We construct downside variance risk premiums from the crude oil and gold option data and use them as proxies for market … market while its crude oil market counterpart is not. This implies that the downside uncertainty for the gold market may be a …

This paper studies the impact of mining activity on socioeconomic outcomes in local communities in Peru. In the last … two decades, the value of Peruvian mining exports has grown by fifteen times; and since a decade ago, one-half of fiscal … revenues from mining have been devolved to local governments in producing regions. Has this boom benefitted people in local …

This study probes the middle class in Iran in relation to oil rents and political development. We begin by discussing … empirically examine the relationships among per capita oil-rent shocks, the growth of the middle class, and the quality of … class response to positive oil shocks is positive and significant. Yet, positive oil shocks and the growth of the middle …