| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9209 |
| DP9209 Managing and Harnessing Volatile Oil Windfalls | |
| Frederick van der Ploeg | |
| 发表日期 | 2012-11-11 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | 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 colossal relative to its intergenerational fund. Only with capital scarcity, part of the windfall should be used for investing to invest. We illustrate how this can speed up the process of development in Ghana despite domestic absorption constraints. |
| 主题 | International Macroeconomics |
| 关键词 | Economic development Ghana Inefficiency Intergenerational fund Iraq Liquidity fund Norway Oil price volatility Precautionary buffers Public investment |
| URL | https://cepr.org/publications/dp9209 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/538043 |
| 推荐引用方式 GB/T 7714 | Frederick van der Ploeg. DP9209 Managing and Harnessing Volatile Oil Windfalls. 2012. |
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