Template-type: ReDif-Paper 1.0 
Author-Name: Iizuka, Michiko
Author-Email: iizuka@merit.unu.edu
Author-workplace-name: UNU-MERIT, Maastricht University
Author-Name: Vargas, Fernando
Author-Email: vargas@merit.unu.edu
Author-workplace-name: UNU-MERIT, Maastricht University
Author-Name: Baumann, Jakob
Title: Financial mechanism to invest in knowledge from natural resource revenues: 
	 Experiences from Bolivia, Chile, Colombia and Peru 
Abstract: 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
Classification-JEL: P48, P51, O38, O21, O54
Series: UNU-MERIT Working Papers
Creation-Date: 20170921
Number: 2017-042
File-URL: https://unu-merit.nl/publications/wppdf/2017/wp2017-042.pdf
File-Format: application/pdf
File-Size: 275 kb
Handle: RePEc:unm:unumer:2017042