tag:blogger.com,1999:blog-38218622874115766412024-02-07T07:57:38.554+00:00OxCarreAll the latest research from OxCarre and beyondOxCarrehttp://www.blogger.com/profile/05466278225471685867noreply@blogger.comBlogger703125tag:blogger.com,1999:blog-3821862287411576641.post-92106150726331817172017-01-25T16:23:00.001+00:002017-01-25T16:39:26.944+00:00The economics of renewable energy storage<!--[if gte mso 9]><xml>
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Since the Industrial Revolution, the energy needs for human
activities have increased exponentially, and power sources evolved accordingly,
with “photosynthesis-dependant” energy sources like wood being replaced by coal
and later by oil and gas (<a href="http://rsta.royalsocietypublishing.org/content/371/1986/20110568" target="_blank">Wrigley 2013</a>). However, for a long time storing and
transporting energy has never been the object of any major technological revolution.
Fossil fuels are easily transported for long distances and store a large amount
of energy in relatively little space (high energy density). For more than a
century, there were no incentives to look for alternative techniques to store
energy, because fossil fuels were just so practical. </div>
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<br /></div>
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The growing concern for climate change in the last decades,
however, has emphasized that fossil fuels cannot be the final solution for the
world’s energy needs. Renewable energy sources, however, pose new technological
challenges, not only for the production of cheap energy, but also for the
difficulty in guaranteeing a stable supply. Solar, wind and tidal energy are
intermittent sources, introducing a problem that was never significant with
fossil fuels: energy storage. To a large extent, technical progress will
attenuate this issue over time, and many solutions are currently being
developed – from classic <a href="http://www.power-technology.com/projects/tianhuangping/" target="_blank">pumped hydrostorage</a> and <a href="http://www.sciencedirect.com/science/article/pii/S0360128515300149" target="_blank">thermal</a>,
to cleaner and more efficient <a href="http://www.nature.com/nature/journal/v505/n7482/full/nature12909.html" target="_blank">batteries</a>,
to more articulate solutions such as <a href="http://energystorage.org/energy-storage/technologies/flywheels" target="_blank">flywheels</a>,
<a href="http://www.sciencealert.com/underwater-balloons-could-give-us-a-new-way-of-storing-renewable-energy">compressed
air</a>, <a href="http://www.powermag.com/let-gravity-store-the-energy/">gravitational</a>,
<a href="http://www.superpower-inc.com/content/superconducting-magnetic-energy-storage-smes">superconductive
magnetic</a>. However the process of storage faces physical limitations and so
far these solutions are quite costly. </div>
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<br /></div>
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Ultimately, energy storage is not only an engineering issue,
but also a socio-economic one, which requires coordination across regions,
energy markets and consumers. Yet the economic profession has only recently
started approaching this topic. <a href="https://ideas.repec.org/p/hhs/nhheco/2016_011.html" target="_blank">Lazkano et al. (2016)</a> argue that innovation in
electricity storage will increase the substitutability of fossil fuels for
renewables, but may also encourage more research in non-renewable energy-saving
technologies. A recent paper by <a href="http://www.nber.org/papers/w22752" target="_blank">Geoffrey Heal (2016) </a>proposes a broad overview
of the potential solutions for the challenges of energy storage. This article examines
not only the development of storage technology, but also the use of multiple
complementary renewables (geothermal, hydropower), increases in energy production
even with excess capacity, creating a geographically diversified portfolio, and
finally demand side management to reduce consumption at critical times.</div>
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All of these options can have important costs and drawbacks,
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be answered: what is the optimal combination of storage technologies? Should
government support innovation or encourage socio-economic adaptation, like
energy-saving behaviours? What types of markets would best cater for an
intermittent energy market which does not use fossil fuels as a back-up? Can
countries coordinate their storage sites across different geographical regions?
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issues.</div>
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Anonymoushttp://www.blogger.com/profile/02762260760115266582noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-12660539565178297952016-10-09T14:40:00.002+01:002016-10-09T14:40:39.314+01:00Sovereign wealth funds pull $90bn from asset managers<br /><br />Article in the FT:<br /><br />State-backed investment vehicles grapple with low commodity prices and disappointing returns.<br /><br />Read on <a href="https://www.ft.com/content/9016ae44-8bd4-11e6-8cb7-e7ada1d123b1">here</a>.Anonymoushttp://www.blogger.com/profile/06589835950241325880noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-82441645061008428512016-10-04T08:47:00.002+01:002016-10-09T14:38:40.593+01:00New OxCarre research: Saving Alberta's Resource Revenues: Role of intergenerational and liquidity funds<br />
New OxCarre research from:<br />
<br />
<a href="http://www.research.ed.ac.uk/portal/tvanden">Ton van der Bremer</a> (University of Edinburgh) and <a href="http://www.economics.ox.ac.uk/members/rick.vanderploeg/">Rick van der Ploeg</a> (OxCarre)<br />
<br />
<a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016179.pdf">Saving Alberta's Resource Revenues: Role of intergenerational and liquidity funds</a><br />
<br />
<div>
Abstract:<br />
<br />
We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation, this dividend should be a constant fraction of total above- and below-ground wealth, complemented by additional precautionary savings at initial times to build up a small liquidity fund to cope with oil price volatility. The ongoing dividend equals approximately 30 per cent of government revenue and requires building assets of approximately 40 per cent of GDP in 2030, 100 per cent of GDP in 2050 and 165 per cent in 2100. Finally, the effect of the recent plunge in oil prices on our estimates is examined. Our recommendations are in stark contrast with historical and current government policy.<br />
<br /></div>
Anonymoushttp://www.blogger.com/profile/06589835950241325880noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-69317837170779986632016-09-25T12:14:00.005+01:002016-09-25T12:14:53.642+01:00Mining matters: Natural resource extraction and local business constraints<br />
<br />
<br />
Research on VOXEU from<br />
<br />
<a href="http://www.ebrd.com/what-we-do/economic-research-and-data/researchers/ralph-de-haas.html">Ralph de Haas</a> (EBRD) and <a href="https://sites.google.com/site/stevenpoelhekke/">Steven Poelhekke</a> (VU Amsterdam):<br />
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"><tbody>
<tr><td style="padding: 0.0px 5.0px 0.0px 5.0px;" valign="top"><a href="http://voxeu.org/article/natural-resource-extraction-and-local-business-constraints"><br /></a></td></tr>
</tbody></table>
<div>
<a href="http://voxeu.org/article/natural-resource-extraction-and-local-business-constraints">Mining matters: Natural resource extraction and local business constraints</a></div>
<div>
<br /></div>
Summary:<br />
The extraordinary expansion in global mining activity over the last two decades, and its increasing concentration in emerging markets, has reignited the debate over the impact of mining on local economic activity. This column analyses how the presence of nearby mines influences firms in eight countries with large manufacturing and mining sectors. Mines are found to out-compete local manufacturing firms for inputs, labour, and infrastructure. However, mining activity is found to improve the business environment on a wider geographic scale.Anonymoushttp://www.blogger.com/profile/06589835950241325880noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-7212888764202318152016-09-20T11:49:00.000+01:002016-09-20T11:52:09.209+01:00New OxCarre research: Resource discoveries and FDI bonanzas<!--[if gte mso 9]><xml>
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New OxCarre research from:<br />
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<a href="https://sites.google.com/site/gerhardtoews/">Gerhard Toews</a> (OxCarre) and <a href="http://pierrelouisvezina.weebly.com/">Pierre-Louis Vezina</a> (King's College London)<br />
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<a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016177.pdf">Resource discoveries and FDI bonanzas</a></div>
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Abstract:</div>
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This paper examines the effect of giant oil and gas discoveries on foreign direct</div>
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investment in developing economies using a new project-level dataset. We document</div>
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a large increase in non-extraction FDI in the 2 years following a giant discovery, an</div>
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event which is unpredictable due to the uncertain nature of exploration. We find</div>
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that FDI inows increase by 73% and that this wave is driven by a 37% increase</div>
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in the number of FDI projects as well as a 22% increases in source countries and</div>
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a 17% increase in target sectors. We interpret this FDI response as evidence for the</div>
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news-driven business-cycle hypothesis within a developing country setting and highlight</div>
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FDI bonanzas as an important development channel for resource rich economies.</div>
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Anonymoushttp://www.blogger.com/profile/06589835950241325880noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-10133176939337944162016-09-13T12:13:00.000+01:002016-09-13T12:13:21.873+01:00Mongolia: Living from loan to loan <div>
Article in the FT:</div>
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<br /></div>
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Since the commodities boom turned to bust, the country has traded self-sufficiency for indebtedness.</div>
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<br /></div>
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Read on <a href="https://www.ft.com/content/4055d944-78cd-11e6-a0c6-39e2633162d5">here</a>.</div>
Anonymoushttp://www.blogger.com/profile/06589835950241325880noreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-23121157721004205352016-07-27T22:20:00.000+01:002016-07-27T22:20:00.292+01:00Poverty Maps and Darkness<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: left;">
From the updated <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2015164.pdf">OxCARRE paper</a> [pdf, oxcarre.ox.ac.uk], <b>Left in the Dark</b> of <a href="http://www.brockdsmith.com/">Brock Smith</a> [brockdsmith.com] and <a href="https://samuelwills.wordpress.com/">Sam Wills</a> [wordpress.com] come these interesting maps on rural poverty.</div>
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<br /></div>
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<a href="https://samuelwills.files.wordpress.com/2016/07/tanzania.png?w=960" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="282" src="https://samuelwills.files.wordpress.com/2016/07/tanzania.png?w=960" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
Read on at Sam's <a href="https://samuelwills.wordpress.com/poverty-and-darkness/">website</a> [wordpress.com]</div>
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-2837504684447848142016-07-15T11:30:00.000+01:002016-07-15T11:30:03.128+01:00New Research: Labor market dynamics and the unconventional natural gas boom: Evidence from the Marcellus region<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://sites.google.com/site/timkomarek/">Timothy M. Komarek</a> ([sites.google.com], Old Dominion University) writes on<div>
<br /><b>Labor market dynamics and the unconventional natural gas boom: Evidence from the Marcellus region</b></div>
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Abstract</div>
<div>
<blockquote class="tr_bq">
The energy extraction boom of the mid 2000s impacted local economies in areas with substantial shale oil and gas reserves. I examine the impact of the energy boom on the labor market by exploiting a natural experiment in the Marcellus region. In particular, I compare counties with fracking activity in Pennsylvania, Ohio and West Virginia to the control group of counties in New York, which imposed a moratorium and later ban on fracking. I look at how the benefits to the labor demand shock are shared between industries as well as how employment and wages in related industries adjust over the course of the resource boom. The results suggest total employment and wages per job increase by 7% and 11% respectively above pre-boom levels in the three years after the boom, but decline after 4 years or more. The results also show significant positive spillovers to related sectors, such as construction, transportation, retail trade and accommodations. However, there is no evidence of the so called ‘resource curse’ crowding out employment or increasing wages in manufacturing.</blockquote>
Published in Resource and Energy Economics, Volume 45, August 2016, Pages 1–17, available <a href="http://www.sciencedirect.com/science/article/pii/S092876551630077X">here</a> [sciencedirect.com].</div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-82122099650517664102016-07-13T11:30:00.000+01:002016-07-13T11:30:15.472+01:00New research: Resource revenue management and wealth neutrality in Norway<div dir="ltr" style="text-align: left;" trbidi="on">
<br /><a href="http://www.uis.no/faculties-departments-and-centres/faculty-of-social-sciences/uis-business-school/profiles/-article81569-10915.html">Klaus Mohn</a> ([uis.no], University of Stavanger) writes on<div>
<br /><b>Resource revenue management and wealth neutrality in Norway</b><br /></div>
<div>
Abstract:<br /><blockquote class="tr_bq">
An important idea behind the Norwegian oil fund mechanism and the fiscal spending rule is to protect the non-oil economy from the adverse effects of excessive spending of resource revenues over the Government budget. A critical assumption in this respect is that public sector saving is not being offset by private sector dissaving, which is at stake with the hypothesis of Ricardian equivalence. Based on a framework of co-integrating saving rates, this model provides an empirical test of the Ricardian equivalence hypothesis on Norwegian time series data. Although the model rejects the strong-form presence of Ricardian equivalence, results indicate that the Norwegian approach does not fully succeed in separating spending of resource revenues from the accrual of the same revenues.</blockquote>
<br />Published in Energy Policy, Volume 96, September 2016, Pages 446–457, find <a href="http://www.sciencedirect.com/science/article/pii/S0301421516303093">here</a> [sciencedirect.com]</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-87806525560698749712016-06-30T11:28:00.001+01:002016-06-30T11:28:22.820+01:00FT: Big Oil: From black to green<div dir="ltr" style="text-align: left;" trbidi="on">
From the FT: Big Oil: From black to green<br /><blockquote class="tr_bq">
Despite pressure to develop renewables, many energy majors see more money in traditional markets</blockquote>
<div>
Highlighting the different attempts of big oil companies to diversify to green energy, with a distinct difference apparently between European and US companies.</div>
<div>
<br /></div>
Read on <a href="https://next.ft.com/content/922add24-3d12-11e6-9f2c-36b487ebd80a">here</a><br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-45444563241565644612016-06-20T12:17:00.001+01:002016-06-20T12:17:41.015+01:00New OxCARRE Research: Stranded assets, the social cost of carbon, and directed technical change: Macroeconomic dynamics of optimal climate policy<div dir="ltr" style="text-align: left;" trbidi="on">
New OxCARRE research from <br /><br /><a href="http://www.oxcarre.ox.ac.uk/index.php/Members/professor-rick-van-der-ploeg-deputy-director.html">Frederick van der Ploeg</a> ([ox.ac.uk], OxCARRE) and <a href="https://www.wu.ac.at/en/ecolecon/institute/team/arezai/">Armon Rezai</a> ([wu.ac.at], WU - Vienna University of Economics and Business)<br /><br /><b>Stranded assets, the social cost of carbon, and directed technical change: Macroeconomic dynamics of optimal climate policy</b> <br /><br />Abstract<br /><blockquote class="tr_bq">
The tractable general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for stock-dependent fossil fuel extraction costs and partial exhaustion of fossil fuel reserves, a negative impact of global warming on growth, mean reversion in climate damages, steady labour-augmenting technical progress, specific green technical progress driven by learning by doing, population growth, and a direct effect of the stock of atmospheric carbon on instantaneous welfare. We characterize the social optimum and derive simple rule for both the optimal carbon tax and the renewable energy subsidy, and characterize the optimal amount of untapped fossil fuel.</blockquote>
Available <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016176.pdf">here</a> [ox.ac.uk].<div class="page" title="Page 2">
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-89861978652759739772016-05-25T11:30:00.000+01:002016-05-25T11:30:18.304+01:00New OxCARRE research: Mining Matters; Natural Resource Extraction and Local Business Constraints<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://www.ebrd.com/what-we-do/economic-research-and-data/researchers/ralph-de-haas.html">Ralph De Haas</a> ([ebrd.com] European Bank for Reconstruction and Development; Tilburg University) and <a href="https://sites.google.com/site/stevenpoelhekke/">Steven Poelhekke</a> ([sites.google.com] Vrije Universiteit Amsterdam; De Nederlandsche Bank)<br /><b><br />Mining Matters; Natural Resource Extraction and Local Business Constraints</b><br /><br /><blockquote class="tr_bq">
We estimate the impact of local mining activity on the business constraints experienced by 22,150 firms across eight resource-rich countries. We find that the presence of active mines deteriorates the business environment in the immediate vicinity (<20 km) of a firm but relaxes business constraints of more distant firms. The negative local impact of mining is concentrated among firms in tradable sectors whose access to inputs and infrastructure becomes more constrained. This deterioration of the local business environment adversely affects firm growth and is in line with a natural resource curse at the sub-national level.</blockquote>
<br />Read on <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016175.pdf">here</a> [oxcarre.ox.ac.uk] <div class="page" title="Page 2">
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-82093555201615358442016-05-24T15:05:00.001+01:002016-05-24T15:05:31.086+01:00New OxCARRE Research: Boom Goes The Price: Giant resource discoveries and real exchange rate appreciation<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://sites.google.com/site/gerhardtoews/">Gerhard Toews</a> ([sites.google.com] OxCARRE, University of Oxford) and OxCARRE alumni <a href="https://www.sites.google.com/site/torfinnharding/">Torfinn Harding</a> ([sites.google.com] NHH Norwegian School of Economics) and <a href="http://radekstefanski.weebly.com/">Radek Stefanski</a> ([weebly.com] University of St Andrews) write on <br /><br /><b>Boom Goes The Price: Giant resource discoveries and real exchange rate appreciation</b><br /><br />Abstract:<blockquote class="tr_bq">
We estimate the effect of giant oil and gas discoveries on bilateral real exchange rates. The size and plausibly exogenous timing of such discoveries make them ideal for identifying the effects of an anticipated resource boom on prices. We find that a giant discovery with the value of a country’s GDP increases the real exchange rate by 14% within 10 years following the discovery. The appreciation is nearly exclusively driven by an appreciation of the prices of non-tradable goods. We show that these empirical results are qualitatively and quantitatively in line with a calibrated model with forward looking behaviour and Dutch disease dynamics.</blockquote>
Full paper available <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016174.pdf">here</a>. [oxcarre.ox.ac.uk]<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-70332200632355852892016-05-17T11:30:00.000+01:002016-05-17T11:30:49.241+01:00New OxCARRE research: Fossil fuel producers under threat<div dir="ltr" style="text-align: left;" trbidi="on">
Rick van der Ploeg writes on <br /><br /><b>Fossil fuel producers under threat</b><br /><blockquote class="tr_bq">
Oil and gas producers face three threats: prolonged low oil and gas prices, tightening of climate policy and a tough budget on cumulative carbon emissions, and technological innovation producing cheap substitutes for oil and gas. These threats pose real risks of putting oil and gas producers out of business. They lead to the problem of stranded assets and a significant downward valuation of oil and gas producers. This calls for divesting from and shorting coal, oil, and gas. The economies of oil- and gas-rich countries are typically in a deplorable state, since they did not use their past windfalls to build up buffers and invest in a diversified economy. More rapacious depletion of their oil and gas reserves will not help. After the crash in oil and gas prices these countries are facing serious problems and it is difficult to see how they will cope with the outlined threats.</blockquote>
Published in Oxford Review of Economic Policy, available <a href="http://oxrep.oxfordjournals.org/content/32/2/206.abstract">here</a> [oxrep.oxfordjournals.org].<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-80409718525250086442016-05-16T11:30:00.000+01:002016-05-16T11:30:08.413+01:00New OxCARRE working papers on resource funds, deforestation, and infrastructure<div dir="ltr" style="text-align: left;" trbidi="on">
New OxCARRE research available at the <a href="http://www.oxcarre.ox.ac.uk/index.php/Research-Papers/research-papers1.html">website</a> [oxcarre.ox.ac.uk]:<br />
<br />
<a href="https://sites.google.com/site/tonyvenables1/">Anthony J. Venables</a> ([sites.google.com] OxCARRE) and <a href="https://samuelwills.wordpress.com/">Samuel E. Wills</a> ([samuelwills.wordpress.com] OxCARRE) write on<br />
<br />
<b>Resource Funds:
stabilizing, parking, and inter-generational transfer</b><br />
<blockquote class="tr_bq">
The paper explores strategies for managing revenue from natural resources,
focusing on the balance between domestic and foreign asset accumulation. It
suggests that domestic asset accumulation is the priority in developing countries,
while there are three motives for accumulating foreign assets; inter-generational
transfer, temporary ‘parking’ of funds, and stabilisation. The paper argues that
the first of these is inappropriate for low income countries. The second is
required if it is difficult to absorb extra spending in the domestic economy and
takes time to build up domestic investment. The third is important, and depends
on the extent to which the economy has other ways of adjusting to shocks.</blockquote>
Available <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016171.pdf">here</a> [oxcarre.ox.ac.uk, pdf].<br />
<br />
<br />
<a href="http://www.liana-anderson.org/">Liana O. Anderson</a> ([liana-anderson.org] CEMADEN), Samantha De Martino (University of Sussex), <a href="https://www.sites.google.com/site/torfinnharding/">Torfinn Harding</a> ([sites.google.com, NHH Bergen), <a href="http://personal.lse.ac.uk/kuralbay/">Karlygash Kuralbayeva</a> ([lse.ac.uk], LSE) and Andre Lima (University of Maryland)<br />
<br />
<b>The Effects of Land Use Regulation on Deforestation: Evidence from the Brazilian Amazon</b><br />
<blockquote class="tr_bq">
To reduce deforestation rates in the Amazon, Brazil established in the period 2004-2010 conservation
zones covering an area 1.5 times the size of Germany. In the same period, Brazil experienced
a large reduction in deforestation rates. By combining satellite data on deforestation with
data on the location and timing of the conservation zones, we provide spatial regression discontinuity
estimates and difference-in-difference estimates indicating that the policy cannot explain
the large reduction in deforestation rates. The reason is that the zones are located in areas where
agricultural production is likely to be unprofitable. We also provide evidence that zones reduce
deforestation if the incentives for municipalities to reduce deforestation are high. We rationalize
these finding with a spatial economics model of land use, with endogenous location of conservation
zones and imperfect enforcement. Our findings point to the need for other explanations than
the conservation zones to explain the sharp decline in deforestation rates in the Brazilian Amazon
since 2004.</blockquote>
Available <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016172.pdf">here</a> [oxcarre.ox.ac.uk].<br />
<br />
<br />
<a href="http://www.rabaharezki.com/">Rabah Arezki</a> ([rabaharezki.com], IMF) and <a href="http://www.brookings.edu/experts/sya">Amadou Sy</a> ([brookings.edu] Brookings
Institution)<br />
<b>Financing Africa’s Infrastructure Deficit:
From Development Banking to Long-Term Investing</b><br />
<blockquote class="tr_bq">
This paper studies the appropriate financing structure of infrastructure investment
in Africa. It starts with a description of recent initiatives to scale up infrastructure investment
in Africa. The paper then uses insights from the literature on informed vs. arm’s length debt
to discuss the structure of infrastructure financing. Considering the differences in investors’
preferences that Africa faces, the paper argues that continent’s success to fill its greenfield
and hence risky infrastructure gap hinges upon a delicate balancing act between development
banking and institutional long-term investment. In a first phase, development banks which
have both the flexibility and expertise should help finance the riskier phases of large
greenfield infrastructure projects. In a second phase, development banks should disengage
and offload their mature brownfield projects to pave the way for a viable engagement of long
term institutional investors such as sovereign wealth funds. In order to promote an Africa
wide infrastructure bond markets where the latter could play a critical role, the enhancement
of Africa’s legal and regulatory framework should however start now. </blockquote>
read on <a href="http://www.oxcarre.ox.ac.uk/images/stories/papers/ResearchPapers/oxcarrerp2016173.pdf">here</a> [oxcarre.ox.ac.uk].<br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-50903398907179177642016-05-14T18:27:00.000+01:002016-05-14T18:59:43.762+01:00Journal of Development Studies special issue on natural resources<div dir="ltr" style="text-align: left;" trbidi="on">
The Journal of Development Studies is brining out a special issue on Natural resources with the following papers:<br />
<br />
<br /><a href="https://www.uea.ac.uk/international-development/people/profile/e-papyrakis">Elissaios Papyrakis</a> ([uea.ac.uk] University of East Anglia)<br /><br /><b>The Resource Curse - What Have We Learned from Two Decades of Intensive Research: Introduction to the Special Issue</b><br />
<blockquote class="tr_bq">
There has been increasing interest in the so-called ‘resource curse’, that is the tendency of resource-rich countries to underperform in several development outcomes. This has generated a mountain of (often contradictory) evidence leaving many floundering in the flood of information. This special issue compiles eight papers from some of the most prominent contributors to this literature, combining original research with critical reflection on the current stock of knowledge. The studies collectively emphasise the complexities and conditionalities of the ‘curse’ – its presence/intensity is largely context-specific, depending on the type of resources, socio-political institutions and linkages with the rest of the economy.</blockquote>
read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160070?src=recsys">here</a> [tandfonline.com].<br />
<br />
<br />
<a href="http://www.oxcarre.ox.ac.uk/index.php/Members/professor-rick-van-der-ploeg-deputy-director.html">Frederick Van Der Ploeg</a> ([oxcarre.ox.ac.uk] OxCARRE, University of Oxford) and Associate researcher <a href="https://sites.google.com/site/stevenpoelhekke/">Steven Poelhekke</a> ([sites.google.com, Vrije Universiteit Amsterdam)<br />
<br />
<div>
<b>The Impact of Natural Resources: Survey of Recent Quantitative Evidence</b><br />
<blockquote class="tr_bq">
The cross-country empirical evidence for the natural resource curse is ample, but unfortunately fraught with econometric difficulties. A recent wave of studies on measuring the impact of natural resource windfalls on the economy exploits novel datasets such as giant oil discoveries to identify effects of windfalls, uses natural experiments and within-country econometric analysis, and estimates local impacts. These studies offer more hope in the search of quantitative evidence.</blockquote>
</div>
<div>
Read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160069">here</a> [tandfonline.com].<br /><br />
<a href="https://www.uea.ac.uk/international-development/people/profile/e-gilberthorpe">Emma Gilberthorpe </a> ([uea.ac.uk] University of East Anglia) & <a href="http://www.sussex.ac.uk/profiles/116302">Dinah Rajak</a> ([sussex.ac.uk] University of Sussex)<br /><br /><b>The Anthropology of Extraction: Critical Perspectives on the Resource Curse</b><blockquote class="tr_bq">
Attempts to address the resource curse remain focussed on revenue management, seeking technical solutions to political problems over examinations of relations of power. In this paper, we provide a review of the contribution anthropological research has made over the past decade to understanding the dynamic interplay of social relations, economic interests and struggles over power at stake in the political economy of extraction. In doing so, we show how the constellation of subaltern and elite agency at work within processes of resource extraction is vital in order to confront the complexities, incompatibilities, and inequities in the exploitation of mineral resources.</blockquote>
read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160064?src=recsys">here</a> [tandfonline.com].</div>
<div>
<br /></div>
<br /><a href="https://www.uea.ac.uk/international-development/people/profile/e-papyrakis">Elissaios Papyrakis</a> ([uea.ac.uk] University of East Anglia), <a href="http://matthiasrieger.weebly.com/">Matthias Rieger</a> ([weebly.com] Erasmus University Rotterdam) & <a href="https://www.uea.ac.uk/international-development/people/profile/e-gilberthorpe">Emma Gilberthorpe </a>([uea.ac.uk] University of East Anglia)<br /><br /><b>Corruption and the Extractive Industries Transparency Initiative</b><br /><blockquote class="tr_bq">
The Extractive Industries Transparency Initiative (EITI) has received much attention as a scheme that can help reduce corruption in mineral-rich developing economies. To our knowledge, this paper provides the first empirical attempt (using panel data) to explore how EITI membership links to changes in corruption levels. We also examine whether the different stages in EITI implementation (initial commitment, candidature, full compliance) influence the pace of changes in corruption. We find that EITI membership offers, on the whole, a shielding mechanism against the general tendency of mineral-rich countries to experience increases in corruption over time.</blockquote>
read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160065?src=recsys">here</a> [tandfonline.com].<br /><br /><br /><a href="http://blogs.worldbank.org/team/doug-porter">Doug Porter</a> ([worldbank.org] Worldbank) & <a href="http://geography.berkeley.edu/people/regular-faculty/michael-watts/">Michael Watts</a> ([berkeley.edu] UC Berkeley Geography)<div>
<br /></div>
<div>
<b>Righting the Resource Curse: Institutional Politics and State Capabilities in Edo State, Nigeria</b><blockquote class="tr_bq">
The poor record of liberal reforms sponsored by the international community in postcolonial settings underscores the real politik of institutional change. What we call a ‘new normal’ in development policy and practice foregrounds the role of agency – leadership, networks of connectors and convenors, entrepreneurs and activists – but it has less to say about the political and economic conditions of possibility in which agents operate. The putative powers of agency seem most challenged in contexts of extreme resource dependency and the resource curse. The particular case of Edo, a state in the oil rich Niger delta region of Nigeria, illustrates the intersection of agency and structural conditions to show how ‘asymmetric capabilities’ can emerge to create, constrain and make possible particular reform options. </blockquote>
Read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160062?src=recsys">here</a> [tandfonline.com].<br />
<br /><br /><a href="http://www.lancaster.ac.uk/lec/about-us/people/richard-auty">R. M. Auty</a> ([lancaster.ac.uk] University of Lancaster)<br /><br /><b>Natural Resources and Small Island Economies: Mauritius and Trinidad and Tobago</b><br /><blockquote class="tr_bq">
Historically, small economies, especially resource-rich ones, underperformed on average relative to their larger counterparts. Small island economies appear still more disadvantaged due to remoteness from both markets and agglomeration economies. Yet a comparison of two small island economies with similar initial conditions other than their mineral endowment suggests that policy outweighs size, isolation and resource endowment in determining economic performance. Resource-poor Mauritius adopted an unfashionable policy of export manufacturing that systematically eliminated surplus labour, which drove economic diversification that sustained rapid GDP growth and political maturation. Like most resource-rich economies, Trinidad and Tobago pursued policies that absorbed rent too rapidly, which impeded diversification and created an illusory prosperity vulnerable to collapse.</blockquote>
Read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160063?src=recsys">here</a> [tandfonline.com].</div>
<div>
<br /></div>
<div>
<br /><a href="http://www.surrey.ac.uk/sbs/people/gavin_hilson/">Gavin Hilson</a> ([surrey.ac.uk] University of Surrey) & Tim Laing (University of the West Indies)<br /><br /><b>Guyana Gold: A Unique Resource Curse?</b><br /><blockquote class="tr_bq">
This article offers explanations for the underwhelming economic performance of Guyana, a country heavily dependent on the revenue generated from gold mining. Here, government intervention has spawned a gold mining sector which today is comprised exclusively of local small and medium-scale operators. But whilst this rather unique model appears to be the ideal blueprint for facilitating local development, the country seems to be experiencing many of the same setbacks that have beset scores of other resource-rich developing world economies. Unless these problems are anticipated, properly diagnosed and appropriately tackled, a resource curse-type outcome is inevitable, irrespective of the context.</blockquote>
</div>
<div>
Read on <a href="http://www.tandfonline.com/doi/abs/10.1080/00220388.2016.1160066?src=recsys">here</a> [tandfonline.com].</div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-81383521475651773232016-04-19T10:24:00.001+01:002016-04-19T10:24:19.968+01:00OxCARRE Seminars this term<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="p1">
<span class="s1"><b>Trinity Term 2016</b></span></div>
<div class="p2">
<span class="s1"><b>OxCarre Seminar Series</b></span></div>
<div class="p1">
<span class="s1"><b>***Tuesdays at 14.30hrs***</b></span></div>
<div class="p1">
<span class="s1"><b>Seminar Room C</b></span></div>
<div class="p1">
<span class="s1"><b>Manor Road Building, Manor Road</b></span></div>
<div class="p1">
<br /></div>
<div class="p1">
<span class="s1"><b>3 May – 2.30pm Seminar Room C</b></span></div>
<div class="p1">
<span class="s1">Speaker: <a href="http://www.ptscott.com/"><span class="s2">Paul Scott</span></a> (University of Toulouse)</span></div>
<div class="p1">
<span class="s1">Title: Dynamic Discrete Choice Estimation of Agricultural Land Use</span></div>
<div class="p3">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1"><b>17 May </b> -<b>2.30pm Seminar Room C</b></span></div>
<div class="p1">
<span class="s1">Speaker<a href="http://www.econ.cam.ac.uk/people/crsid.html?crsid=pk237&group=faculty"><span class="s2">: Pramila Krishnan</span></a> (Cambridge)</span></div>
<div class="p1">
<span class="s1">Title: The Natural Resource Curse Revisited: Theory and evidence from India</span></div>
<div class="p3">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1"><b>31 May – 2 seminars</b></span></div>
<div class="p1">
<span class="s1"><b>**1.00pm - Seminar Room D</b></span></div>
<div class="p1">
<span class="s1">Speaker: <a href="http://www.utdt.edu/ver_contenido.php?id_contenido=2767&id_item_menu=5213"><span class="s2">Nicolas Merener</span></a> (Universidad Torcuato Di Tella, Buenos Aires)</span></div>
<div class="p1">
<span class="s1">Title: Output Value Risk for Commodity Producers: the Uncertain Benefits of Diversification</span></div>
<div class="p1">
<br /></div>
<div class="p1">
<span class="s1"><b>**5.30pm – Seminar Room A</b></span></div>
<div class="p1">
<span class="s1">Speaker: <a href="https://www.hks.harvard.edu/about/faculty-staff-directory/joseph-aldy"><span class="s2">Joseph Aldy</span></a> (Harvard)</span></div>
<div class="p1">
<span class="s1">Title: TBC</span></div>
<div class="p1">
<br /></div>
<div class="p1">
<span class="s1"><b>14 June – 2.30pm Seminar Room C</b></span></div>
<div class="p1">
<span class="s1">Speaker: <a href="http://scholar.harvard.edu/weitzman/home"><span class="s2">Martin Weitzman</span></a> (Harvard)</span></div>
<br />
<div class="p1">
<span class="s1">Title: Can Negotiating a Uniform Carbon Price Help to Internalize the Global Warming Externality?</span></div>
<div class="p1">
<span class="s1"><br /></span></div>
<div class="p1">
<span class="s1">See further at the <a href="http://www.oxcarre.ox.ac.uk/">OxCARRE website</a></span></div>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-82773020399945847072016-04-08T11:30:00.000+01:002016-04-08T11:30:21.967+01:00New Research: Government size, misallocation and the resource curse<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="http://radekstefanski.weebly.com/">Radek Stefanski</a> [weebly.com](University of St. Andrews and external research associate of OxCARRE) writes on<br />
<br />
<b>Government size, misallocation and the resource curse</b><br />
<blockquote class="tr_bq">
I do two things in this paper: First, using a panel of macro cross-country data, I demonstrate that the share of public sector employment is greater in resource-rich countries than in resource-poor countries even controlling for the size of other non-traded sectors. Second, I construct and calibrate a small, open economy model with two production sectors and a government sector in which (optimally) higher government employment shares emerge as a consequence of windfall-induced labor reallocation. I then use a model to compare the optimal and observed size of government in order to obtain an estimate of the extent of government misallocation and the impact it has on welfare and productivity. </blockquote>
Chapter available <a href="http://si2.bcentral.cl/public/pdf/banca-central/pdf/v22/Vol22_197-244.pdf%20Open">here</a> [bcentral.cl],<br />
<br />
published in <i>Commodity Prices and Macroeconomic Policy</i>, edited by Rodrigo Caputo and Roberto Chang. Santiago, Chile. 2015. Central Bank of Chile. See <a href="http://www.bcentral.cl/en/faces/bcentral/investigacion/seriesdelibros/fichasserie?id=BCCH_PUBLICACI_104058_EN">here</a> [bcentral.cl].<br />
<br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-68824744943488782652016-04-07T11:30:00.000+01:002016-04-07T11:30:10.473+01:00NRGI launches site with project level payments data<div dir="ltr" style="text-align: left;" trbidi="on">
The <a href="http://www.resourcegovernance.org/">Natural Resource Governance Institute</a> [resourcegovernance.org] (NRGI) has launches a new website <a href="http://www.resourceprojects.org/">resourceprojects.org</a>, providing project level payment data with the aim to increase transparency in the natural resources sector across the world.<br />
<blockquote class="tr_bq">
ResourceProjects.org is an open-source repository of data on oil, gas and mining projects across the world. It provides a platform to collect, display, download and search extractive project information using open data. It aims to harvest data on project-by-project payments to governments—based on recent mandatory disclosure legislation in the EU, U.S. and Canada as well as EITI reports—and link it to associated information about the project from a variety of sources. The platform will make it easier for journalists, CSOs, researchers and government officials to search, access and download relevant data.</blockquote>
Have a look <a href="http://www.resourceprojects.org/">here</a> [resourceprojects.org] and further explanation <a href="http://www.resourcegovernance.org/blog/nrgi-launches-new-oil-gas-and-mining-open-data-platform-resourceprojectsorg">here</a>.<br />
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-5322885645169172842016-04-07T09:36:00.002+01:002016-04-07T09:37:51.166+01:00FT: Angola goes to IMF<div dir="ltr" style="text-align: left;" trbidi="on">
The <a href="https://next.ft.com/content/7e40fe92-ceda-3f2c-87ff-55d038baf01b">FT reports</a>:<br /><b>Angola becomes latest oil producer seeking IMF bailout</b><br /><blockquote class="tr_bq">
Angola has requested a bailout from the International Monetary Fund that could be worth more than $1.5bn, making the OPEC member the latest oil-producing country to seek international help to cope with the fallout from low crude prices.</blockquote>
<br />
<br />
<blockquote class="tr_bq">
</blockquote>
</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-47914848078656360142016-03-31T15:30:00.001+01:002016-03-31T15:30:30.824+01:00The company that systematically corrupted the global oil industry<div dir="ltr" style="text-align: left;" trbidi="on">
Fairfax Media and The Huffington Post publish a 3-part investigative story on corruption on global scale. The first part deals with a Monaco based corporate fixer of contracts for western companies in the Arab world, the second on the caspian region.<br /><blockquote class="tr_bq">
A massive leak of confidential documents has for the first time exposed the true extent of corruption within the oil industry, implicating dozens of leading companies, bureaucrats and politicians in a sophisticated global web of bribery and graft.</blockquote>
<br />
Read on <a href="http://www.theage.com.au/interactive/2016/the-bribe-factory/day-1/the-company-that-bribed-the-world.html">here</a> and <a href="http://www.theage.com.au/interactive/2016/the-bribe-factory/day-2/global-investigation.html">here</a> [theage.com.au] and follow links under the articles for more details.</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-52758501926547415532016-03-25T11:47:00.000+00:002016-03-25T11:47:29.549+00:00New Research: Election cycles in natural resource rents: Empirical evidence<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://sites.google.com/site/jeroenklomp01/home">Jeroen Klomp</a> ([sites.google.com] University of Wageningen) <a href="http://www.rug.nl/staff/jakob.de.haan/research?lang=en">Jakob de Haan</a> ([rug.nl] University of Groningen) write on <br /><br /><b>Election cycles in natural resource rents: Empirical evidence</b><br /><br />Abstract<br />
<blockquote class="tr_bq">
We examine whether governments’ natural resource rents are affected by upcoming elections and if so, whether the incumbent uses these additional rents for re-election purposes. Estimates of a dynamic panel model for about 60 countries for 1975-2011 suggest that elections increase natural resource rents. The incumbent uses these rents for expanding public spending and reducing taxes before elections. However, these electoral cycle effects are statistically significant only in young democracies. Our results also suggest that election effects are stronger in countries with limited access to free media, limited political checks and balances, and a presidential system.</blockquote>
<br />Forthcoming in Journal of Development Economics, available <a href="http://www.sciencedirect.com/science/article/pii/S0304387816300128">here</a> [sciencedirect.com]</div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-76278754277330921452016-03-16T11:30:00.000+00:002016-03-25T11:47:55.681+00:00New Research: On the timing of political regime changes in resource-dependent economies<div dir="ltr" style="text-align: left;" trbidi="on">
New research from <a href="http://www.greqam.fr/en/users/boucekkine">Raouf Boucekkine</a> ([greqam.fr] University of Aix-Marsaille) , <a href="https://www.tse-fr.eu/people/fabien-prieur">Fabien Prieur</a> ([tse-fr.eu], Toulouse School of Economics), <a href="https://sites.google.com/site/klarizzeamp/cv">Klarizze Puzon</a> (Aix-Marseille School of Economics)<br />
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<b>On the timing of political regime changes in resource-dependent economies</b><br />
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Abstract<br />
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<blockquote class="tr_bq">
We consider a resource-dependent economy initially ruled by the elite. The transition from the autocratic to a more democratic regime takes place only if the citizens decide to revolt against the elite. The occurrence of a revolution primarily depends on the autocratic regime vulnerability and the level of inequalities, both being driven by the elite's redistribution and repression policies. First, we show that when a political transition is inevitable, the elite choose the maximum rate of redistribution to lengthen their period in office. Second, we find that the duration of the autocratic regime is linked to resource abundance, and how it relates to the elite's policies. More resources lead to a shorter reign of a redistributive regime, which may not be the case of a repressive regime. Finally, we interpret the Arab spring sequence in light of our findings.</blockquote>
Forthcoming in European Economic Review, Available <a href="http://www.sciencedirect.com/science/article/pii/S0014292116300356">here</a> [sciencedirect.com].<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-45958465813333346282016-03-15T12:53:00.000+00:002016-03-15T12:53:49.249+00:00Immigration Policy, Internal Migration and Natural Resource Shocks<div dir="ltr" style="text-align: left;" trbidi="on">
A report by <a href="http://www.michelbeine.be/">Michel Beine</a>, ([michelbeine.be], University of Luxembourg), <a href="http://www.econ.queensu.ca/faculty/boadway">Robin Boadway</a>, ([queensu.ca], Queen's University, Canada), and <a href="http://aix1.uottawa.ca/~scoulomb/">Serge Coulombe</a> ([uottawa.ca], University of Ottawa, Canada) for the<a href="http://www.cdhowe.org/"> C.D. Howe institute</a> [cdhowe.org] in Canada,<br />
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<br /><b>Moving Parts: Immigration Policy, Internal Migration and Natural Resource Shocks</b></div>
<blockquote class="tr_bq">
Recent changes to Canadian immigration policy, including the Temporary Foreign Worker (TFW) Program, are positive overall, but they could have negative consequences that need addressing, according to a new C.D. Howe Institute report. In “Moving Parts: Immigration Policy, Internal Migration and Natural Resource Shocks,” authors Michel Beine, Robin W. Boadway and Serge Coulombe note that changes to the TFW Program have limited the kinds of workers companies can bring in, made the applications more rigorous, and set an employer-specific cap on the use of TFWs.</blockquote>
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Report available <a href="http://www.cdhowe.org/public-policy-research/moving-parts-immigration-policy-internal-migration-and-natural-resource-shocks">here</a> [cdhowe.org], and is partly based on earlier research by the two of the authors and yours truly on the effect of migration and resources in Canada, published recently in Economic Journal (<a href="http://onlinelibrary.wiley.com/doi/10.1111/ecoj.12171/abstract">here</a>, [wiley.com])<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-3821862287411576641.post-84438783193396253132016-03-08T11:30:00.000+00:002016-03-08T11:30:11.282+00:00New Research: Do Resource-Rich Countries Suffer from a Lack of Fiscal Discipline?<div dir="ltr" style="text-align: left;" trbidi="on">
<a href="https://www.nottingham.ac.uk/economics/people/michael.bleaney">Michael Bleaney</a> [University of Nottingham] and <a href="http://www.worldbank.org/en/about/people/havard-halland">Håvard Halland</a> [World Bank] write on<br />
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<b>Do Resource-Rich Countries Suffer from a Lack of Fiscal
Discipline?</b><br />
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Abstract:<br />
<blockquote class="tr_bq">
Fiscal indicators for resource-rich and resource-poor lowand
middle-income countries are compared using annual
data from 1996 to 2012. Resource richness is defined by
export composition: fuel greater than a 25 percent share
and/or ores and metals greater than a 10 percent share.
Fuel exporters have a significantly better general government
fiscal balance than the rest of the sample, and higher
revenues and expenditures, which are approximately evenly
split between extra consumption expenditure and extra
capital expenditure. Only about a quarter of their extra revenue goes into extra consumption expenditure, and
this proportion has been lower since 2005. Fuel exporters’
expenditure reacts with a lag to oil price fluctuations.
There are no significant differences between ores and
metals exporters and resource-poor countries, or between
new and old resource exporters, in aggregate expenditures
and revenues. Ores and metals exporters spend
more on investment and less on government consumption.
Some individual country cases are briefly discussed. </blockquote>
<br />
A paper from the World Bank's Governance Global Practice Group, Policy Research Working Paper 7552, available <a href="http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2016/02/17/090224b08418ad94/2_0/Rendered/PDF/Do0resource0ri00fiscal0discipline00.pdf">here</a> [pdf, worldbank.org]</div>
Unknownnoreply@blogger.com0