Well-known empirical puzzles in international macroeconomics concern the large divergence of equilibrium outcomes for consumption across countries from the predictions of models with full risk sharing. It is commonly believed that these risk-sharing puzzles are related to another empirical...

Intro -- Contents -- I. INTRODUCTION -- II. GEOGRAPHICAL -- III. OIL SECTOR INSTITUTIONAL FRAMEWORK -- IV. LICENSING -- V. FISCAL RULES -- VI. APPLICATION -- VII. SENSITIVITY ANALYSIS -- VIII. SIMULATING PER CAPITA PIH -- IX. CONCLUSIONS -- APPENDIXES -- REFERENCES.

Intro -- Contents -- I. INTRODUCTION -- II. BACKGROUND -- III. THEORETICAL FRAMEWORK -- IV. RESULTS AND SENSITIVITY TESTS -- V. EXTENSIONS -- VI. CONCLUDING REMARKS AND FUTURE RESEARCH AGENDA -- References.

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