The extended economic zone,the coastal state,and economic development

The recently created exclusive economic zones constitute windfall gains for some coastal states. However, windfall gains, such as the New World's gold for Spain and oil for OPEC, are notoriously difficult to transform into permanent wealth and income streams. These difficulties are discussed in this paper. In addition, a case study of the asset values of fisheries in areas of the NW and W Central Pacific Ocean is presented in detail. For nine countries, the changes in catch, both quantity and value, which resulted from establishment of the EEZ are used as estimators of the windfall gains.