Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

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

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Does industrial policy work? This is a subject of long-standing debates among economists and policymakers. Using newly digitized microdata, we evaluate the Korean government's policy that promoted heavy and chemical industries between 1973 and 1979 by cutting taxes and building new industrial complexes for them. We show that output, input use, and labor productivity of the targeted industries and regions grew significantly faster than those of non-targeted ones. While the plant-level total factor productivity also grew faster in targeted industries and regions, the misallocation of resources within them got significantly worse, especially among the entrants, so that the total factor productivity at the industry-region level did not increase relative to the non-targeted industries and regions. In addition, we provide new evidence on how industrial policy reshapes the economy: (i) The establishment size distribution of targeted industries and regions shifted to the right with thicker tails due to the entry of large establishments and (ii) the targeted industries became more important in the economy's input-output structure in the sense that their output multipliers increased significantly more.

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

South Korea publicly disclosed detailed location information of individuals that tested positive for COVID-19. We quantify the effect of public disclosure on the transmission of the virus and economic losses in Seoul. The change in commuting patterns due to public disclosure lowers the number of cases by 200 thousand and the number of deaths by 7.7 thousand in Seoul over two years. Compared to a city-wide lock-down that results in the same number of cases over two years as the disclosure scenario, the economic cost of such a lockdown is almost four times higher.