02184cas a2200337 a 4500 AALejournalIMF007247 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455266432 1018-5941 BD-DhAAL BD-DhAAL Kazimov, Kazim. Resource Windfalls, Macroeconomic Stability and Growth : The Role of Political Institutions / Kazim Kazimov, Kirk Hamilton, Rabah Arezki. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending in commodity-exporting countries has been procyclical. Second, we find that resource windfalls initially crowd out non-resource GDP which then increases as a result of the fiscal expansion. Third, we find that in the long run resource windfalls have negative effects on non-resource sector GDP growth. Yet, the effects turn out to be statistically insignificant when controlling for government spending. Both the effects of resource windfalls on macroeconomic stability and economic growth are moderated by the quality of political institutions. Mode of access: Internet Commodity imf Country imf GDP imf Resource Windfall imf WP imf Norway imf Arezki, Rabah. Hamilton, Kirk. IMF Working Papers; Working Paper ; No. 2011/142 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/142/001.2011.issue-142-en.xml IMF e-Library