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Harnessing Windfall Revenues: Optimal policies for resource-rich developing economies.

Abstract:

A windfall of natural resources (or aid) faces government with choices of how to manage public debt, investment and the distribution of funds for consumption. The permanent income hypothesis suggests a sustained increase in consumption supported, once resources are depleted, by interest on accumulated foreign assets. However, this strategy is not optimal for capital-scarce developing economies. Incremental consumption should be skewed towards present generations. Savings should be directed to...

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Publisher copy:
10.1111/j.1468-0297.2010.02411.x

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Journal:
Economic Journal
Volume:
121
Issue:
551
Publication date:
2011-03-05
DOI:
URN:
uuid:2194c09b-e02a-4602-ae35-0380cd909868
Local pid:
oai:economics.ouls.ox.ac.uk:15036
Language:
English

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