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- - . : . : . . :

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: Resource Curse Paradox of Plenty Richard Auty : Sustained Development in Mineral Economies: The Resource Curse Thesis )(. . : Staple )(

Theory of Growth

(1) Terry Lynn Karl: Oil Led Development: Social, Political and Economic :Consequences, Development and the Role of Law Working Paper, California :Stanford University, Center of Democracy, , January 2007, page 2-3, at .http://iis-db.stanford.edu/pubs/21537/No_80_Terry_Effects_of_Oil_Development )2( Harold A.Innis - - . :Adam Wellstead: "The (Post) Staples Economy and the (Post) Staples State in :Historical Perspective", at 02/11/http://ojs.unbc.ca/index.php/cpsr/article/viewPDFInterstitial

. )(. " " :The Big Push Theory . . )(. . )(.

,(1) Michael Ross: Extractive Sectors and the Poor, (Boston: Oxfam America Press :2001). Page 6, at http://www.oxfamamerica.org/files/extractive-sectors-and-the-poor.pdf .6.(2) Ibid, P )3( : ) : (. .

)(: : point source economies )(. : Diffused source economies . )(. Enclave Sector

)1(

Paivi Lujala: Classifications of Natural Resource (Unpublished Paper, Paper ,prepared for presentation at the 2003 ECPR Joint Session of Workshops :Edinburgh, UK, March 2003). at

/http://www.essex.ac.uk/ECPR/events/jointsessions/paperarchive/edinburgh ws9/Lujala

)2( . .(3) S.Mansoob Murshed: When Does Natural Resource Abundance Lead to a 10-40 Resource Curse?, Environmental Economics Program Discussion Paper London: International Institute for Environment and Development, March :2004. pp. 4-7 , at www.iied.org/pubs/pdfs/9250IIED.pdf

. )(. . )(. .

(1) Ricardo Hausmann and Roberto Rigobon, "An Alternative Interpretation of the ,4249.Resource Curse: Theory and Policy Implications", Working Paper No :National Bureau of Economic Research, Cambridge, December 2002.at http://www.nber.org/papers/w9424.pdf(2) Olomola Philip Akanni: Oil Wealth and Economic Growth in oil exporting African Countries, Research Paper No. 170, Nairobi: African Economic :Research Consortium, , September 2007 ,p.1. at http://www.aercafrica.org/documents/RP_170.pdf

: ) ( . : : . . : )(. ,% )-( ,% )(.

(1) Terry Lynn Karl and Ian Gary: The Global Record (Washington D.C.: Foreign :Policy In Focus Petro Politics Special Report, January 2004) at http://www.fpif.org/papers/03petropol/development.html(2) Olle stensson and Aimable Uwizeye-Mapendano: Growth and diversification in mineral economies (Cape Town: Regional workshop for :mineral economies in Africa, UNCTAD, November 2000). at .http://www.unctad.org/infocomm/Diversification/cape/word/ostensson.doc

Sach & Warner )( Panel Data )- ( )(. )09-07 (GDP )4.5-( )3.3- =.()(t )-( : GEA7090 = 0 10.26 SXP + 1.34 Sopen +0.81 INV7090 +0.4 RL)98.6-( )44.3( )63.2( )49.3( )28.8-(

09071.79 LGDP0 + 0.09 DTT)58.1(

)1(

)1( .& (2) Jeffrey D. Sachs and Andrew M. Warner: Natural Resource Abundance Economic Growth (Cambridge: Center for International Development and ,Harvard Institute for International Development, Harvard University :November, 1997). pp: 11-20. at http://www.cid.harvard.edu/ciddata/warner_files/natresf5.pdf

& (3) Jeffrey D. Sachs and Andrew M. Warner: Natural Resource Abundance Economic Growth, NBER working Paper No. 5398 (Cambridge: National Bureau of .61-8 Economic Research, , 1995). Pp

R2 Adj. = 0.73 error = 0.92

n=71

Standard

INV7090 = 0 0.82 LPIP + 0.06 RL + 0.14 Sopen + 0.40 SXP(-7.53) (2.22) (1.19) (1.19)

(2) R2 Adj. = 0.67 error = 0.31 Sopen = 0 1.89 SXP + 3.24 SXP2 0.09 LAND(-2.51) (3.2) (-3.64)

n=80

Standard

(3) R2 Adj. = 0.21 error = 0.40 RL = 0 5.47 SXP + 1.31 LGDP0(-5.00) (7.80)

n=104

Standard

(4) Standard error =

R2 Adj. = 0.49 1.47

n=85

LPIP = 0 + 0.08 SXP 0.16 LGDP 0.40 Sopen(0.26) (-2.71) (-3.24)

(5) R2 Adj. = 0.31 n=102 Standard error = 0.43

: 0907 : GEA )-(. : . : . : )-(. : . : . : )-(. : . : . LAND 0907DTT LPIP 0LGDP RL SXP Sopen INV

% .

) (U % . )( )(. . )( Rule of Law Index . . ) ( ) .)2(

(

.82-22 .(1) Jeffrey Sachs & Andrew Warner: Natural Resource, 1997, op cit.., Pp )2( : . Olomola Philip Akann, etal ) ( )-( %. % . : .12-31 :.Olomola Philip Akann, etal.: Op. Cit. , pp S. Mansoob Murshed ) ( : ) ( % % . : .72-91 :S.Mansoob Murshed.., Op. Cit., pp

: . : )(. : )( : )(.

Thorvaldur Gylfason )46.0- : (Spearman's Rank %. : "Thorvaldur Gylfalson: Natural Resource, Education and Economic Growth .758-558 :Europian Economic Review (Amesterdam: Elsevier, vol. 45, 2001), pp :(1) Randall Dodd, "Protecting Development Economies from Price Shocks" in Svetlana Tasalik and Anya Schiffrin (eds.): Covering Oil a Reporter's Guide to .09-98.Energy & Development (New York: Open Society Institute, 2005). pp .(2) Idem(3) Macartan Humphreys, Jeffrey D. Sachs, and Joseph E. Stiglitz, "What Is the .Problem with Natural Resource Wealth?", in Macartan Humphreys, Jeffrey D

)-( ,% ,%)(. : : . . .

Sachs, and Joseph E. Stiglitz (eds.): Escaping the Resource Curse, Columbia :University Press, New York, 2007. pp.7-8, at http://www.columbia.edu/~mh2245/papers1/erc01.pdf

5.(1) Terry Lynn Karl: Oil led Development.., op.cit, p

: )( )(. . Michael Ross %)(. . ) ( . .

(1) Aderoju Oyefusi: "Natural Resource Abundance and Development: Is there 3 a Paradigm Shift?", Journal of Business and Public Policy, Volume 1, Number :(Summer 2007) at 058/6911/http://www.jbpponline.com/article/viewFile

(2) Thorvaldur Gylfason, Tryggvi Thor Herbertsson, and Gylfi Zoega, "A Mixed Blessing: Natural Resources and Economic Growth" Macroeconomic Dynamics :(Cambridge: Cambridge University Press, Vol.3, June 1999). pp. 204-225. at http://www3.hi.is/~gylfason/pdf/mixedblessing2.pdf , p.8 (3) Michael Ross: op.cit

: ) ( / ) ()(. . % % )(. : . -

)1( " " : : : 1010041017002=http://tcdc1.undp.org/EventProceedingFileDownload.aspx?filename 4.doc ,(2) Margarett Desilier, Capacity Building and Oil Exploitation in the Gulf of Guinea in Rudolf Traub-Merz and Douglas Yates (eds.): Oil Policy in the Gulf of GuineaSecurity & Conflict, Economic Growth, Social Development (Bonn: Friedrich981 .Ebert-Stifung, 2004 ) p

) ) ( )(

-

(

. - - -

) ( . . - -

. : : : : )(. : . .)1( .

. . )(. : )( )(.

(1) Michael L. Ross, "How Wealth Can Make You Poor" in: Ian Bannon and Paul Collier (eds.): Natural Resources and Violent Conflicts (Washington 13-71 .D.C.: , World Bank, 2003). pp(2) Michael L. Ross, "Mineral Wealth, Conflict and Equitable Development", in ,).Anthony J. Bebbington, Anis A.Dani, Arjan de Haan, and Michael Walton (eds :.Institutional Pathways to Equity: Assessing Inequality Traps (Washington D.C .791-691 :The World Bank, 2008). pp

.(3) Idem

: . . )(.

)1(

.Idem

)( - - - - - - - - -

Source: Michael Ross, "How Wealth Can Make You Poor" in: Ian Bannon and Paul Collier (eds.): Natural Resources and Violent Conflicts (Washington D.C.: , World )3002 ,Bank

. )1(.

" "

)(. Singer ()Prebish . . )(.

;(1) "Men of a fat and fertile soil, are most commonly effeminate and cowards whereas contrariwise a barren country make men temperate by necessity, and by :consequence careful, vigilant, and industrious" In 4.Jeffrey D. Sachs and Andrew M. Warner: op cit., p )2( : .Prebish Hypothesis )3( : Hans W. Singer, "The Distribution of Trade Between Investing and Borrowing Countries", American Economic Review (Pennselvania: American Economic 838-728 :Association, Vol. 40, May 1950) pp Raul Prebisch: The Economic Development of Latin America and its Principal .)0591 ,Problems (New York: United Nations )4( :& Jeffrey D. Sachs and Andrew M. Warner: Natural Resource Abundance Economic Growth (Cambridge: Center for International Development and ,Harvard Institute for International Development, Harvard University :November, 1997). pp: 11-20. at

http://www.cid.harvard.edu/ciddata/warner_files/natresf5.pdf

: ()Hirschman ()Seers ()Baldwin )(. . . )(.

)1( A.O. Hirschman: The Strategy of Economic Development (London: Yale .)8591 ,University Press )2( E.R. Baldwin: Economic Development and Export Growth: A Study of .)6691 ,Northern Rhodesia: 1920-1960 (California: University of California Press )3( D. Seers, "The Mechanism of an Open Petroleum Economy", Social and .242-332 :Economic Studies ( Jamica: University of west Indies, 1964). pp )4( Argentino Pessoa: Natural Resources and institutions: the "natural resource ,curse" revisited, paper No. 8640 , Munich: Munich Personal RePEc Archive :7th,may 2008). p.5, at 0468_http://mpra.ub.uni-muenchen.de/8640/1/MPRA_paper )5( 6.Ibid, p

)(. . ()Lane and Tornel Feeding Frenzy ) ( . )(. :

)1( 7.Ibid, p )2( Jean Philippe C. Stijns: Natural Resource Abundance and Economic Growth :Revisited,at http://129.3.20.41/eps/dev/papers/0103/0103001.pdf 3( )7.Argentino Pessoa: Op.Cit, p

. )1(. : . . . J.Peter Neary and W.Max Corden :

:(1) Natalie St. Hilaire: Dutch Disease, Oil and Developing Countries (Alberta :University of Alberta). December 2004, at

http://web.dcci.ae/LibNewsLetter/EN/EN_March07/March%20study

Booming

Sector

and

Deindustrialization)(

in

a

Small

.Open Economy

) ( ) ( ): ( )(. .Sudden Windfall Gains .

(1) W. M. Corden and J.Peter Neary: Boomung Sector and deindustrialization .in a small open economy. The Economic Journal, Vol.92,No.368, 1982, pp :825-848. at http://www.sublette-se.org/files/booming_secor_and_de-industrialization.pdf 3.(2) Jeffrey D. Sachs and Andrew M. Warner, Op. Cit. p

. : : : ) Non-Tradable Goods ( Tradable goods ) ( (B) Booming Sector ) ( .(L) Lagging Sector )(: . .

Sector Specific .Factor . . . ) . : Spending Effect .Resource Movement Effect . : - ) (B - )(. ( .

) (

(1) Cecilia Mussi Rodriguez: Dutch Disease in Saudi Arabia (Swedish: Lund :University, Department of Economics, December 2006), at 3222000/http://biblioteket.ehl.lu.se/olle/papers

)2( 01-6.Cecilia Mussi Rodriguez ,Op Cit. Pp

)(. ) (L .

. : - )(. ) .()(L . . ) (L

: :

)1( Idem 2( ).Idem 3( ) Tryggvi Herbertsson, etal.: Three Symptoms and a cure: A contribution to the Economics of Dutch Disease, Discussion Paper No. 2364, London: Center for .71-11 .Economic Policy Research, 2000. pp

: . : : . . .

Learning by Doing )(

5-4 :(1) Jeffrey D. Sachs and Andrew M. Warner, op cit., pp

: )( )(.

.

. : : . : . . )(. . )( .

)

1( ).False Sense of Security(2) Thorvaldur Gylfason, "To Grow or Not to Grow: Is Africa Different? No." , The Macroeconomic and Financial Management Institute of Eastern and :Southern Africa, 21 November 2001, 21 November 2001 at http://notendur.hi.is/gylfason/africa.pdf

)3( : % . ,( ) Samuel R. Schubert: Being Rich in Energy Resources A Blessing or a Curse :Paper No. 10108, Munich: Munich Personal RePEc Archive, August 2008. at .80101_http://mpra.ub.uni-muenchen.de/10108/1/MPRA_paper4

()( )(.

: : . )(. : : . )1( : .8-4 :(2) Olomola Philip Akanni, op cit., pp :(3) Natalie St. Hilaire: Dutch Disease, Oil and Developing Countries (Alberta :University of Alberta). December 2004, at http://web.dcci.ae/LibNewsLetter/EN/EN_March07/March%20study

.

)(.

)4( : "Projects of mining, instead of replacing the capital employed in them, together with the ordinary profits of stock, commonly absorb both capital and stock. They are the projects, therefore, to which of all others a prudent law-giver, who desired to increase .".the capital of his nation, will least chuse to give extraordinary encouragement

. . .

. . . )(. : : - - .

)1( : - ) : (. : -.

)(. Corruption)(

(CPI) Perception Index )( - - CPI )(.

,(1) Mark Gallagher and Steve Rozner "Tools for Treating Resource Curse 82.Development Alternatives, vol.11, issue 1, Washington: DIA, , 2007. p

)2( Transparency International . . .. ) ( ) (. : 329-8002-http://www.sdnbd.org/CPI )3( : Atsushi limi: Did Botswana Escape from the Resource Curse?, IMF Working .6002 ,Paper No. 06/138, Washington D.C: IMF : Maria Sarraf and Mortaza Jiwanji: Beating the Resource Curse- The Case of Botswana, Environmental Economics Series, Paper No. 83, Washington D.C: World .1002 Bank, October

Source: Transparency International: Transparency International Annual Report 2009 (Berlin: Transparency International,2009). At: http://www.transparency.org/policy_research/surveys_indices/cpi/2009/c pi 2009 table

: ,)1(Easterly )3( Rodric(2), Sala-i-Martin . . () Melhum etal : : : Producer-Friendly Institution .Complementary : Grabber-Friendly Institution Competing

)1( William Easterly and Ross Levine, "Tropics, Germs, and Crops: How Endowments .Influence Economic Development", Journal of Monetary Economics, 50, 2003, pp :3-39. at _http://www.econ.brown.edu/fac/Ross_Levine/finance/rlevine/Publication/2003_JME . Tropics 2( ) Dani Rodrik, et al. , "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development", Journal of Economic :Growth, 9(2), pp.131-165. at http://faculty.chicagobooth.edu/francesco.trebbi/research/institutionsruleJEG.pdf(3) Sala-i-Martin,et al., Addressing the Natural Resource Curse: an Illustration :from Nigeria, NBER Working Paper 9804, 2003. at .586/http://www.econ.upf.edu/docs/papers/downloads

)4( ,Halvor Melhum, et al., "Institutions and the Resource Curse", Economic Journal :vol.116, pp.1-20. at 60http://www.res.org.uk/economic/freearticles/january

)( )(. : Rent .Cycling Theory . : : . : ) Low-Rent Economies (LRE -High .()(HRE) .Rent Economies)1( .:(2) Ricky Lam & Leonard Wantchekon, Political Dutch Disease, 2002. at 40-http://www.nyu.edu/gsas/dept/politics/faculty/wantchekon/research/lr10.pdf

)3( : Richard Auty: Patterns of Rent Extraction and Deployment in Developing .Countries: Implications for Governance, Economic Policy and Performance, WP 2006/16, Helsinki: World Institute for Development Economics Research, United :Nations University, 2006. pp:1-13, at http://www.wider.unu.edu/publications/working-papers/researchpapers/2006/en_GB/rp2006-16/_files/78091771104134775/default/rp2006-16.pdf :,-------------------, Resource Depletion, Dependence and Development: Angola :Working Paper 11/08, Chatham House, London, 2008. at .http://www.chathamhouse.org.uk/files/13181_1108rddd_angola

LRE . )(. HRE . .

1( ) :-----------------, Political Economy of African Mineral Revenue Deployment Angola, Botswana, Nigeria and Zambia Compared, WP no. 28/2008, Madrid: Real :Instituto Elcano, June 2008. pp: 3-4 at http://www.realinstitutoelcano.org/wps/wcm/connect/688e22804f018a599c45fc3170b 82aead1/WP2008_Auty_Political_Economy_African_+Mineral_+Revenue_+Deployment.pdf?M 1OD=AJPERES&CACHEID=688e22804f018a599c45fc3170baead

. )(. : : : . . :

- : )(.

1( ).Idem 2( ) Terry Lynn Karl: Understanding the Resource Curse, in: Svetlana Tsalik and Anya Schiffrin (eds.), Covering Oil: A Reporter's Guide to Energy and Development .03-22 :(New York: Open Society Institute, 2005). pp

)(. - - )(. )( ExxonMobile Chevron Texaco ,% Petronas Consortium % % )(. - : :

)1( : ): (. )2( . 3( ).22.Terry Lynn Karl and Ian Gary: Op Cit.,P )4( .291-191 :Margarett Desilier: Op Cit., pp

) ( )(. )(. : : . )(. )1( Samuel R.Schubert: "Revisiting the oil Curse: Are oil Rich Nations Really :Doomed to autocracy and Inequality", Oil and Gas Business Journal, 2006 at 1_http://www.ogbus.ru/eng/authors/Schubert/Schubert )2( .Idem 3( ) Ian Gary and Terry Lynn Karl: Bottom of the Barrel Africa's Oil Boom and 32-12 .The Poor (Bltimre, Maryland: Catholic Relief Services, 2003). pp

: )(. : . . : . . 1( ).22.Ibid, p

-

-

. . . -

: : -

. -

.

)(. . .

)1(

The Resource Curse: Why Africa's Oil Riches Don't Trickle Down to :Africans, at

0381=http://knowledge.wharton.upenn.edu/printer_friendly.cfm?articleid

,% ,% )(

)(

. : . )( ,% ,% % .

)1( : ,8002 Brittish Petroleum: BP World Statistical Review of World Energy :available at //:www.bp.com/statisticalreview http )2( .

. . : ): ( : .

: -

)( % , , , , ) (

% , , , , ,

) (

, , , ,

, , , , , , ,

,8002 Source: Beyond Petroleum: BP World Statistical Review of World Energy available at: www.bp.com/statisticalreview

: -

)(. ) Deep Water (Reserves )3(. )(. - - - -

)(.

)5(. )(

)(.

) (

-

)1( : . )2( ""

. : : -. 9.(3) Ian Gary & Terry Lynn Karl: Op cit., p 4 ( ) Geerd Wurthmann, Ways of Using the African Oil Boom for Sustainable ,Development, Economic Research WP No. 8, Tunis: African Development Bank :2006. p.13. at http://www.afdb.org/fileadmin/uploads/afdb/Documents/Publications/00806226-ENERWP-84.PDF ) 5( : :. )6( . (7) Johannes Dieterich, The Gulf of Guinea and Global Oil Market: Supply and Demend, in: Rudolf Traub-Merz and Douglas Yates (eds.): Oil Policy in the Gulf of :Guinea: Security & Conflict, Economic Growth, Social Development (Bonn 6.Friedrich-Ebert-Stifung, 2004), p

)(

)(.

-

%

% . % )(.

.

)(

:

. )(

)1( . :

: : -. 6.(2) Johannnes Dieterich, Op cit., p )3( : .. 4 .( ) Third Scramble for Africa . )5( . : : -. :

)(. )( . ) ( )(. )(.

. : : ) (: (. . -. ( ) Claire Woodside, "West Africa: America's Foreign Policy Post 911 and & the Resource Curse: A Head on Conclusion", Journal of Military ,9.Strategic Studies (Alberta: Center of Military & Strategic Studies, Vol :Issue 4, 2007). pp: 15-19. at 111/101/http://www.jmss.org/jmss/index.php/jmss/article/view 11.(2) Ian Gary & Terry Lynn Karl: Op cit., p .(3) Idem1

- ) :

)(. : % % % )( )()(.

)(

Source: beyond Petroleum (BP) Oil Company: BP World Statistical Review of World :Energy 2008, available at www.bp.com/statisticalreview

)2( )(.

)1( : :.

)(

%2 %2

%33

%34

%2 %3 %4 %7 %4

: )(

)( . )(.

)1( :.

)(

Source: Lutz Neumann, European Policy & Energy Interests- Challenges from the Gulf of Guinea, in: Rudolf Traub-Merz and Douglas Yates (eds.): Oil Policy in the Gulf of Guinea: Security & Conflict, Economic 95 Growth Social Development (Bonn: Friedrich Ebert Stifung 2004) p

: % % ,% )( % )(. 1

( :) Brittish Petroleum: BP Statistical Review of World Energy 2008, at http://www.bp.com/statisticalreview )2( :.

. )(.

11.(1) Ian Gary & Terry Lynn Karl: Op cit., p

()

Source: http://mappery.com/fullsiza-name/Sub-Saharan-Africa-Oil-Map

. - : )(. % . )(

Source: Mahvash Saeed Qureshi: Africa Oil Abundance and External ,271/80 .Competitiveness: Do Institution Matter?, IMF working paper No 9.Washington D.C.: IMF, 2008, p

- : )( % % % . )(

Source: Mahvash Saeed Qureshi: Africa Oil Abundance and External ,271/80 .Competitiveness: Do Institution Matter?, IMF working paper No 9.Washington D.C.: IMF, 2008, p

: . )%( ),%( ),%()( .

(1) Mahvash Saeed Qureshi: Africa's Oil Abundance and External :.Competitiveness: Do Institutions Matter?, WP/08/172, Washington D.C .3.International Monetary Fund, 2008. p

,% )( . )2( - )-(. : .

)( - - - -

Source: Mahvash Saeed Qureshi: Africa's Oil Abundance and External :.Competitiveness: Do Institutions Matter?, WP/08/172, Washington D.C International Monetary ,Fund .8002 .31.p )1( .. .31.(2) Ibid, p

. )(.

)( ) ( HDI

Source: United Nation Development Program(UNDP): Human Development Report .)9002 ,2009 (Washington D.C.: UNDP

- )(- . : - - % )(. )( % % . )( ** ) (** ) ( * )(

*

(1) World Bank: Africa Development Indicators 2007 (Washington D.C.: World .)8002 ,Bank

-

9002 Source: * UNDP: Human Development Report 7002 ** African Development Bank(AFDB): African Development Report .)8002 ,(Tunis:AFDB

. : . . )(.

)1( : : . ) (: / ): (. : -.

% % % )(.

)1( : -.

. . : )( )( -

% % % % % % )(.

)1( : .. :.(2) Terry Miller, et al.: 2010 index of Economic Freedom (Washington D.C .)0102 ,.Heritage Foundation & Dow Jones & Company Inc

)( GDP GDP , , , , , ,

Source: Terry Miller, et al.: 2010 index of Economic Freedom ( Washington .)0102 ,.D.C.: Heritage Foundation & Dow Jones & Company Inc

)( )( ,% %.

32.(1) Ian Gary & Terry Lynn Karl: Op cit, p

)( (GDP )% , , , , , , , , , , , , , , , , , ,

:Source: CIA: World Fact Book 2009 (Washington D.C.: CIA, 2009) at / https://www.cia.gov/library/publications/download : :

)( )(.

-

)1( : William Hogan, Federico Sturzenegger and Laurence Tai: Contracts in Natural :Resurces: Primer, October 2007, at http://ksghome.harvard.edu/~WHogan/Populism_Nat_Res/Populism_Agenda_files/H 700101_ST_Intro )2( : ..

% %)(. . . % . .

-

-

)9002 ,at: (1) CIA: World Fact Book 2009 (Washington D.C.: CIA / https://www.cia.gov/library/publications/download

. . . .

: . . .

: . . )( )(. )( , , . - ,% ,% ,%.

:(1) United Nations: World Population Prospects 2008 Database, at 1=http://esa.un.org/unpp/index.asp?panel

)(

48-08 47-07 46-06 45-05 44-04 43-03 42-02 51_01 4-0 %01- %5- %0 %5 %01

48-08 97-57 47-07 96-56 46-06 95-55 45-05 94-54 44-04 93-53 43-03 92-52 42-02 91-51 41_01 9_5 4-0 %01- %5- %0 %5 %01

: :

:United Nations: World Population Prospects 2008 Database, at1=http://esa.un.org/unpp/index.asp?panel

% % % ,%

% % )(.

%)(. ,% ,% ,% - )( .

(1) United Nations Economic Commission for Africa (UNECA): African Statistical .003.Yearbook 2006 (Addis Ababa: UNECA, 2006), p :(2) CIA: World Fact Book 2009, at /https://www.cia.gov/library/publications/the-world-factbook 271.(3) UNDP: HDR 2009, op cit., p

. % ) ()(. - ,% ,% Okoume .()Gas Liquefaction Activities

)( . )(

,2102-8002 (1) AFDB: Republic of Equatorial Guinea, Country Strategy Paper :p.6: at http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-andOperations/ADB-BD-WP-2008-149-EN-EQUATORIAL-GUINEA-2008-2012-CSP .(2) idem )3( : . . . :

: ) = , (. http://www.exchange-rates.org/Rate/USD/XAF

% )(. )(. )(

(1) IMF: Equatorial Guinea Recent Economic Developments, IMF Country Report 6.No.99/113, 1999. p :(2) World Bank: Data By Country, at http://data.worldbank.org/country/equatorial-guinea .92.(3) World Bank: ADI 2007, op cit., p

)( % % % % % % % % % % % % % % % % % % % % % % % % * % % % %

: )( .

% . )( . )( )%( % % % % % % % % % % % % % % % % % % % % % % % % % % % %

: )( .

% )( )-(. )( )%(

0052 0002 0051 0001 005 0 4002 5002 6002 7002

: )( .

, , )(. )( . )-( ,%)(.

)( )%( % % % % % % % % % % % % % % % % % % % % %

: )( .

.591.(1) UNDP: HDR 2009, op cit., P .703 .(2) UNCTAD: AFSY 2009, op cit., p

)( % . .

)(

-

-

-

-

-

-

-

,Source: UNECA: African Statistical Yearbook 2009 (Addis Ababa: UNECA .703.2009), p

. . )(. : )( . .

)1( . 8 .BP: BP Statistical Review of World Energy 2008, op cit., P

)2( :

)(. : : )( . : )( . % % . .

)(

%021 %001 %08 %06 %04 %02

.221.(1) OECD: African Economic Outlook 2002 (Paris: OECD, 2002) p %0 *5991 3002 5002 7002 )2( )3 ( . .

: )(.

( : )( % % )(. )( )- ( . )- ( -,%)(. )( )-(

06 05 04 03 02 01 0 8002 7002 6002 5002 4002 3002 2002 1002 0002 9991 8991 7991 6991 5991 4991

)1( 283.( ) Africa South of the Sahara, op cit., p 73.(3) ADI 2007, op cit., p2

.

:Source: World Bank: ADI 2010 Database, at http://datavis.worldbank.org/adi/web/index.php?m=portal&a=index#m ycharts layout:getWizard:chart

( :

. . ,% . ( : % ,% )(. - - - -

:(1) FAO: Equatorial Guinea Forest and Forestry Sector, on /www.fao.org/forestry/57478/en/gnq

. % )(. ,% . ( : . ) ( ,%)(. ( : ,% )(. % % .

321.(1) OECD: op cit., p .93.(2) ADI 2007, op cit., p .(3) OECD, op cit., p

% ,% . )(.

.(1) idem

. . )(. )(. )(

)(. Poverty Reduction and

:(1) Sao Tome et Principe: Diagnostic Trade Integration Study, p.2, at 60http://www.integratedframework.org/files/english/STP_DTIS_En_Mar 3.(2) idem., p( 3) .Fradique de Menezes

5.(4) Sao Tome et Principe: Diagnostic Trade Integration Study, op cit., p

) Growth Facility (PRGF )( )(. % - ,% ,% % % - ,% )(. ) (PRGF Heavily Indebted Poor ).()Countries Initiative (HIPC . )( %

)1( 2

.

8-2.( ) ibid., p (3)IMF: Democratic Republic of Sao Tome & Principe: Selected Issues and .6002 ,923/60 .Statistical Appendix, Country Report No .(4) idem:(5) Earth Institute: The Investor's Guide to Sao Tome and Principe (New York :Earth Institute, Columbia University, 2008). P.5, at http://www.vcc.columbia.edu/pubs/documents/saotome-sept11eng.pdf

Oil Bounces ,% )(. : % GDP . : % GDP % GDP )(. . )( ) (% GDP %001 %09

%08%07 %06 %05 %04 %03 %02 %01 %0 1002 2002 3002 4002 5002

( ) .

- ::(1) IMF: World Economic Outlook Data Base, at http://www.imf.org/external/pubs/ft/weo/2009/02/weodata/weorept.aspx?sy=1997&e y=2009&scsm=1&ssd=1&sort=country&ds=.&br=1&c=716%2C642&s=NGDP_RP 4=CH&grp=0&a=&pr.x=56&pr.y .)9002 ,(2)UNECA: African Statistical Yearbook 2009 (Addis Ababa: UNECA

% )(. % )(. ( : )(. % % )(. )(. % )(. )( - .)6002 ,(1) UNECA: African Statistical Yearbook 2006. (Addis Ababa: UNECA 2 ( ) African Development Bank (AFDB): Sao Tome and Principe Country Strategy :Paper 2005-2009, p.5. at http://www.afdb.org/fileadmin/uploads/afdb/Documents/Project-andOperations/ADB-BD-WP-2005-92-EN-STP-2005-09-CSP.PDF .(3) Sao Tome et Principe: Diagnostic Trade Study, op cit (4) Kyle, Steven: We're Rich!! Or Are We? Oil and Development in Sao Tome Principe, Working Paper No. 2003-02, New York: Cornell University, Department :of Applied Economics & Management, May 2003. p.13. at http://www.kyle.aem.cornell.edu/SP%202003-02.pdf

.5.(5) AFDB, op cit., p

, , %

, , %

, , %

, , %

, , % )%(*

Source: IMF: Democratic Republic of Sao Tome and Principe: Selected 37.Issue & Statistical Appendix (Washington D.C.: IMF, 2006). P *

% . %

)(.

(1) Eurpa Publications: Africa South of the Sahara 2004 (London: Eurpa .319.Publications, 2004,ed.33rd) p

)(.

. , . . . )(.)(

. . . )(. .(1) idem .)(2) International Fund for Agriculture Development (IFAD .319.(3) Africa south of the Sahara, op cit., p )4( : :

)(. % % % )(

% % % )(.

% % )( % )(. ( : ) ( % )(.

http://www.fao.org/docrep/meeting/x1931A.htm .5.(1) AFDB, op cit., p (2) IMF: Democratic Republic of So Tom and Prncipe: Fifth Review Under the ,Three-Year Arrangement under the Poverty Reduction and Growth Facility ,59/80 .and Request for Waiver of Performance Criterion, Country Report No .21.2008. p.01.(3) ibid., p

)4( : .9002 Human Development Report .(5) idem .5 .(6) STP Country Strategy Paper, op cit., p

, . % )(. )( ) ()(. )(. ( : )(

. % )( )(.

.(1) idem .91.(2) Earth Institute: The Investor's Guide.., op cit., P (3) United Nations Economic Commission for Africa: African Statistical Yearbook .3.04-2 .2006 (Addis Abbaba: Economic Commission for Africa, 2006) p .04.(4) Sao Tome et Principe: Diagnostic.., op cit., p .(5) Livestock Development Support Project .5.(6) AFDB, op cit., p .419.(7) Africa south of the Sahara, op cit., p

)(. - : % % ) ()(.

.

. )(. % )(. - : )(..5.(1) AFDB, op cit., p 6.(2) STP Country Strategy Paper, op cit., p .519.(3) Africa South of the Sahara, op cit., p .(4) idem .62.(5) Sao Tome et Principe: Diagnostic.., op cit., p 4.(6) AFDB, op cit., p

. % % )(.

)( , , % , , % ( , , % ) , , % )%(*

, , %

& Source: IMF: Democratic Republic of Sao Tome and Principe: Selected Issues .)6002 ,Statistical Appendix, IMF Country Report no. 06/329 (Washington D.C.: IMF

)(.(1) J.G. Frynas, G. Wood & R.M.S. Soares De Oliveira, "Business & Politics in Sao ,Tome e Principe: From Cocoa Monoculture to Petro-States", African Affairs .011 .Volume102, No.406, January 2003. p

)(

% % , . - : ) ( )(. % . % . % ,% % ,% )(. ,% . )(1) World Tourism Organization (WTO 31.(2) Sao Tome et Principe: Diagnostic Trade Integration Study, op cit., p :(3) World Bank: Sao Tome & Principe: Trade at a Glance, at http://info.worldbank.org/etools/wti/docs/Sao%20Tome%20and%20Principe_taag

. . . : : Mobil Spanish Gulf Oil ) .(Spangoc )(.

(1) Equatorial Guinea Ministry of Mines & Energy Official Site, Petroleum :Exploration History, on http://www.equatorialoil .com/pages/Exploration_History.htm

Hispanoil ) Guinea-Espanola de Petroleos S.A. (GEPSA . Total Elf Hamilton International )(. Mobil )(. Triton . )( .

,(1) Jedrzej George Frynas: The Oil Boom in Equatorial Guinea, African Affairs .825.Volume103, No.413, October 2004. p 925.(2) ibid, p .(3) idem

()

Source: Equatorial Guinea Ministry of Mines, Industry and Energy, at: htt // t i l il / ti it ht l

GEPetrol : % % % . . ,% )(. : ExxonMobil Amerada Hess Marathon Oil )(. )( %3 Marathon 63.3%, Noble 33.7%, GEPetrol %5 ExxonMobil 71.25, Devon 23.75%, GEPetrol %51 Amerada Hess 85%, Energy Africa Alba Zafiro Ceiba

Source: Jedrzej George Frynas: The Oil Boom in Equatorial Guinea, African .135.Affairs, Volume103, No.413, October 2004. p

: : - - :4-2.(1) AFDB: The Republic of Equatorial Guinea, Op cit., p

)(

:Source: BP World Statistical Review of World Energy 2008, available at www.bp.com/statisticalreview

: : - ,%)( )(. % : %

24.(1) Regional Economic Outlook 2007, op cit., p 2.(2) AFDB: The Republic of Equatorial Guinea, op cit., p

, , )(.

, , . , % - )(.

- %)(.

% )(. .

.5.(1) IMF: Republic of Equatorial Guinea, op cit., Country Report No. 09/98, p .01.(2) ibid, p 3.(3) AFDB, op cit, p (4) U.S. Department of State: Background Note: Equatorial Guinea, Bureau of :African affairs, June 2007, on http://www.state.gov/r/pa/ei/bgn/7221.htm

. . : : & Ball Collins )(. : Island Oil Exploration Company Hellinger )(. . (1) Gerhard Seibert: Sao Tome and Principe: The Difficult Transition from Aid :Dependent Cocoa Producer to Petro-State, On http://www.afsaap.org.au/conferences/2004/seibert .(2) idem

)(. Environmental Remediation ) Holding Company (ERHC Procura Financial Consultants ) (PFC : . : Sociedade Nocional de . .Petroleo de Sao Tome et Principe

)(.

Exxon Mobil ).() Joint Development Zone (JDZ PGS ) Exclusive Economic Zone (EEZ )(. . )(.

.(1) idem (2) Alonso Segura: Management of Oil Wealth Under Permanent Income ,381/60 .Hypothesis: The Case Of Sao Tome & Principe, IMF Working Paper No .6.2006, p .7.(3) ibid, p .(4) idem )5( . .

: : : )(. ( :Joint Development Zone % % . " " Joint Development Authority )1(. )( Chevron Texaco Exxon Mobil Joint Nigerian Norwegian Daugote Energy Equity , )(. - )(. ( :Exclusive Economic Zone

)1( : www.nigeriasaotomejda.com/Pages/Introduction.html ,.(2) IMF: Democratic Republic of Sao Tome & Principe: Selected Issues, op cit .31.p .(3) idem

)(. ( : .

8.(1) IMF: Report No. 06/329, op cit, p

()

JDZ

EEZ

Source: http://www.equatorexploration.com/images/full_image_map_sao_tom e.jpg

923/60 . )( : )(

& Source: IMF: Democratic Republic of Sao Tome & Principe: Selected Issues 6002 ,923/60 .Statistical Appendix, Report No

.12.(1) ibid, p

% % , % )(

)(. () Sensitivity Analysis . : - : , , . )(. - : ,. $ $

)1( . .72-42 .(2) IMF, Report No. 06/329, op cit., pp )3( : .( ) idem4

.

, , )(.

.(1) idem

. : . . : . : .

. : . .

: . : . )( )(. - ,% - ) ( %)( . )(.

)( . ( ) Brendan Mcsherry "The Political Economy of Oil in Equatorial Guinea", African :Study Quarterly, Spring 2006, Volume 8, No.3, On http://web.africa.ufl.edu/asq/v8/v8i3a2.htm .84.(3) IMF Country Report 99/113, op cit., p2

)1(

)( 0007 0006 0005 0004

0003 0002 0001 0 5991 2002 3002 4002 5002 6002 7002

.Source: IMF: Republic of Equatorial Guinea: Statistical Appendix, Report No 2.09/98, 2009, P

. : % % )(

-

)1( Weighted Average

. & Dominick Salvator: International Economics, 7th ed. (New York: John Wiley .)1002 ,Sons

)( %. : : . : Enclave )(. . %. - -

.

.(1) IMF: The Republic of Equatorial Guinea: Selected Issues, Working Paper No .71.09/99,2009. P (2) Augustin Velloso: From Cocoa Fields to Oil in Equatorial Guinea: Where :Trickle Down is not Trickling, at http://www.counterpunch.org/velloso11012003.html

)( . )(. )( )(

)-( :

%2.96 =2R

Agr = 124 0.0064 Oil )99.2-( .

: ) (Agr ) (Oil

- ) (

3002/1 .(1) Egil Masten and Ragnar Trovik: Optimal Dutch Disease, WP No (Norway: Norwegian University of Science and Technology, Department of :Economics, 2003) at http;//www.svt.ntnu.no/iso/wp/wp.htm (2) Achille Toto Same: Mineral Resource Rich and Dutch Disease: Understanding :the Macroeconomic Implecations of Windfalls and the Development Prospects The Case of Equatorial Guinea, Policy Research Working Paper No.4595, World .61.Bank. p )3( .

)(. : %3.09 =2R REER = 104 + 0.0157 Oil )21.6( : ) (REER . : %2.68 =2R Agr = 170 0.435 REER )20.5-(

)( )= (*

) (

) (

, , , ,

)1(

.

,

.83-73.Source: World Bank: ADI 2007, Pp .91.* IMF: Country Report No. 09/98, p

: , . , ) (Peak Point )( )% ( )(. )(

004 053 003 052 002 051 001 05 0 21021

4102

6102

8102

0202

2202

4202

6202

8202

0302

42.( ) IMF, Report No.06/329, op cit., P

.Source: IMF: STP Selected Issues & Statistical Appendix, Country Report No .32.06/329, 2006., p

: . . ... - - % ,% ,% )( )(. )(

. ( ) IMF : Equatorial Guinea: Selected Issues and Statistical appendix, Working .73 .Paper No. 06/237,,p2

)1(

( )(.

)( )-(

Source: IMF: The Republic of Equatorial Guinea: Selected Issues & Statistical .6002 ,732/60 .Appendix, Working Paper No

% - - % )(. : .(1) Idem .(2) Idem

% )( . : : % )(. : )(- )-( ,%. : )( .

)(

.28.(1) Sao Tome et Principe: Diagnostic Trade Integration Study, Op cit., p 306 .(2) UNCTAD: ASYB 2009, Op Cit., p

Source: Pedro C.Vicente: Does Oil Corrupt? Evidence fom a Natural Experiment West Africa, WP.No.054, Oxford: Global Poverty Research Group, 2004.

()

Source: IMF: STP Fifth Review Under the Three-Year Arrangement under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance CriterionStaff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for STP, IMF Report No.08/95, p.12

. : : ,% )(. % % % % % )(. %

.81.(1) IMF: Country Report No. 99/113, op cit., p .91.(2) ibid, p

)(. % % - : )(

(

)CFA

0061 0041 0021 0001 008 006 004 002 0 5991 0002 1002 2002 3002 4002 5002

: )(.

.(1) idem

, , %)(.

: : . % % % . . ,%)(.

& (1) IMF: Democratic Republic of Sao Tome & Principe: Selected Issue .3002 ,923/60 .Statistical Appendix, Country Report No .81.(2) IMF: Country Report No. 99/113, op cit., p

% , ,% )(. ,% ,% ,% ,% ,% )(.

: : ,% ,% -,% )(.

) ( )-(

5..(1) IMF: IMF Country Report No. 09/98, op cit., p (2) African Development Fund: Republic of Sao Tome & Principe: Third .7.Structural Adjustment Program Report, 2006., p

, , , ,

, , , ,

, , , , ,

, , , , ,

, , , , ,

, , , , ,

, , , , ,

, , , ,-,

/ %

Source: IMF: Democratic Republic of Equatorial Guinea: Statistical Appendix, Country .9002 Report No. 09/98, March * IMF: Equatorial Guinea Recent Economic Developments, IMF Country Report

, ,% :

) ( )-(

06 05 04 03 02 01 0 01- 02- 03- 04- 1002 2002 3002 4002 5002 6002 7002

603.Source: UNCTAD: ASYB 2009, p

) ( )-( , , , , , , , , , , , , , , ,, , , , , , , , , , , , , , , / %

. . % ) (CEMAC ,% )- ( ,% : : ) Banque Des Etats De L'Afreque Centerale (BEAC % - %)(. : ,% % %)(. )-( )( :

(1) IMF: Equatorial Guinea: Recent Economic Development, Country Report 5.No.03/386, 2003, p (2) IMF: Equatorial Guinea: Recent Economic Development, Country Report 71.No.99/113, 1999, p

%5.29 = 2R

INF = 117 + 0.00316 Oil X )00.7(

) (INF ) (Oil X . .

)(

, ,

, ,

, ,

,

,

,

)=(

, ,

) (

51.Source: IMF: Country Report No. 09/98, 2009. p.6 & p

% % %)( :

)( )-(

,Source: IMF: Democratic Republic of Sao Tome & Principe: Selected Issues .8002 ,603/80 .Country Report No

(1) IMF: Democratic Republic of Sao Tome & Principe: Selected Issues, Country 41.Report No. 08/306, 2008. p

- % %)(. : : ,% - )( )(. : . . %)(.

51.(1) ibid, p .81.(2) ibid, p .(3) idem

% - : Inf(j) = 0.01 + 0.06 i Money(j) t-n + 0.28 j Euro(j) t-n + 0.11 j Oil(j) t-n+ 0.21 j Food(j) t-n - 0.01 j Real(j) t-n + t : ) :Inf(j Money(j) t-n t Oil(j) t-n : Euro(j) t-n Food(j) t-n )j Real(j :t-n . % : 2 R %)1(. . . - - - - .

,8002 ,603/80 .(1) IMF: Sao Tome & Principe: Selected Issues, Country Report No .71-61 :Pp

. , , )-( % %. , % % , , )(. % ,%

,% ,% )(. , . % )(. % % . , , )-( %. )( )-(

51.(1) IMF: Country Report No. 99/113, op cit., p .(2) idem

, , ,

, , , ,

, , ,

, , , ,

, , ,

, , ,

* *, , , , , , , -,

Source: IMF: Democratic Republic of Equatorial Guinea: Statistical Appendix, Country ,, , , , ,, , .9002 Report No. 09/98, March * IMF: Equatorial Guinea Recent Economic Developments, IMF Country Report , , , , , , , , , , , , , , , , , , , , ,,, %GDP

)-(

% % )(. . )(.

.31.(1) Diagnostic Trade Study, op cit., p

603 .(2) UNCTAD: ASYB 2009, op cit., p

: . : : . . . )1( Voice and Accountability Index

)1( Governance Government Effectiveness Regulatory Quality Indicators : Political Stability

-, -, )( , . Voice and Accountability Index , , , - - . : ,% ,% % ,% . )2(

-

%

Signature Bonuses

)( $ Total

Rule of Law .Control of Corruption -, , . :( ) World Bank: World Governance Indicators, at http://info.worldbank.org/governance/wgi/sc_chart.asp )2( . .435-235 :.(3) Jedrzej George Frynas, op cit., pp1

$ Exxon )(. , )( % )( )-( )(. : . )(. -

)1( : . . . : Martin Quinlan: "Nigeria- Equatorial Guinea- Sao Tome et Principe: Gulf of Guinea's :Golden Triangle", Petroleum Economist,, Vol 71,May 2004, p.p. 8-12. at http://www.petroleumeconomist.com/default.asp?Page=14&PubID=46&ISS=10195&SID=410065&Countr 382=y=&SM=&SearchStr=rigs&itemCount )3( : .. .31.(4) IMF: Democratic Republic of STP: Selected Issue 2006, Op cit., p (5) Alex Vines: Well Oiled: Oil & Human Rights in Equatorial Guinea (New .)9002 ,York: Human Right Watch )2(

)1(. : Development Assistance . , , ,% ,% % ,% . : . )( )(. : ) (: :(1) World Wide Military Expenditures, available at http://www.globalsecurity.org/military/world/spending.htm 735.(2) Jedrzej George Frynas, op cit., p .245.(3) ibid., p

. : : . HDI , , , , , , , )( % . 991.(1) UNDP: HDR 2009., op cit., p 981.--------: HDR 2000, op cit., p

:

,% % )( % )(. ,% )-( ,% ,% ,% ,% ,% ,% . )(. .991.(1) --------: HDR 2009, op cit., p

54.(2) Alex Vines: Well Oiled, op cit., p 03-92.(3) ibid, p

, , . . , , . , )(. , , )(. % .

771 .(1) UNDP: HDR 2009., op cit., p

)( HDI , % ,% % ,% , , GDP ) (

HDI

, ,

)9002 ,Source: UNDP: Human Development Report 2009 (New York: UNDP

. . . .

.

. : : .

: ) :Transparency Initiative (EITI Extractive Industries - .

)( . . , )(.

Publish what you Pay )(.

-

:Campaign Global Witness

)1( : : .. : http://eitransparency.org/files/Arabic%20EITI%20Legislative%20Guide.pdf )2( ..

(3) Transparency as a Cure for the Resource Curse: Global Consensus and Task :Pending for Spain, FRIDE, Madrid, 2007, at 2http://www.fride.org/download/DB10ingles

EITI :Publish what you Earn Campaign )(.

-

)(.

(British Petroleum) BP )(.

: Annuity

Hand to Mouth Rule Rule )(. Uncertainty )(. - -

9-8.(1) Geerd Wurthmann: Ways of Using the African Oil, op cit., Pp .(2) idem 61.(3) Sevetlana Tsalik, op cit., p (4) Hajime Takizawa, et al., Are Developing Countries Better off Spending Their 3.Oil Wealth Upfront, Working Paper no. 04/141, IMF, 2004. P (5) Steven Barnett & Rolando Ossowski: Operational Aspects of Fiscal Policy in Oil .6.Producing Countries, IMF working Paper No. 02/177, 2002. P

:

)(

)(. ) (

. - . - . -

)1( : -

. - : ,IMF: Global Financial Stability Report: Financial Market Turbulence- Causes :Consequences and Policies, October 2007, at http://www.imf.org/External/Pubs/FT/GFSR/2007/02/pdf/text.pdf )2( : : . : 2070http://www.arab-api.org/jodep/products/delivery/wps .

)( ,% )(.

. State Petroleum Fund

. .

. )(.

Copper Stabilization Fund . )(. Alaska Permanent Fund % .

): (. : http://www.iraqrevenuewatch.org/reports/052605ar :(2) Nicolas Shakson, Oil for People: A Solution to the Resource Curse, 2008, at 8002http://visar.csustan.edu/aaba/Shaxson (3) Ugo Fasano: Review of the experience with oil stabilization and Savings Funds .6-4 .in Selecting Countries, IMF Working Paper No. 00/112., PP .9-7 :(4) ibid, Pp

)1( : : :

)1(. )(. Fiscal Rules )(: (BIR) :Bird in Hand Rule :Permanent Income Hypothesis Rule ) (PIH . (MTP) :Medium Term Price Rule . .

. : .

)1( : : - : . 317161=http://www.ahewar.org/debat/show.art.asp?aid 11.(2) Maria Sarraf, op cit., P .46.(3) IMF Country Report 06/237, op cit., p

Taxable Resource Revenue Distributions )(. . )(.

(1) Martin Sandobu, Taxable Resource Revenue Distributions: A Proposal for Alleviating The Natural Resource Curse, Working Paper No.21, New York: Center of Globalization & Sustainable Development, The Earth Institute, Colombia :University, 2004. .p.9, at http://www.earthinstitute.columbia.edu/cgsd/documents/sandbu_distribution_000.pdf .52-61 .(2) ibid, pp

. . : : - Riggs Bank Exxon Mobil- )(.

(1) Global Witness: Time for Transparency: Coming Clean on Oil, Mineral and :Gas revenues (Washington D.C.: Global Witness Publishing Inc., 2004) Pp.55-56. at http://allafrica.com/stories/200403250669.html

/ . )(: : . . )(. . BEAC )(. )(. .

% %

(1) Marti Flacks and Tutu Alicante: Codifying the Resource Curse: Equatorial :Guinea's Oil Law, EG Justics Paper Series, No.1, May 2008. at http://www.egjustice.org/files/Codifying%20the%20Resource%20Curse%20FINAL 8002-4-502% .(2) idem :(4) World Bank Country Brief, at 04.(3) Ian Gary and others: Bottom of Barrel.., op cit., p

: : . : . )(. . Centro de Aperfeicoamento de Tecnologia Center de Agopecuaria Formacoa Profissional Agricola )(.

http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/AFRICAEXT/EQGU 0,171253:INEAEXTN/0,,menuPK:352181~pagePK:141132~piPK:141107~theSitePK 0.html 21-7.(1) Steven Kyle: We are Rich, or are we?, op cit., pp .(2) idem

)(

Oil Revenue Law . : ()National Oil Fund . .()Public Information Office )( : )( :

-. ( ) National Oil Account: Account established by the Sotomean Central Bank in an overseas custody bank to receive and hold all oil revenues ,(3) Joseph C. Bell and Teresa Maurea Faria, Sao Tome & Principe Enact Oil Law Sets New Transparency, Accountability, and Governance Standards, March :2005, at http://www.revenuewatch.org/resources/ST_draft_law ,.(4) IMF: Democratic Republic of Sao Tome & Principe: Selected Issues.., op cit 51.p2

)1( Earth Institute

Source: IMF: Democratic Republic of Sao Tome & Principe: Selected Issues and Statistical ,Appendix IMF Country Report ,923/60 .6002 61.p

PIH

)(

)2(.

Poverty Reduction Strategies %

)(.

: : . . : )4(.

Extractive Industries Transparency Initiative (1) Annual Funding Amount (AFA): Amount of oil revenue transferred from the National Oil Account to the public Treasury Account(s) in So Tom pursuant to the state general budget every year Treasury Account: Any account established by the Treasury Department in the .Central Bank .(2) idem 4.(3) Joseph C. Bell and Teresa Maurea Faria, op cit., p 5.(4) ibid., p

EITI Aggregate Data EITI )(. . : )(.

. (1) Hope and Oil: an Ethnographic study of the emergent oil operations in Sao :Tome e Principe, at http://www.geog.ox.ac.uk/research/technologies/projects/hope-oil 3.(2) Marti Flacks and Tutu Alicante, op cit.,p

. )(.

)(.

% % % )(. )( % )(. . 4.(1) ibid., p 5.(2) ibid., p 6.(3) ibid., p

.23.(4) Achille Toto Same: op cit., p .62.(5) Equatorial Guinea Country Strategy Paper, op cit., p

)( )(. - - )(. )( )(.

:(1) Untapped Scramble for Africa's Oil, at /7933612/http://www.slate.com/id/2163389/entry(2) I have Promised My People that we'll Avoid What Some Call "The Dutch .Disease" or the "Curse of Oil, at: Well Oiled, op cit., p

4.(3) Joseph C. Bell and Teresa Maurea Faria, op cit., p )4(

%. : Steven Kyle: Dutch Disease in Sao Tome & Principe: Policy Options for the Coming Oil Boom, WP. 2002-04, New York: Cornell University, Department of .61-21 .Applied Economics and management, 2002. Pp .01-9.(5) Steven Kyle: We are Rich.., op cit., pp

. )( .

(1) Gisa WeszKalnys: The Curse of Oil in the Gulf of Guinea: A View from Sao 386 .Tome & Principe, African Affairs, Volume102, No.406, January 2003, P p.986

. : : . : : : : . - . : : Producer-Friendly Institution

.Complementary: Grabber-Friendly Institution Competing . : - - . . . :

. . : - . - . - . : .

: - - . . . .

.

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Source: IMF: Democratic Republic of Equatorial Guinea: Statistical Appendix, Country 4.Report No. 09/98, March 2009, p * IMF: Equatorial Guinea Recent Economic Developments, IMF Country Report

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: A) Books: Bannon , Ian and Paul Collier (eds.): Natural Resources and Violent Conflicts (Washington D.C.: , World Bank, 2003). Bebbington, Anthony J., and others (eds.), Institutional Pathways to Equity: Assessing Inequality Traps (Washington D.C.: The World Bank, 2008). Gary, Ian and Terry Lynn Karl: Bottom of the Barrel Africa's Oil Boom and The Poor (Bltimre, Maryland: Catholic Relief Services, 2003). Humphreys, Macartan, et al (Eds.): Escaping the Resource Curse (New York: Columbia University Press, 2007). Salvator, Dominick: International Economics, 7th ed. (New York: John Wiley & Sons, 2001). Tasalik, Svetlana and Anya Schiffrin (eds.): Covering Oil a Reporter's Guide to Energy & Development (New York: Open Society Institute, 2005). Traub-Merz, Rudolf and Douglas Yates (eds.): Oil Policy in the Gulf of Guinea- Security & Conflict, Economic Growth, Social Development (Bonn: Friedrich-Ebert-Stifung, 2004). B) Articles: Frynas, Jedrzej George, et al.: Business and Politics in Sao Tome; From Cocoa Monoculture to Petro-State, African Affairs, Volume102, No.406, January 2003 (London: Oxford University Press). Frynas, Jedrzej George: The Oil Boom in Equatorial Guinea, African Affairs, Volume103, No.413, October 2004. Gallagher, Mark and Steve Rozner "Tools for Treating Resource Curse, Development Alternatives (Washington D.C.: DIA, vol.11, issue 1, 2007). Gyfalson, Thorvaldur: Natural Resource, Education and Economic Growth" Europian Economic Review (Amesterdam: Elsevier, vol. 45, 2001) WeszKalnys, Gisa: "The Curse of Oil in the Gulf of Guinea: A View from Sao Tome & Principe", African Affairs, Volume108, No.433, May 2009.

1) 2) 3) 4) 5) 6) 7)

1)

2) 3) 4) 5)

Woodside, Claire, "West Africa's Foreign Policy Post 911 & the Resource Curse: A Head on Conclusion", Journal of Military & Strategic Studies (Alberta: Center of Military & Strategic Studies, Vol.9, Issue 4, 2007). C) Working Papers: 1) Auty, Richard: Patterns of Rent Extraction & Deployment in Developing Countries Implications for Governance, Economic Policy and Performance, WP. 2006/16, Helsinki: World Institute for Development Economics Research, 2006. 2) Barnett, Steven & Rolando Ossowski: Operational Aspects of Fiscal Policy in Oil Producing Countries, IMF working Paper No. 02/177, Washington D.C.: International Monetary Fund (IMF), 2002. 3) Fasano, Ugo: Review of the Experience with Oil stabilization & Saving Funds in selecting Countries, IMF Working Paper No.00/112, 2000. 4) Hausmann, Ricardo and Roberto Rigabon: An Alternative Interpretation of the Resource Curse: Theory and Policy Implications, Working Paper No. 9424, Cambridge: National Bureau of Economic Research, December 2002. 5) Herbertsson, Tryggvi Thor, et al.: Three Symptoms and a Cure: A Contribution to the Economics of the Dutch Disease, Working Paper No. 2364, London: International Macroeconomics and Labor Economics, Center for Economic Policy Research, January 2000. 6) IMF: Republic of Equatorial Guinea: Statistical Appendix, Country Report No. 09/98, March 2009. 7) -----: The Republic of Equatorial Guinea: Selected Issues, Working Paper No.09/99, 2009. 8) -----: Democratic Republic of Sao Tome and Principe: 5th Review under the Three-Year Arrangement Under Poverty Reduction & Growth Facility, IMF Country Report no. 08/95, 2008. 9) -----: The Republic of Equatorial Guinea: Selected Issues and Statistical Appendix, IMF Country Report No. 06/237, 2006. 10) -----: The Republic of Equatorial Guinea: Article IV Consultation- Staff Report, Public Information Notice on the Executive Board Discussion, IMF Country Report No. 06/233, 2006.

6)

11) 12) 13)

14)

15) 16)

17) 18)

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20) 21)

------: Democratic Republic of Sao Tome & Principe: Selected Issues and Statistical Appendix, Country Report No. 06/329, 2006. ------: Equatorial Guinea: Recent Economic Developments, Country Report No. 99/113, 1999. Kyle, Steven: We're Rich!! Or Are We? Oil and Development in Sao Tome Principe, Working Paper No. 200302, New York: Cornell University, Department of Applied Economics & Management, May 2003. ----------------: Dutch Disease in Sao Tome Principe: Policy Options for the Coming Oil Boom, Working Paper No. 2002-04 New York: Cornell University, Department of Applied Economics & Management, January 2002. Limi, Atsudushi: Did Botswana Escape from the Resource Curse?, IMF working Paper No.06/138, 2006. Murshed, S.Mansoob: When Does Natural Resource Abundance Lead to a Resource Curse? , Environmental Economics Program, Discussion Paper 04-01, London: International Institute for Environment and Development, March 2004. Qureshi, Mahvash Saeed: Africa's Oil Abundance and External Competitiveness: Do Institutions Matter?, WP/08/172, IMF , 2008. Same, Achille Toto: Mineral Resource Rich and Dutch Disease: Understanding the Macroeconomic Implications of Windfalls and the Development Prospects: The Case of Equatorial Guinea, Policy Research Working Paper No.4595, World Bank, 2008. Sandobu, Martin: Taxable Resource Revenue Distributions: A Proposal for Alleviating the Natural Resource Curse, WP No.21, New York: Center of Globalization & Sustainable Development, The Earth Institute, Colombia University, 2004. Sarraf, Maria & Mortaza Jiwanji: Beating the Resource Curse- The Case of Botswana, Environmental Economic series, Paper No.83, World Bank, October 2001. Segura, Alonso: Management of Oil Wealth Under Permanent Income Hypothesis: The Case Of Sao Tome & Principe, IMF Working Paper No. 06/183, 2006.

22)

Takizawa, Hajime, et al.: Are Developing Countries Better Off Spending Their Oil Wealth Up Fro