TY - BOOK ID - 134623737 TI - Nigeria's Growth Record : Dutch Disease Or Debt Overhang ? AU - van Wijnbergen, Sweder AU - Budina, Nina AU - Pang, Gaobo PY - 2007 PB - Washington, D.C., The World Bank, DB - UniCat KW - Access to Finance KW - Bank Policy KW - Commodity prices KW - Debt KW - Debt Markets KW - Debt Overhang KW - Economic Theory and Research KW - Emerging Markets KW - Expenditure KW - Exporters KW - Finance and Financial Sector Development KW - Fiscal policies KW - Government expenditure KW - Macroeconomic policies KW - Macroeconomics and Economic Growth KW - Oil boom KW - Private Sector Development KW - Public Sector Expenditure Analysis and Management UR - https://www.unicat.be/uniCat?func=search&query=sysid:134623737 AB - Nigeria's oil boom has not brought an end to perennial stagnation in the non-oil economy. Is this the unavoidable consequence of the resource boom or have misguided policies contributed? This paper indicates that the extreme volatility of expenditure rather than Dutch Disease effects are behind the disappointing non-oil growth record. Fiscal policies failed to smooth highly volatile oil income; on the contrary government expenditure was more volatile than oil income. The authors provide econometric evidence showing that volatility of expenditure was increased by debt overhang problems. Moreover, they also find evidence of voracity effects that exacerbated expenditure volatility prior to 1984. ER -