Robust forecasting of mining sector revenues is key to effective budgeting (and broader fiscal management) in many resource-rich countries. However, this is challenging in practice, given commodity market volatility, the extended lags (and often opaque processes) between resource discoveries and...

This paper examines the relationship between hydrocarbon and non-hydrocarbon revenues using a probabilistic panel model with data covering 30 resource-rich countries over 1992-2012. It also discusses policy implications for Uganda, a country with recently discovered oil reserves. The findings...