Resource curse theory claims that resource abundance encourages violent conflict. A study of 37 oil-producing developing countries, however, reveals that oil states with very high levels of oil revenue are remarkably stable. An analysis of the ways in which governments spend oil revenues...

The global climate change imperative presents a particular challenge because of the scale and nature of the investment needed in developing countries, coupled with the difficulty of raising long term debt in many of them. Project finance can help to address this challenge because it enables...