We study the spatial distribution of the effect of oil and gas revenues on Brazilian municipalities, using variations … in the international prices of oil and gas to establish causality. Oil and gas revenues increase economic activity …, measured by night-time light emissions, in oil-producing municipalities but impose negative spill-overs on neighbouring …

-2012, with a global repository of giant oil, gas, and mineral discoveries. We find strong and robust evidence of a 'fiscal … presource curse', id est, natural resources can jeopardize fiscal sustainability even before 'the first drop of oil is pumped …'. Specifically, we find that giant discoveries, mostly of oil and gas, lead to permanently higher government debt and, eventually …