Natural Resource Revenue Management and Its Critically Important Institutional Factors: The Case of Peru

Abstract

The topic of natural resources has been widely discussed since the negative relationship between natural resource abundance and economic growth was empirically proved. Many scientists believe that this negative relationship is caused by institutional factors presented in a country rich in natural resources. The objective of the paperis to evaluate the individual institutional aspects and their impact on either good or bad natural resource management in Peru. A case study approach is used to fulfil this aim, i.e. that further details of institutional background in Peru are researched in the context of natural resource revenue management. Based on the conducted research, it can be stated that Peru performs in a good way regarding natural resource management as the existence of pathways to higher levels of natural resource management was proved. However, there is still some space for improvement in the context of rule of law and control of corruption.