Natural Resource Funds and Their Stabilization Function:
Methodological-Empirical Foundations
DOI:
https://doi.org/10.12775/EiP.2026.13Keywords
natural resource funds, stabilization, resource curse, economic development, resource-rich countriesAbstract
Motivation: Research on the stabilization function of natural resource funds (NRF) is extensive but fragmented, with diverse samples, indicators, and methods limiting comparability. A systematic synthesis and transparent research framework are needed to enable robust empirical testing.
Aim: This study aims to build a comprehensive methodological-empirical foundation for analyzing the stabilization function of NRF in counteracting the resource curse (RC). It does so by systematically reviewing existing empirical research, assessing prior methodologies and indicators, and constructing a transparent research sample of resource-rich economies and their resource funds.
Results: The study employs the Systematic Literature Review (SLR) to synthesize quantitative and qualitative research on the stabilization function of NRF, with attention to research samples, methods, and macroeconomic indicators. Based on the literature on the RC, 49 resource-rich economies were identified and classified by resource type and level of development. Within this group, 43 NRF were examined in terms of type, investment strategies, and compliance with the Santiago Principles, covering the period 2000–2023. The findings provide a transparent and replicable research sample and consolidate dispersed methodological evidence, offering a robust empirical foundation for subsequent econometric analysis.
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