively low, contrary to
common perceptions about the Soviet system. The
infrastructure that was inherited from the Soviet system
primarily serves to meet basic human needs; few assets
support the development of competitive and sustainable
economies. At a deeper level, the paper documents that low
accumulation of physical capital over the past two decades
has been driven by weak institutions and economic policies
associated with the presence of resource rents, along with a
poor public investment management process. This paper
complements existing empirical studies by presenting
evidence on the mechanisms through which natural resources
and physical capital have interacted in setting Eurasian
economies on a fragile development path.
Palabras clave
ACCESSIBILITY, AFFILIATED ORGANIZATIONS, AGRICULTURE, AIR, AIR POLLUTION, AIRPORT, ALTERNATIVE ENERGIES, ASSETS, BENCHMARKS, CLIMATE CHANGE, COMMODITY PRICES, COMPETITIVENESS, CONGESTION, COUNTRY COMPARISONS, DEVELOPMENT POLICY, DOMESTIC INVESTMENT, DRIVING, ECONOMIC ASSISTANCE, ECONOMIC GEOGRAPHY, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC POLICIES, ELECTRICITY, EMPLOYMENT, EXPORTS, EXPROPRIATION, FARES, FINANCIAL CRISIS, FISCAL POLICY, FIXED ASSETS, FIXED CAPITAL, FREIGHT, FUEL, FUEL CONSUMPTION, FUTURE RESEARCH, GAS PRICES, GDP, GDP PER CAPITA, GROWTH RATE, HIGHWAYS, HUMAN CAPITAL, INDEX NUMBERS, INFLATION, INFLATION RATE, INFRASTRUCTURE DEVELOPMENT, INFRASTRUCTURE PROJECTS, INLAND TRANSPORT, INLAND WATERWAYS, INTERNATIONAL DEVELOPMENT, INVENTORIES, INVESTMENT MANAGEMENT, INVESTMENT RATE, INVESTMENT RATES, INVESTMENT REQUIREMENTS, INVESTMENT SPENDING, LAND USE, LONG-DISTANCE, MACROECONOMIC POLICY, MOTOR VEHICLES, NATIONAL ECONOMY, NATURAL ENDOWMENTS, NATURAL RESOURCES, NET SAVINGS, NOW ACCOUNTS, PASSENGER TRAFFIC, PER CAPITA INCOME, POLITICAL ECONOMY, PRICE STABILITY, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRIVATE SECTOR, PRIVATE SECTOR PARTICIPATION, PRIVATIZATION, PRODUCTIVE ASSETS, PRODUCTIVE CAPITAL, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC, PUBLIC INVESTMENT, PUBLIC SECTOR, PUBLIC SERVICES, PUBLIC TRANSPORT, QUALITY OF TRANSPORT, RAIL, RAIL NETWORKS, RAILWAY, RAILWAY LINES, RAILWAYS, RENTS, ROAD, ROAD CONDITIONS, ROAD DESIGN, ROAD DESIGN STANDARDS, ROAD MAINTENANCE, ROAD NETWORK, ROAD QUALITY, ROAD TRAFFIC, ROADS, RUNWAY, RUNWAYS, SANITATION, SOCIAL WELFARE, SUBWAY, SUBWAY LINES, TAX, TAXATION, TELECOMMUNICATIONS, TOLL, TOLL ROADS, TOTAL FACTOR PRODUCTIVITY, TRADE FLOWS, TRADE VOLUME, TRAFFIC SPEED, TRAM, TRANSACTION COSTS, TRANSIT, TRANSPORT, TRANSPORT CORRIDORS, TRANSPORT COSTS, TRANSPORT INFRASTRUCTURE, TRANSPORT SECTOR, TRANSPORT SERVICES, TRANSPORTATION, TRANSPORTATION COSTS, TUNNELS, URBAN GROWTH, URBANIZATION, VOLUME OF TRAFFIC, WATER USE, WEALTH