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1.
This paper investigates the relationship between resource funds, governance and institutional quality in resource-rich countries. The study is motivated by the relatively recent and inconclusive debate on resource funds and on their role in the addressing of the “resource curse”. The estimation results suggest that resource funds may be associated with governance and institutional quality improvements. The analysis complements the debate on the tools of addressing the “resource curse” and on the determinants of governance and institutional quality. The findings remain important for their policy implications. The estimation results suggest that resource funds may prove useful tools in the hands of the policy makers in the attempt to address governance and institutional quality deterioration induced by resource abundance. 相似文献
2.
Mining and social development: Refocusing community investment using multi-criteria decision analysis 总被引:1,自引:0,他引:1
This paper addresses the question: How can mining companies assess social investment projects so that projects create value for the company and communities in which they operate? Mining companies are still wrestling with the limits of their responsibility in relation to social development even though they accept the business case for community investment at a general level. Fully aware of the practical hazards involved in taking an active role in facilitating local development, companies increasingly avoid methods that are overly paternalistic or assume the functions of the national or local governments. Gaining senior management's commitment to long-term social projects, which are characterised by uncertainty and complexity, is made easier if projects are shown to benefit the site's strategic goals. Case study research on large global mining companies, including interviews with social investment decision makers, has assisted in developing a Social Investment Decision Analysis Tool (SIDAT), a decision model for evaluating social projects. Multi-criteria decision analysis techniques integrating business planning processes with social impact assessment have proved useful in assisting mining companies think beyond seeking reputational benefits, to how they can meet their business goals and contribute to sustainable development. 相似文献
3.
This paper revisits the role of Corporate Social Responsibility (CSR), suggesting the usefulness of adopting a holistic and historical perspective. It underlines the importance of taking into account the evolving regulatory frameworks within which mining activities take place in order to consider the changing roles played by the various actors involved, whether multilateral, national or local, public or private. In this broad context it then becomes possible to revisit issues of legitimacy, responsibility, and accountability, which CSR strategies aim to address. The article draws attention to the shortcomings of strategies, whether bilateral or multilateral, public or private, which, in an attempt to respond to problems of risk and legitimacy faced by mining companies, have put forward measures in the name of CSR that do not address the origins that give rise to such problems and, in so doing, tend to mask the very nature of the difficulties at hand. The analysis leads to quite different conclusions as compared to those that result from the adoption of a shorter term and investment-led perspective. 相似文献
4.
Following the Boskin et al., (1996) report, it became widely recognized that price indexes in the U.S. and elsewhere overstate inflation. Svedberg and Tilton (2006) highlighted that this inflation bias may have important implications for estimated long-term trends in nonrenewable resource prices. ST construct an inflation-bias corrected CPI (and PPI) for the U.S. and use their corrected deflator(s) to define a so-called ‘real real’ price of copper. Their ‘real real’ price of copper is then used to re-estimate long-term trends in real copper prices. This paper proposes a quick method for obtaining inflation-bias-corrected estimates of long-run trends in real primary commodity prices directly from estimates in the published literature. Our approach obviates the need re-do existing empirical studies using a corrected or ‘real real’ price of nonrenewable resources. The two approaches are mathematically equivalent. 相似文献
5.
This study examines cointegration and Granger causality among global oil prices, precious metal (Gold, Platinum and Silver) prices and Indian Rupee–US Dollar exchange rate using daily data spanning from 2nd January 2009 to 30th December 2011. ARDL bounds tests indicate that the series are cointegrated. Toda–Yamamoto version of Granger causality has been employed to establish the causation amongst the variables. The study also examines generalized error variance decomposition of variables due to various shocks in the system. Such information provides insight into the transmission links between the global oil market and the Indian precious metals and foreign exchange market. These have the potential for significant impact in further research, portfolio management and central bank policy design. 相似文献
6.
The global gold market has recently attracted a lot of attention and the price of gold is relatively higher than its historical trend. For mining companies to mitigate risk and uncertainty in gold price fluctuations, make hedging, future investment and evaluation decisions, depend on forecasting future price trends. The first section of this paper reviews the world gold market and the historical trend of gold prices from January 1968 to December 2008. This is followed by an investigation into the relationship between gold price and other key influencing variables, such as oil price and global inflation over the last 40 years. The second section applies a modified econometric version of the long-term trend reverting jump and dip diffusion model for forecasting natural-resource commodity prices. This method addresses the deficiencies of previous models, such as jumps and dips as parameters and unit root test for long-term trends. The model proposes that historical data of mineral commodities have three terms to demonstrate fluctuation of prices: a long-term trend reversion component, a diffusion component and a jump or dip component. The model calculates each term individually to estimate future prices of mineral commodities. The study validates the model and estimates the gold price for the next 10 years, based on monthly historical data of nominal gold price. 相似文献
7.
This paper introduces a special issue on ‘Corporate Social Responsibility in the extractive industries: experiences from developing countries’. Drawing upon case study analysis from Latin America, sub-Saharan Africa and Asia, the papers in this issue broaden understanding of how multinational mining and oil and gas companies have embraced the CSR challenge and responded to criticisms of their performance in developing countries. This paper provides an introduction to the debate on CSR in the extractive industries in developing countries, reviewing the key issues examined on this subject to date. 相似文献
8.
Low wellhead domestic gas prices over the past few years have led to the beginning of a shortage in natural gas reserves and production in Pakistan. Gas demand steadily rises in all sectors for being an economical fuel as compare to substitutes. In the view of foregoing consumption trend, the demand for gas is expected to grow with a higher pace during the 2010s. On the contrary, indigenous gas reserves are running out and cannot keep up with the demand. This paper examines the extent of upstream activities in different petroleum policy regimes. The wellhead price for indigenous gas is compared with the prices of alternatives (for example, gas import prices). In order to put the problem in perspective, the relationship between wellhead gas price and cumulative gas reserves in Pakistan are analyzed and we find that the looming gas shortage can be ameliorated in the short-run and eliminated in the long-run through incentivized wellhead price. To put it briefly, the idea is mooted to first take advantage of huge domestic reserves to ensure competitive consumer prices for gas. The findings are applicable to several other economies with under-developed natural resources. 相似文献
9.
There are several strategies open to an economy in its attempt to attain sustainable economic development depending on its historical background and resource endowment. One of such is the resource-led strategy. Nigeria is superabundantly rich in crude oil and has reaped billions of petrodollars. However, the country seems to be facing the problem of successfully translating this huge oil wealth into sustainable development. This paper employs the vector error-correction methodology in examining the long-run impact of the huge oil wealth accruing to Nigeria on its economic development. Indicators such as per capita GDP (PGDP), household consumption, infrastructural development (electricity), and agricultural and manufacturing output growth rates are examined. The results suggest a significant positive long-run impact of per capita oil revenue on per capita household consumption and electricity generation, while a negative relationship is established for GDP, agriculture and manufacturing. Even for those variables with negative relationship at current period, there exist positive relationships at subsequent lags. Thus, oil revenue, if properly managed and invested, could be effectively used to induce oil-led development in Nigeria provided the current inhibitions of corruption, lack of transparency, accountability and fairness in its use and distribution are removed. 相似文献
10.
With a particular focus on low income economies in SSA, this paper addresses the nature and determinants of linkages from the commodities sectors and challenges the received view that enclave development is an inherent characteristic of resource extraction, particularly in the hard and energy commodities sectors. It argues that there has been a steady increase in linkage development and that there are significant opportunities for deepening this process. The opportunities may be greater for backward than for forward linkages, particularly in the minerals and energy sectors. In making this case, this Discussion Paper draws on the experience of high income countries which have resource intensive economic structures, the geographical specificity of many resources and the growing interest of large resource extracting firms in outsourcing the production of inputs which are outside of their core competences and in supporting local production of some inputs, it sets out a general model of linkage development which distinguishes between win–win and win–lose outcomes. 相似文献
11.
This paper estimates the true economic income of Peru’s metal mining sector for the period 1992–2006, using a model of green economic income based on Hamilton (2000). The total depletion of natural capital caused by metal mining is calculated by estimating, on the one hand, the depreciation of mining resources (using the Hotelling rent approach) and, on the other, the environmental degradation provoked by metal mining activities. The results show that the total loss of natural capital represents between 31% and 51% of the metal mining GDP and between 2% and 4.9% of Peru’s GDP. On the other hand, correcting the usual GDP measure produced by the traditional National Account System (NAS) for the total loss of natural capital caused by mining activities shows that the GDP traditional measure overestimated by 51–64% the true economic income generated by Peruvian's metal mining sector during the period 1992–2006. The importance of the generation, taxation, and disposition of mining economic rents for Peru’s sustainable development in the future is also discussed. 相似文献
12.
Resource windfalls,investment, and long-term income 总被引:1,自引:0,他引:1
We develop a simple mechanism to explain why resource windfalls are likely to lower income levels in the long run. Most mineral-producing countries, in particular, fail to maintain incentives for savings and investment after positive resource shocks. Our analysis focuses on this savings–investment transmission channel through which resource rents affect welfare, and develops an OverLapping-Generations (OLG) model with features from endogenous growth theory to study the mechanism. In this model, savings adjust downwards to income from natural resources, investments adjust to savings, and subsequently the level of overall productivity falls. Resource affluence has two counteracting effects on income. In the short term, resource wealth augments income, but in the long-term, it decreases income through a crowding-out effect on knowledge creation. 相似文献
13.
The adverse impacts of climate change are widely recognized as well as the importance of the mitigation of carbon dioxide (CO2). Battery driven vehicles are expected to have a bright future, since GHG emissions can be reduced. Lithium-ion (Li-ion) batteries appear to be the most promising, due to their high energy density. Recently, the discussion concerning adequate lithium carbonate (Li2CO3) resources is resolved. The current challenge is the needed increase in flow rate of Li2CO3 into society to foresee in forecasted demand. This research determines ten factors which influence the availability of Li-ion batteries for the EU27 in the coming decades. They are used in a system dynamics analysis. The results of this research show that undersupply can be expected in the EU27 until 2045 somewhere between 0.5 Mt and 2.8 Mt. Substitution of Li2CO3 in other end-use markets and recycling can relieve the strain on Li2CO3 supply to some extent. In 2050, 20% of the vehicle fleet in the EU27 can be battery electric vehicles (BEVs). The lack of resources in the EU27 and the geographical distribution of lithium in politically sensitive areas suggest that the shares of lithium available for the EU27 will be less than assumed in this research. The increase in flow rate shows to be the bottle-neck for a transition to (partly) battery driven vehicles in the EU27, at least when Li-ion batteries are used. Focusing on large-scale application of BEVs with Li-ion batteries in order to substantially mitigate CO2 emissions in transport is a futile campaign. 相似文献
14.
This study examines the links between mineral dependency and corruption. Specifically, it develops a cross-section econometric model that estimates the effects of per capita income, fuel exports, non-fuel exports, and average per unit value of mineral exports on corruption. 相似文献
15.
The paper examines the copper consumption-economic growth nexus for 16 rich economies from the period 1966 to 2010. Various generations of panel unit root and cointegration tests are applied. Both series are found to be integrated of order one. Evidence of cointegration is found especially when controlling for breaks and long-run cross-sectional dependence. Causality is investigated using a vector error-correction mechanism (VECM) framework. At individual level, unidirectional causality running from economic growth to copper consumption is unraveled for Finland, France and UK in the long-run. Unidirectional causality is also found running from copper consumption to economic growth for Spain. Long-run bi-directionality between economic growth and copper consumption is found for Belgium, Greece, Italy, Japan and South Korea. The neutrality hypothesis holds for Australia, Austria, Canada, Netherlands, Portugal, Sweden and USA in the long-run. Taken as a whole, panel causality test reveals a long-run unidirectional causality running from economic growth to copper consumption. 相似文献
16.
Platinum is increasingly used intentionally and non-intentionally in several applications. This has raised the concern about its future resources, emissions and losses during its life cycle. On the one hand, increasing platinum emissions might affect human health. On the other hand, the accumulated platinum in mineral waste, soil, landfill sites and construction materials as a result of the emissions, losses and the utilization of secondary materials can be seen as potential resources for platinum. This paper is aimed at (1) analyzing the long term impacts of the use of platinum intentionally and non-intentionally on its future demand and supply, release to the environment and accumulation in mineral waste, soil, landfill sites and construction materials and (2) quantifying the amount of platinum in secondary materials that would be available for platinum future supply. The analysis is carried out on a global level using a system dynamic model of platinum intentional and non-intentional flows and stocks. The analysis is based on four scenarios for the introduction of fuel cell vehicles (FCVs). The results show that platinum demand is increasing overtime in all scenarios at different rates and its identified resources are expected to deplete before the end of the century with or without the introduction of FCVs. The release of platinum to the environment and the accumulation in soil are expected to decrease when conventional ICE vehicles is replaced by FCVs. The amount of platinum accumulated in mineral waste, soil, landfill sites and construction materials by the time platinum is depleted are more than double its identified resources and would be potential resources for platinum that are available in different parts of the world. The methodology presented in this paper can be used in the assessment of other technologies and other metals. 相似文献
17.
By 2009, Ghana was the second-ranked African producer after South Africa, and had become the world's ninth largest producer of gold, at some 3.8% of global production, up from 2.6% five years earlier. Gold production volumes and revenues rose significantly over the decade from 2000. Yet gold mining tends to be perceived negatively in Ghana, and is seen as providing far less than it should in terms of public revenue, employment, skills development and spillovers, and localised economic development. Gold mining is often depicted as having an enclave status, disconnected and isolated from the rest of the economy. In contrast, the research findings here demonstrate that after a period of strong investment and growth, gold mining can no longer be viewed as an enclave activity: it is in fact more deeply linked into the Ghanaian economy than hitherto understood, through a set of as yet under-researched but promising economic linkages, notably backward linkages, which can potentially be strengthened by policy and support measures. 相似文献
18.
The human rights related controversies surrounding Anglo Platinum's Mogalakwena mine in South Africa's Limpopo Province hit the world stage in 2008, attracting public scrutiny and instigating much debate in the realm of international business and human rights discussions. We provide an in-depth analysis of the controversies at Mogalakwena, and Anglo Platinum's responses. This case study contributes to ongoing debates on mining company-community relations in the context of the emerging business and human rights agenda, specifically with respect to the notion of human rights ‘due diligence’. We argue that the Mogalakwena case study illustrates the risks of companies adhering to and emphasizing the technical and logistical facets of due diligence, without sufficient attention to the relational, communicative and emergent aspects, which are closely tied to corporate culture. We highlight the complexities of company-community relationships, with particular reference to the issues of legitimate community representation and participatory decision-making, and discuss the role that organizational culture plays in exacerbating or mitigating corporate-community conflict. The case study demonstrates how legal challenges often exacerbate rather than resolve the conflicts that arise due to a clash between corporate and community cultures. We suggest the need for corporate leaders to become more conscious of this cultural dimension of effective social management, particularly when interacting with communities whose cultures are markedly different from those of business corporations. 相似文献
19.
Claire Mainguy 《Resources Policy》2011,36(2):123-131
Resource-rich countries do not necessarily perform well, especially developing countries. A debate has developed since the 1990s about a “resource curse” hypothesis, which threaten to impede the resource-rich countries in taking advantage of their natural endowments. In Mali, a less-developed country, gold export has substantially increased since the 1990s. In this paper we show that widespread analyses, such as those of the Dutch disease and the quality of institutions, are not sufficient to understand what is at stake in Mali, and that the mining sector has proved to be neither a blessing nor a curse, at least until the present. Gold mining has brought budget revenues but induced few spillovers. As gold mining has now come to maturity, the die is probably cast. 相似文献
20.
There are frequent suggestions that countries specializing in mineral and energy extraction have a type of growth that is bad for the poor. Others claim that extraction-led growth is particularly good for the poor. Both claims are made without the support of substantial empirical evidence. This paper uses longitudinal data on income growth by quintile in 57 developed and developing countries to statistically assess how mineral and energy extraction has affected the relationship between growth and the poor. We can find no evidence that the data support either the claim that extraction-led growth is good for the poor or that extraction-led growth is bad for the poor. This finding does not rule out that extractive activity can have special positive or negative impacts on the poor in some countries or regions. Rather, it simply brings to light that such effects are not evident as a persistent statistical phenomenon in the national level data that are available, which may be why the debate tends to move along without resolution. 相似文献