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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

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

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

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

Volatility, Financial Development and the Natural Resource Curse

Poelhekke, Steven; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2007

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average investment share, initial human capital, trade openness, the...

Persistent link: https://www.econbiz.de/10005123919

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

Do Giant Oilfield Discoveries Fuel Internal Armed Conflicts?

Lei, Yu-Hsiang; Michaels, Guy - C.E.P.R. Discussion Papers - 2011

We use new data to examine the effects of giant oilfield discoveries around the world since 1946. On average, these discoveries increase per capita oil production and oil exports by up to 50 percent. But these giant oilfield discoveries also have a dark side: they increase the incidence of...

Persistent link: https://www.econbiz.de/10009351523

Rural Windfall or a New Resource Curse? Coca, Income and Civil Conflict in Colombia

Angrist, Joshua; Kugler, Adriana D. - C.E.P.R. Discussion Papers - 2005

Natural and agricultural resources for which there is a substantial black market, such as coca, opium, and diamonds, appear especially likely to be exploited by the parties to a civil conflict. On the other hand, these resources may also provide one of the few reliable sources of income in the...

Persistent link: https://www.econbiz.de/10005124245

Do Oil Windfalls Improve Living Standards? Evidence from Brazil

Caselli, Francesco; Michaels, Guy - C.E.P.R. Discussion Papers - 2009

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Persistent link: https://www.econbiz.de/10008509470

Entrepreneurship: Origins and Returns

Berglann, Helge; Moen, Espen R; Roed, Knut; Skogstrøm, … - C.E.P.R. Discussion Papers - 2009

We examine the origins and outcome of entrepreneurship on the basis of exceptionally comprehensive Norwegian matched … worker-firm-owner data. In contrast to most existing studies, our notion of entrepreneurship not only comprises self …-employment, but also employment in partly self-owned limited liability firms. Based on this extended entrepreneurship concept, we find …

Persistent link: https://www.econbiz.de/10005079007

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