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Is Norway's Resource Wealth Management Sustainable in the Long Run? A Comparative Study of the Scandinavian Countries

Ali, Hasnen; Risan, Adrian Haukåssveen
Master thesis
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URI
http://hdl.handle.net/11250/2622152
Date
2019
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  • Master of Science [1116]
Abstract
The discovery of natural resources can turn out to be a curse rather than a blessing,

as resource-rich countries tend to grow at a slower pace. However, Norway is

considered an exception. This article conducts a structural break analysis in GDP

growth to test for the presence of a curse by comparing Norway to Denmark and

Sweden. We find that there are no signs of a deceleration in Norway by looking at

GDP growth. This perspective is very limited as GDP does not provide a clear

interpretation of economic growth. As such, we broaden the analysis by studying

variables of sustainability and wealth management, using the same empirical

framework. The findings for sustainability suggest a decline in early 2010s, even if

GDP growth is on a positive trajectory. This seem to coincide with movements in

the oil price. On the other hand, our tests indicate that the wealth management in

Norway might be unpredictable, thus violating principles of consumption

smoothing. By going beyond the limitations of GDP, Norway seem to develop

towards an unsustainable path, and opening the possibility of a resource curse.
Description
Masteroppgave(MSc) in Master of Science in Business, Economics - Handelshøyskolen BI, 2019 Masteroppgave
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Handelshøyskolen BI

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