Working Paper #2017-042
Financial mechanism to invest in knowledge from natural resource revenues: Experiences from Bolivia, Chile, Colombia and Peru
In resource-rich emerging countries, management of revenues from natural
resources (NR) plays a critical role in transforming their economies. In
this paper, a conceptual framework is constructed for an institution to
promote the economic diversification through investing in knowledge,
based on the literature from management of natural resources, industrial
policy and public management. Existing financial mechanisms in Bolivia,
Chile, Colombia and Peru, where NR revenues are invested in knowledge to
enhance productivity (natural resources for knowledge, or NR4K funds),
are examined applying the framework. The analysis identified that NR4K
in these countries currently fall short of achieving their intended
purpose of transitioning their economies toward increased
diversification. These require complementary public policies to enhance
capabilities, coordinate between stakeholders and initiate experimental
investments.
- Keywords
-
- Natural resources
- STI policy
- Natural resource fund
- NR4K
- Latin America
- Bolivia
- Chile
- Colombia
- Peru
- JEL codes
-
- P48
- P51
- O38
- O21
- O54
Cite this as
APA 7th ed.Iizuka, M., Vargas, F., & Baumann, J. (2017). Financial mechanism to invest in knowledge from natural resource revenues: Experiences from Bolivia, Chile, Colombia and Peru (UNU-MERIT Working Paper No. 2017-042). UNU-MERIT. https://unu-merit.nl/publications/working-papers/abstract/?id=7349