It has been widely believed that resource abundant economies grow less than other economies. In a very influential paper, Sachs and Warner (1997), point out that there is a negative relationship between resource abundance and growth. Two important econometric problems are present in the...

"This paper studies the cycles of investment and expropriation in the contextof the Latin American oil sector. In particular, it provides an explanationfor the state´s difficulties in capturing the oil rents and rationalizes the tendencyof governments to periodically renege on their prior...

A number of countries have recently discovered and are developing oil and gas reserves. Policy makers in such countries are anxious to obtain the greatest benefits for their economies from the extraction of these exhaustible resources by designing appropriate policies to achieve desired goals....