Direct foreign investment (DFI) by transnational enterprises (TNEs) is an important vehicle of capital and technology transfer among countries. Yet, the possibility of heavy taxation and expropriation by the governments of host countries seems to be a serious impediment to the more extensive use...

This paper develops a long run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the "Dutch disease" and the "resource curse", which primarily focus on short...

This paper develops a long-run growth model for a major oil exporting economy and derives conditions under which oil revenues are likely to have a lasting impact. This approach contrasts with the standard literature on the "Dutch disease" and the "resource curse", which primarily focuses on...