Policy makers in many countries in the Latin American and Caribbean region have found it challenging to determine how to treat natural resource commodity production and how to manage the recurrent cycles of booms and busts. Natural Resources in Latin America and the Caribbean: Beyond Booms and Busts? addresses the major concerns associated with commodity dependence, summarising the state of the art in existing literature and filling in the knowledge gaps with new analysis. The report finds that some commonly accepted negative effects of dependence on natural resources are largely myths, while some are realities. But the authors find that all the effects can be managed, and they provide practical advice on how to do so. Issues covered include long-term fiscal growth, fiscal volatility, institutional impacts, and environmental and social effects. The report analyses the implications for the region's development and policies.