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The Elephant in the Ground: Managing Oil and Sovereign Wealth

Van Den Bremer, Ton; van der Ploeg, Frederick; Wills, Samuel - C.E.P.R. Discussion Papers - 2014

any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …

Persistent link: https://www.econbiz.de/10011084308

Do Giant Oilfield Discoveries Fuel Internal Armed Conflicts?

Lei, Yu-Hsiang; Michaels, Guy - C.E.P.R. Discussion Papers - 2011

We use new data to examine the effects of giant oilfield discoveries around the world since 1946. On average, these discoveries increase per capita oil production and oil exports by up to 50 percent. But these giant oilfield discoveries also have a dark side: they increase the incidence of...

Persistent link: https://www.econbiz.de/10009351523

Do Oil Windfalls Improve Living Standards? Evidence from Brazil

Caselli, Francesco; Michaels, Guy - C.E.P.R. Discussion Papers - 2009

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Persistent link: https://www.econbiz.de/10008509470

Krueger/Schiff/Valdés Revisited: Agricultural Price and Trade Policy Reform in Developing Countries since 1960

Anderson, Kym - C.E.P.R. Discussion Papers - 2009

A study of distortions to agricultural incentives in 18 developing countries during 1960-84, by Krueger, Schiff and Valdés (1988; 1991), found that policies in most of those developing countries were directly or indirectly harming their farmers. Since the mid-1980s there has been a substantial...

Persistent link: https://www.econbiz.de/10008557010

Natural resource wealth: the challenge of managing a windfall

van der Ploeg, Frederick; Venables, Anthony J - C.E.P.R. Discussion Papers - 2011

volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high …

Persistent link: https://www.econbiz.de/10009385762

Implied Volatility Functions: Empirical Tests

Dumas, Bernard J; Fleming, Jeff; Whaley, Robert E - C.E.P.R. Discussion Papers - 1996

Black/Scholes constant volatility assumption is violated in practice. These authors hypothesize that the volatility of the … underlying asset’s return is a deterministic function of the asset price and time, and develop the deterministic volatility … 1993, we evaluate the economic significance of the implied deterministic volatility function by examining the predictive …

Persistent link: https://www.econbiz.de/10005498195

The Effect of Introducing a Non-redundant Derivative on the Volatility of Stock-Market Returns

Bhamra, Harjoat Singh; Uppal, Raman - C.E.P.R. Discussion Papers - 2006

We study the effect of introducing a new security, such as a non-redundant derivative, on the volatility of stock … increases the volatility of stock-market returns. …

Persistent link: https://www.econbiz.de/10005114422

The implications of natural resource exports for non-resource trade

Harding, Torfinn; Venables, Anthony J - C.E.P.R. Discussion Papers - 2013

Foreign exchange windfalls such as those from natural resource revenues change non-resource exports, imports, and the capital account. We study the balance between these responses and, using data on 41 resource exporters for 1970-2006, show that the response to a dollar of resource revenue is,...

Persistent link: https://www.econbiz.de/10011083402

The Impact of the Shale Oil Revolution on U.S. Oil and Gasoline Prices

Kilian, Lutz - C.E.P.R. Discussion Papers - 2014

This article examines how the shale oil revolution has shaped the evolution of U.S. crude oil and gasoline prices. It puts the evolution of shale oil production into historical perspective, highlights uncertainties about future shale oil production, and cautions against the view that the U.S....

Persistent link: https://www.econbiz.de/10011145394

Technological adoption in health care

Barros, Pedro Luis Pita; Martinez-Giralt, Xavier - C.E.P.R. Discussion Papers - 2009

This paper addresses the impact of payment systems on the rate of technology adoption. We present a model where technological shift is driven by demand uncertainty, increased patients' benefit, financial variables, and the reimbursement system to providers. Two payment systems are studied: cost...

Persistent link: https://www.econbiz.de/10008558590