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Extractive revenues and government spending: Short- versus long-term considerations

Abstract:

The prescription of optimally managing natural resource revenue windfalls by smoothing consumption across generations using an intergenerational sovereign wealth fund that only invests in foreign assets is not appropriate for resource-rich developing economies. It is better for these economies to use their windfalls to boost investment in the domestic economy, especially when they confront capital scarcity and have poor access to international capital markets. However, it is important for suc...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Publisher's version

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Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics; OxCarre
More by this author
Institution:
University of Oxford
Division:
Social Sciences Division
Department:
Economics; OxCarre
Oxford college:
New College
Publisher:
United Nations University World Institute for Development Economics Research Publisher's website
Volume:
45
Publication date:
2017-03-02
Pubs id:
pubs:687892
URN:
uri:d750939b-aae3-4166-90ac-6bc50e5a6334
UUID:
uuid:d750939b-aae3-4166-90ac-6bc50e5a6334
Local pid:
pubs:687892

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