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FVCML0208 10
Managing Resource Revenues

What should countries do with their resource revenues?  At its simplest the choice is between consuming and saving, savings going either into domestic investment or accumulation of foreign assets.  In practice, governments face multiple decisions of how to channel funds into different investment vehicles, through tax measures and into government spending.  Choices are dependent on country circumstances. Developing countries have urgent spending needs, and also need to invest domestically to grow their economies.  High income countries may prefer to build up long-run investment funds for future generations.  Absorptive capacity limits the extent to which spending can be efficiently increased, and volatility of resource revenues dictates the need for prudence in all these choices.  The research being undertaken includes theoretical, empirical, and case study work.

Research papers:

Author

Title

Rick van der Ploeg Aggressive Oil Extraction and Precautionary Saving: Coping with Volatility
Anamaria Pieschacon Implementable Fiscal Rules for an Oil-Exporting Small Open Economy Facing Depletion

Paul Collier, Rick van der Ploeg,
Michael Spence & Anthony J Venables

Managing Resource Revenues in Developing Economies
Paul Collier & Benedikt Goderis Commodity Prices, Growth and the Natural Resource Curse: reconciling a conundrum
Paul Collier & Anthony J Venables Managing Resource Revenues: lessons for low income countries
Paul Collier & Anthony J Venables Managing the Exploitation of Natural Assets: lessons for low income countries

Rick van der Ploeg &
Anthony J Venables

Harnessing Windfall Revenues: optimal policies for resource-rich developing economies
Paul Collier & Benedikt Goderis Does Aid Mitigate External Shocks?
Rick van der Ploeg Challenges and Opportunities for Resource Rich Economies
Steven Poelhekke & Rick van der Ploeg Volatility and the Natural Resource Curse
Rabah Arezki & Rick van der Ploeg Can the Natural Resource Curse be Turned into a Blessing?: the role of trade policies and institutions