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...

Petroleum exploration in Brazil is performed throughout a bidding process coordinated by the National Petroleum Agency (NPA), where the exploration and production (E&P) firms need to evaluate concessions performing financial and economic analyses routinely. Since oil is a public resource with...

The resource curse literature's main lesson is that developing and natural resource-rich countries should save most of their oil windfalls in foreign currency. Moreover, the political cycle literature's recent contributions predict stronger cycles in these countries. This paper investigates how...