Do natural resource windfalls, such as those arising from the discovery of giant oil fields, increase the risk of internal armed conflict? Anecdotal evidence from Nigeria, Angola, and Iraq leads us to suspect that they may, and recent research (Dal Bó and Dal Bó 2011; Besley and Persson 2009, 2011; Acemoglu et al.
Do giant oil field discoveries fuel internal armed conflicts?
Guy Michaels, Yu-Hsiang Lei, 1 December 2011
Oil shocks around the world: Are they really that bad?
Tobias Rasmussen, Agustin Roitman, 25 August 2011
Increases in international oil prices over the past couple years, explained partly by strong growth in large emerging and developing economies, have raised concerns that high oil prices could endanger the shaky recovery in advanced economies and small oil-importing countries.
More oil, less democracy: Evidence from worldwide crude oil discoveries
Kevin K. Tsui, 21 May 2011
Can the recent protests across the Middle East and North Africa help spread democracy in the region? Many respond to this question by pointing out that a lot of these countries have substantial oil wealth and that natural resources are often a curse.
Oil-spill economics: How Ghana can succeed
Thorvaldur Gylfason, 27 March 2011
Ghana is about to become a major oil producer. The country’s newfound oil 60 km offshore is expected to bring in $4.5 billion this year and ultimately about $9 billion a year from 2013 onward for quite some time.1
Trade in loot
Thorvaldur Gylfason, Per Magnus Wijkman, 13 November 2010
When you buy a watch in an established jewellery store, you will be pretty confident that the watch is genuine and the purchase legitimate. But if you buy a watch from a street vendor whose pockets are bulging with watches, you ought to know that you are buying a fake, loot, or both. If your house is burgled and your new watch stolen, your insurance policy covers your loss in the first case.
Risk-adjusted forecasts of oil prices
Patrizio Pagano, Massimiliano Pisani, 21 May 2010
After a drop from above $140 per barrel (West Texas Intermediate grade) in July 2008 to almost $30 in December of the same year, oil prices have since started to creep up and have recently topped $85. Higher oil prices on their own are not necessarily bad news, as they can be viewed as a symptom of the recovery (Lippi 2008).
Oil Prices and bank profitability: Evidence from major oil-exporting countries in the Middle East and North Africa
Heiko Hesse, Tigran Poghosyan, 27 October 2009
The recent economic and financial crisis and the sharp fall in oil prices have hit hard many of the oil-exporting countries in the Middle East and North Africa (MENA).
Why does gasoline cost so much?
Lutz Kilian, 29 July 2008
At the end of 2007, both gasoline and crude oil prices (adjusted for inflation) were at levels last seen in 1981 and they continued to climb throughout much of 2008. While Europe has been cushioned in part from these developments, as the dollar depreciated against the euro, the fundamental forces that drove up US gasoline prices have done the same in Europe.
Oil and the public interest
Susan Ariel Aaronson, 12 July 2008
The world’s oil addiction is not solely our affliction. Our oil cravings fund and perpetuate undemocratic regimes in many energy-exporting countries. In many such petro-states, governance is inadequate. Policymakers in these countries rarely use energy revenues to alleviate poverty, diversify their economies, and enhance access to opportunity.
Norway’s wealth: Not just oil
Thorvaldur Gylfason, 6 June 2008
Norwegian children are taught in school that Norway was Europe‘s most impoverished country in 1905, when the Norwegians unilaterally dissolved their royal union with Sweden and declared full independence. This is not quite true; Finland and Iceland were even poorer than Norway at the time.
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- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
CEPR Policy Research
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