Booming commodity prices have generated large foreign currency inflows for commodity exporting nations. Such inflows, however, are not always associated with positive outcomes for the commodity exporters. Phenomena such as corruption (Bhattacharyya and Hodler 2009) and the ‘natural resource curse’ (Brunnschweiler and Bulte 2012) often plague nations rich in natural resources.
Effects of commodity price windfalls on external debt: The role of political institutions
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Political regimes and international trade
Toke S. Aidt, Martin Gassebner, 16 December 2008
Two hundred years ago, David Ricardo formulated the principle of comparative advantage and pointed to the associated economic benefits of trade integration. The practical value of this insight has withstood the test of time.
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