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Natural resources, export structure and investment Stephen R. Bond, Oxford University and Institute for Fiscal Studies Adeel Malik, Oxford University and Oxford Centre for Islamic Studies Download the Paper (PDF format) - August 1, 2008 Tell a colleague about it. Printing Tips: Select 'print as image' in the Acrobat print dialog if you have trouble printing. ABSTRACT: We present cross-country empirical evidence on the role of natural resources in explaining long-run differences in private investment as a share of GDP in a sample of 72 developing countries. Our empirical results suggest important differences between oil and non-oil resources. While revenue from oil exports tends to increase private (and public) investment, there is also a robust negative effect from a measure of export concentration. After controlling for these two aspects of export structure, there is little additional information in other measures of resource abundance, or in other suggested investment determinants, such as measures of the quality of institutions, political instability or macroeconomic volatility. SUGGESTED CITATION: Stephen R. Bond and Adeel Malik, "Natural resources, export structure and investment" (August 1, 2008). The Centre for the Study of African Economies Working Paper Series. Working Paper 300. http://www.bepress.com/csae/paper300