Natural resource revenues contribute to sustainable development when they are reinvested sufficiently in public services, such as education, that offer long-term social returns. Cross-country evidence suggests that resource-rich countries fail at this, spending less on public services than...

In 1997, Brazil approved a new law establishing the regulatory framework of oil and gas industry. One of the most important changes was the distribution of petroleum rents to states and Municipalities. The volume received by each municipality varies considerably, since it depends on a range of...

We study the effect of the discovery of precious metals in America on international trade from 1500 to 1810. Around 1500, there was a simultaneous discovery of precious metals and new trading routes. We construct a counterfactual scenario of new routes but no precious metals. The discovery of...