Major oil and gas discoveries are often associated with excitement and jubilation among citizens and government officials. But the extent to which discoveries substantially alter citizen expectations about economic conditions in a country remains an open question. The paper combines...

This paper explores the extent to which government revenue is affected by external shocks, and whether these effects are different for resource-rich as compared with non-resource-rich countries. We are particularly interested in the fate of poorer countries, as we assume they will find it more...