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A Mixed Blessing: Natural Resources and Economic Growth
Gylfason, Thorvaldur; Herbertsson, Tryggvi Thor; Zoega, … - C.E.P.R. Discussion Papers - 1997
This paper diagnoses the symptoms of the Dutch disease in a two-sector stochastic endogenous growth model. A productive, low skill-intensive primary sector causes the currency to appreciate in real terms, thus hampering the development of a high skill-intensive secondary sector and thereby...
Persistent link: https://www.econbiz.de/10005662170
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Resource rents; when to spend and how to save
Venables, Anthony J - C.E.P.R. Discussion Papers - 2010
Countries with substantial revenues from renewable resources face a complex range of revenue management issues. What is the optimal time profile of consumption from the revenue, and how much should be saved? Should saving be invested in foreign funds or in the domestic economy? How does...
Persistent link: https://www.econbiz.de/10008468644
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Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of Better Times or Rapacious Rent Seeking
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2008
We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected...
Persistent link: https://www.econbiz.de/10005662316
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Genuine Saving and the Voracity Effect
van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2008
Many resource-rich countries have poor economic performance and suffer from negative genuine saving rates, especially if they have many rival factions and badly functioning legal systems. We attempt to shed light on these stylized facts by analyzing a power struggle about the control of natural...
Persistent link: https://www.econbiz.de/10005791473
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The Elephant in the Ground: Managing Oil and Sovereign Wealth
Van Den Bremer, Ton; van der Ploeg, Frederick; Wills, Samuel - C.E.P.R. Discussion Papers - 2014
Oil exporters typically do not consider below-ground assets when allocating their sovereign wealth fund portfolios, and ignore above-ground assets when extracting oil. We present a unified framework for considering both. Subsoil oil should alter a fund’s portfolio through additional leverage...
Persistent link: https://www.econbiz.de/10011084308
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Managing and Harnessing Volatile Oil Windfalls
Van Den Bremer, Ton; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2012
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. We apply our theory...
Persistent link: https://www.econbiz.de/10011084534
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Do Voters Vote Sincerely?
Degan, Arianna; Merlo, Antonio - C.E.P.R. Discussion Papers - 2007
theoretical framework and assess whether the behaviour of voters is consistent with sincere voting in U.S. national elections in … the post-war period. We find that by and large sincere voting can explain virtually all of the individual …-level observations on voting behaviour in presidential and congressional U.S. elections in the data. …
Persistent link: https://www.econbiz.de/10005662163
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Competing for Endorsements
Grossman, Gene; Helpman, Elhanan - C.E.P.R. Discussion Papers - 1996
Endorsements are a simple language for communication between well-informed interest-group leaders and less-informed interest-group members. The members, who share some policy concerns, may not fully understand where their interests lie on certain issues. If their leaders cannot fully explain the...
Persistent link: https://www.econbiz.de/10005662385
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Elections with Contribution-Maximizing Candidates
Gradstein, Mark - C.E.P.R. Discussion Papers - 2001
Much of the analysis of campaign contributions, in accordance with the Downsian model, has supposed that candidates seek contributions for electoral purposes. This paper takes the opposite approach, by assuming that each candidate aims to maximize the contributions he collects. We let a citizen...
Persistent link: https://www.econbiz.de/10005788909
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Media Capture and Wealth Concentration
Corneo, Giacomo - C.E.P.R. Discussion Papers - 2003
develops a voting model where citizens are uncertain about the welfare effects induced by alternative policy options and derive … influence the public opinion. In case of voting over the level of a productivity-enhancing public bad, it is shown that an …
Persistent link: https://www.econbiz.de/10005789042