This paper explores an oil discovery natural experiment to assess the role of natural resources in determining … corruption. We argue that an anticipated oil boom may increase corruption by boosting the value attributed by an elite to being … in power when the actual oil exploration begins. We test this proposition by analyzing the impact of the oil discovery …

Monetary policy can play an important role in managing oil discoveries. Ideally governments will use fiscal policy to … smooth consumption of oil income. In practice this often does not happen, as governments delay spending until oil revenues … how monetary policy should respond. The paper makes three contributions. The first is to show that an oil discovery causes …

apply to capital-scare countries; iv) Finance consumption and investment with oil; v) Use a temporary Parking Fund to …

Many oil exporters accumulate large sovereign wealth funds, though their portfolio allocation does not take into … account below-ground assets, like oil. Similarly, the above-ground portfolio does not affect the decision to extract oil. This … paper shows that subsoil oil wealth should change a country's above-ground asset allocation in two ways. First, the holding …

giant oil discoveries as a directly observable measure of news shocks about future output - the delay between a discovery … responses of macroeconomic aggregates to news of an oil discovery.  We then estimate the effects of giant oil discoveries on a … large panel of countries.  Our empirical estimates are consistent with the predictions of the model.  After an oil discovery …