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Managing resource revenues in developing

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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Publication status:
Published

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Publisher:
University of Oxford Publisher's website
Series:
OxCarre Papers
Publication date:
2009-01-27
Paper number:
15
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Pubs id:
1144005
Local pid:
pubs:1144005
Deposit date:
2020-12-15

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