Natural Resources in Latin America and the Caribbean : Beyond Booms and Busts?

Throughout, the history of the Latin America and Caribbean (LAC) region, natural resource wealth has been critical for its economies. Production of precious metals, sugar, rubber, grains, coffee, copper, and oil have at various periods of history m...

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Bibliographic Details
Main Authors:	Sinnott, Emily, Nash, John, de la Torre, Augusto
Format:	Publication
Language:	English
Published:	World Bank 2012
Subjects:	ADVANCED ECONOMIES ADVERSE EFFECTS AGRICULTURAL COMMODITIES AGRICULTURAL COMMODITY AGRICULTURAL PRODUCTION AGRICULTURE BENCHMARKING BUSINESS ENVIRONMENT BUSINESS ENVIRONMENTS CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL FORMATION CAPITAL MARKETS CAPITAL STOCK CARBON CASH FLOWS COMMODITIES COMMODITY COMMODITY BOOM COMMODITY BOOMS COMMODITY EXPORT COMMODITY EXPORTS COMMODITY IMPORTS COMMODITY MARKETS COMMODITY PRICE COMMODITY PRICE INDEX COMMODITY PRICE INDEXES COMMODITY PRICE INDICES COMMODITY PRICES COMMODITY PRODUCERS COMMODITY PRODUCTION COMMODITY SECTORS COMMODITY TRADE COMMON PROPERTY COMPARATIVE ADVANTAGE COMPETITIVENESS CONCENTRATION INDEXES CONSUMER PRICE INDEX CONSUMERS COPYRIGHT COPYRIGHT CLEARANCE COPYRIGHT CLEARANCE CENTER CPI DEPOSITS DEVELOPED COUNTRIES DEVELOPING COUNTRIES DEVELOPING ECONOMIES DIRECT CONNECTIONS E-MAIL ECONOMETRIC ANALYSES ECONOMETRIC ANALYSIS ECONOMIC ACTIVITIES ECONOMIC ACTIVITY ECONOMIC CRISIS ECONOMIC DEVELOPMENT ECONOMIC EFFECTS ECONOMIC GROWTH ECONOMIC HISTORY ECONOMIC RENTS ECONOMIC RESEARCH ECONOMIC SIZE ECONOMIC STRUCTURES ECONOMIC WELFARE ECONOMICS ECONOMICS LITERATURE ECONOMISTS ELASTICITY ELECTRICITY EMERGING ECONOMIES EMERGING MARKETS EMPIRICAL EVIDENCE EMPIRICAL INVESTIGATIONS EMPIRICAL STUDIES ENVIRONMENTAL ENVIRONMENTS EQUILIBRIUM EXCHANGE RATE EXPLOITATION EXPORT PROCESSING ZONES EXTERNAL COSTS FACTORS OF PRODUCTION FEDERAL RESERVE FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL RISK FISH FISHERIES FIXED COSTS FORECASTS FOREIGN EXCHANGE FOREIGN INVESTORS FOREIGN TRADE FORESTRY FUTURE PRICE GDP GDP PER CAPITA GEOGRAPHICAL AREA GLOBAL EXPORTS GLOBAL MARKETS GOVERNMENT EXPENDITURES GOVERNMENT OWNERSHIP GOVERNMENT REVENUES GROSS DOMESTIC PRODUCT GROWTH PATH GROWTH POTENTIAL GROWTH RATE GROWTH STRATEGIES HISTORY OF ECONOMIC THOUGHT HUMAN CAPITAL ID IMAGE INCENTIVE STRUCTURE INCOMES INDUSTRIAL REVOLUTION INDUSTRIALIZATION INFORMATION TECHNOLOGY INFRARED INNOVATION POLICIES INSPECTION INSTITUTION INSTITUTIONAL ENVIRONMENT INTEGRATED PROGRAM FOR COMMODITIES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL TRADE LEGAL ENVIRONMENT LICENSES MACROECONOMIC MANAGEMENT MACROECONOMIC STABILITY MANUFACTURING MARGINAL COST MARGINAL COST OF PRODUCTION MARKET SHARE MATERIAL METALS MINES MONETARY POLICY NATIONAL INCOME NATURAL CAPITAL NATURAL RESOURCE NATURAL RESOURCE ECONOMICS NATURAL RESOURCES NEGATIVE EXTERNALITIES NEW TECHNOLOGIES NONTRADABLE OIL OIL PRICES OPEC OUTPUT PERVERSE SUBSIDIES PHOTO PHYSICAL INFRASTRUCTURE POLICY MAKERS PORTFOLIO PRICE CONTROLS PRICE FLUCTUATIONS PRICE INDEXES PRICE INSTABILITY PRICE MOVEMENTS PRICE RISK PRICE SERIES PRICE VOLATILITY PRICED PRIMARY COMMODITIES PRIMARY COMMODITY PRIVATE INVESTMENT PRIVATIZATION PRODUCERS PRODUCT CATEGORIES PRODUCT MARKETS PRODUCTION PROCESS PRODUCTION STRUCTURE PRODUCTIVITY PRODUCTIVITY GROWTH PROVEN RESERVES PUBLIC EXPENDITURES PUBLIC GOOD PUBLIC POLICY QUERIES RANDOM WALK RENT SEEKING RESOURCE MANAGEMENT RESOURCE OWNERSHIP RESULT RESULTS RISK AVERSE RISK AVERSION RISK MANAGEMENT SAVINGS SKILLED WORKER SKILLED WORKERS SMALL ECONOMY SUNK COSTS SUSTAINABLE DEVELOPMENT SUSTAINABLE GROWTH TAX TAX RATES TECHNOLOGICAL ADVANCES TECHNOLOGICAL INNOVATION TECHNOLOGICAL INNOVATIONS TELEPHONE TERMS OF TRADE TIMBER TIME PERIODS TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRAGEDY OF THE COMMONS TRANSPARENCY TRANSPARENCY INITIATIVE TRUSTS USES VALUE CHAIN WAGES WEALTH WORLD DEVELOPMENT INDICATORS WORLD MARKETS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20100706062829 http://hdl.handle.net/10986/2482

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Summary:	Throughout, the history of the Latin America and Caribbean (LAC) region, natural resource wealth has been critical for its economies. Production of precious metals, sugar, rubber, grains, coffee, copper, and oil have at various periods of history made countries in Latin America-and their colonial powers-some of the most prosperous in the world. In some ways, these commodities may have changed the course of history in the world at large. Latin America produced around 80 percent of the world's silver in the 16th through 19th centuries, fueling the monetary systems of not only Europe, but China and India as well. The dramatic movements in commodity markets since the early 2000s, as well as the recent economic crisis, provide new data to analyze and also underscore the importance of a better understanding of issues related to boom-bust commodity cycles. The current pattern of global recovery has favored LAC so far. Countercyclical policies have supported domestic demand in the larger LAC economies, and external demand from fast-growing emerging markets has boosted exports and terms of trade for LAC's net commodity exporters. Prospects for LAC in the short term look good. Beyond the cyclical rebound, however, the region's major longer-run challenge going forward will be to craft a bold productivity agenda. With LAC coming out of this crisis relatively well positioned, this may well be possible, especially considering that the region's improved macro-financial resiliency gives greater assurance that future gains from growth will not be wiped out by financial crises. In addition, LAC has been making significant strides in the equity agenda and this could help mobilize consensus in favor of a long overdue growth-oriented reform agenda. But it remains to be seen whether the region will be able to seize the opportunity to boost long-run growth, especially considering the large gaps that LAC would need to close in such key areas as saving, human capital accumulation, physical infrastructure, and the ability to adopt and adapt new technologies.

Natural Resources in Latin America and the Caribbean : Beyond Booms and Busts?

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