Working paper
Managing and harnessing volatile oil windfalls
- Abstract:
-
Three funds are necessary to manage an oil windfall: intergenerational, liquidity and investment funds. The optimal liquidity fund is bigger if the windfall lasts longer and oil price volatility, prudence and the GDP share of oil rents are high and productivity growth is low. We apply our theory to the windfalls of Norway, Iraq and Ghana. The optimal size of Ghana's liquidity fund is tiny even with high prudence. Norway's liquidity fund is bigger than Ghana's. Iraq's liquidity fund is colossa...
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- Publication status:
- Published
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Bibliographic Details
- Publisher:
- University of Oxford Publisher's website
- Series:
- OxCarre Papers
- Publication date:
- 2012-05-23
- Paper number:
- 85
Item Description
- Keywords:
- Pubs id:
-
1143821
- Local pid:
- pubs:1143821
- Deposit date:
- 2020-12-15
Terms of use
- Copyright date:
- 2012
- Rights statement:
- Copyright 2012 The Author(s)
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