This paper uses a model of intergenerational accounting to simulate the intergenerational distribution of oil wealth in Venezuela. Venezuelan oil production does not seem to follow an optimal extraction path. Nevertheless, this is true if we do not consider what the government does with the...

"This paper studies the cycles of investment and expropriation in the contextof the Latin American oil sector. In particular, it provides an explanationfor the state´s difficulties in capturing the oil rents and rationalizes the tendencyof governments to periodically renege on their prior...