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We examine the impact of resource windfall on the standard of living both in the short-run and long-run, using a sample of 130 countries, 1963-2007. Then, we systematically investigate the effect of resource windfall on welfare in three different groups of countries: We find that in the short-run resource windfall is welfare enhancing in the whole sample, especially via increases in income and decreases in inequality. However, in SSA countries, the size of welfare improvement is small and it is smaller and almost zero after one year in fragile Sub-Saharan African (SSA) countries. In the whole sample, a resource windfall shock leads to significant welfare growth even in the long-run, but we couldn’t find any significant long-run effect of resource windfall in SSA countries.

Cost and standard of living -- Africa, Sub-Saharan. --- Natural resources -- Africa, Sub-Saharan. --- Prices -- Africa, Sub-Saharan. --- Business & Economics --- Economic History --- Macroeconomics --- Natural Resources --- Multiple or Simultaneous Equation Models: Models with Panel Data --- Welfare, Well-Being, and Poverty: General --- Macroeconomic Analyses of Economic Development --- Economic Development: Agriculture --- Energy --- Environment --- Other Primary Products --- Economywide Country Studies: Africa --- Exhaustible Resources and Economic Development --- Resource Booms --- Nonrenewable Resources and Conservation: Government Policy --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Aggregate Factor Income Distribution --- Health: General --- Personal Income, Wealth, and Their Distributions --- Environmental management --- Health economics --- Natural resources --- Health --- Income distribution --- Income inequality --- Personal income --- National accounts --- Income --- United States