unaccountability as they do not restrict policy makers against discretionary distribution of natural resource windfall, rent seeking …

-loaded public investment path is optimal given an initial one-period resource windfall, public investment inefficiency, and … of no resource windfall produces the welfare loss due to a steady increase in consumption tax to finance public …

-loaded public investment path is optimal given an initial one-period resource windfall, public investment inefficiency, and … of no resource windfall produces the welfare loss due to a steady increase in consumption tax to finance public …

This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we … costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger … resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second …