Bremer, Ton S van den; Ploeg, Frederick van der - In: IMF Economic Review 61 (2013) 1, pp. 130-167
Three funds are necessary to manage an oil windfall: intergenerational, liquidity, and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence, and the GDP share of oil rents are high and productivity growth is low. The paper applies...