RESOURCE CURSE THEORY OR THE MANAGEMENT OF OIL REVENUES THE CASE STUDY: ACCOUNT RESERVES FOREIGN OF COMPARISON A NORWAY AND IRAN

According to resource curse theory, not only the revenues from selling natural resources do not result in economic growth, but also have some unpleasant effects on economy. This study shows that natural resources cannot be considered curse by itself, but it is the management of revenues which is important. The foreign reserves fund was established to control the effects of oil price volatilities on Iranian economy, but the performance of this fund got apart from its purposes. On the other hand, Norway is a successful example of this mechanism. This paper, using a comparative approach and according to 3 indices of mechanism, clarity and performance, studies the management of foreign reserves of Iran and Norway to show that the effect of revenues from resources like oil on national economy depends highly on the way these revenues are managed.