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Managing Resource Revenues in Developing Economies.

Abstract:

This paper addresses the efficient management of natural resource revenues in capitalscarce developing economies. We depart from usual prescriptions based on the permanent income hypothesis and argue that capital-scarce countries should prioritise domestic investment. Since revenue streams are highly volatile governments should protect consumption from shocks by increasing it only cautiously. Volatility in domestic investment can be moderated by a buffer of international liquidity, but it is ...

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Volume:
15
Series:
Research Papers
Publication date:
2009-01-05
URN:
uuid:b46dbfdf-569c-4bed-9d3d-da607b30dccf
Local pid:
oai:economics.ouls.ox.ac.uk:12960
Language:
English

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