Guriev, Sergei; Kolotilin, Anton; Sonin, Konstantin - In: Journal of Law, Economics and Organization 27 (2011) 2, pp. 301-323
In this article, we study nationalizations in the oil industry around the world during 1960--2006. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political institutions are weak. We consider a simple dynamic model of...