Managing and harnessing volatile oil windfalls
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...
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| Format: | Working paper |
| Izdano: |
University of Oxford
2012
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