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| Author: | Goderis, B. Malone, S.W. |
| Title: | Natural resource booms and inequality: theory and evidence |
| Journal: | Scandinavian Journal of Economics
2011 : VOL. 113:2 p. 388-417 |
| Index terms: | incomes skills labour oil industry mining industry commodity prices theories models |
| Language: | eng |
| Abstract: | This paper proposes a theory, in the context of a two-sector growth model in which learning-by-doing drives growth, to explain the time path of income inequality following natural resource booms in resource-rich countries. Under the condition of a relatively unskilled labor intensive non-traded sector, inequality falls immediately after a boom, and then increases steadily over time until the initial impact of the boom disappears. Using data for 90 countries between 1965 and 1999, evidence is found in support of the theory, especially for oil and mineral booms. It is also found that uncertainty about future commodity prices increases long-run inequality. |
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