In countries where the political-economy incentives that governments face do not foster prudent revenue management, national revenue funds (NRFs) should not be used to impose optimal expenditure paths. In such countries, NRFs should instead be used as policy tools for re-aligning the diverging...

High and volatile commodity prices have returned as a significant global issue, with the prices of many commodities returning to around their mid-2008 peaks. This paper provides an overview of the fundamental drivers of recent price trends and considers the role played by financial speculation...

This paper analyses the history of China’s demand for commodities — across energy, metals and agriculture — and the potential path of future demand. It compares China’s experience in recent decades with that of other recent industrialising economies, and considers the scale and pace of...

We aim to explain petro populism - the excessive use of oil revenues to buy political support. To reap the full gains of natural resource income politicians need to remain in office over time. Hence, even a rent-seeking incumbent who prioritizes his own welfare above that of citizens, will want...

We aim to explain petro populism —the excessive use of oil revenues to buy political support. To reap the full gains of natural resource income politicians need to remain in office over time. Hence, even a purely rent-seeking incumbent who only cares about his own welfare, will want to provide...

As a net exporter of oil, the recent upward trend in the world prices of energy products represents both an opportunity and a challenge for Canada. This study investigates the aggregate and sectoral effects of a sustained increase in these prices on the Canadian economy using a multi-sector...

My paper provides long-run evidence on the dynamic effects of supply and demand shocks on mineral commodity prices. I assemble and analyze a new data set of price and production levels of copper, lead, tin, and zinc from 1840 to 2010. Price fluctuations are primarily driven by demand rather than...

My paper is the first to provide long-run evidence on the dynamic effects of supply and demand shocks on mineral commodity prices. I assemble and analyze a new data set of prices and production levels of copper, lead, tin, zinc, and crude oil from 1840 to 2010. Price fluctuations are primarily...

My paper is the first to provide long-run evidence on the dynamic effects of supply and demand shocks on mineral commodity prices. I assemble and analyze a new data set of prices and production levels of copper, lead, tin, zinc, and crude oil from 1840 to 2010. Price fluctuations are primarily...

The oil-exporting countries of the Persian Gulf have failed economically and socially. It is time for a radical new approach to managing oil revenues while oil and gas reserves last. We propose an approach to cut the level of oil revenues available to governments to zero while incorporating a...