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This paper studies the impact of natural resource extraction in Latin America and the Caribbean (LAC) from a number of angles. First, we exploit a novel dataset on the universe of giant oil and gas discoveries in the region to trace out the cyclical response of macroeconomic variables to discoveries over the short- and medium-run. Second, we use non-stationary panel data techniques to look at the long-run (trend) relationship between GDP per capita and the value of oil and gas production—our results imply that the recent fall in prices could depress GDP per capita by several percentage points. Last, we use Bolivia, which discovered huge gas reserves in the late 1990s, as a case study to apply the cross-country results and to study the impact of discoveries at the subnational level.

Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Investments: Energy --- Labor --- Industries: Energy --- Natural Resource Extraction --- Natural Resources --- Economic Development: Agriculture --- Energy --- Environment --- Other Primary Products --- Economic Growth and Aggregate Productivity: General --- Economywide Country Studies: Latin America --- Caribbean --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Macroeconomics: Production --- Energy: General --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Industry Studies: Primary Products and Construction: General --- Environmental management --- Petroleum, oil & gas industries --- Investment & securities --- Labour --- income economics --- Extractive industries --- Natural resources --- Oil production --- Oil --- Mining sector --- Production --- Commodities --- Economic sectors --- Petroleum industry and trade --- Economic theory --- Mineral industries --- Bolivia --- Income economics