We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

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 run...

Business cycle indicators are important instruments for monitoring economic development. When employing indicators one usually relies on a sound statistical database. This paper deals with indicator development in a sparse data situation. Indicator building is merged with temporal...

This paper looks at the regulatory reforms in the electricity and downstream oil industries, two important inputs to the production process that were heavily regulated by the government. While electricity has strong externalities as well as economies of scale and scope, the oil industry does not...

The oil sectors in the North African countries of Algeria, Libya, Egypt and Sudan have witnessed major transformations in the past decade or so. In Algeria, government reforms in the mid 1980s resulted in the entry of a wide range foreign oil companies to an oil sector previously dominated by...

Since the election of Vladimir Putin as president of Russia in 2000 Rosneft has become one of the cornerstones of the strategy for the Russian state to retake control over the ‘commanding heights’ of the economy, and in particular the energy sector. However, having now established itself as...

Sharing costs and risks are the basic foundation of any the joint venture. However, the required financial commitments might be jeopardized either by a co-venturer who cannot afford the payment of the related costs or a co-venturer who simply chooses not to pay its share. The petroleum industry...