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Commodity resources offer huge opportunities for development. In the long run, however, the performance of commodity-rich countries tends to fall short of expectations, as commodity rents induce macroeconomic volatility and undermine incentives to improve institutions. This paper looks at what...
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Commodity resources offer vast opportunities for development. In the long run, however, the performance of commodity-rich countries tends to fall short of expectations, as commodity rents induce macroeconomic volatility and undermine incentives to improve institutions. The paper looks at the...
Persistent link: https://www.econbiz.de/10013153257
Commodity resources offer significant opportunities for development. In the long run, however, the performance of commodity - rich countries tends to fall short of expectations, as commodity rents induce macroeconomic volatility and undermine incentives to improve institutions. The resource -...
Persistent link: https://www.econbiz.de/10011272043
How can a non-democratic ruler provide proper incentives for state bureaucracy? In the absense of competitive elections and separation of powers, the ruler has to gather information either from a centralized agency such as a secret service or a decentralized source such as media. The danger of...
Persistent link: https://www.econbiz.de/10005086562
In this paper we study nationalizations in the oil industry around the world in 1960-2002. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political institutions are weak. We consider a simple dynamic model of the...
Persistent link: https://www.econbiz.de/10005086573
In an economy with weak economic and political institutions, the major institutional choices are made strategically by oligarchs and dictators. The conventional wisdom presumes that as rent-seeking is harmful for oligarchs themselves, institutions such as enforcement of the property rights will...
Persistent link: https://www.econbiz.de/10005357265