This paper investigates how the devolution of oil windfalls affects the likelihood of political violence. It shows that transferring large shares of oil wealth can prevent conflict, while transferring small shares can trigger it. Among the different transfer schemes, fiscal transfers (to...

This paper investigates how the devolution of oil windfalls affects the likelihood of political violence. It shows that transferring large shares of oil wealth can prevent conflict, while transferring small shares can trigger it. Among the different transfer schemes, fiscal transfers (to...

I estimate world demand for crude petroleum, the effect of petroleum prices on world income, and non OPEC supply of crude petroleum using seasonally adjusted data and a number of instruments. Structural breaks help explain stationarity in demand, and cointegration of variables suggests...