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The natural resources trap : private investment without public commitment / edited by William Hogan and Federico Sturzenegger

Published
Cambridge, Mass. : MIT Press, [2010]
Copyright Date
©2010
Physical Description
1 online resource (xiv, 519 pages) : illustrations
Additional Creators
Hogan, William W. and Sturzenegger, Federico
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Language Note
English.
Contents
Machine generated contents note: 1. Contracts and Investment in Natural Resources / Laurence Tai -- I. Theoretical Papers -- 2. Petroleum Contracts: What Does Contract Theory Tell Us? / Lucia Quesada -- Commentary / Lawrence H. Summers -- 3. Sovereign Theft: Theory and Evidence about Sovereign Default and Expropriation / Mark L.J. Wright -- Commentary: Expropriations, Defaults, and Financial Architecture / Jeromin Zettelmeyer -- 4. A Resource Belief Curse? Oil and Individualism / Robert MacCulloch -- Commentary / George-Marios Angeletos -- 5. Optimal Resource Extraction Contracts under Threat of Expropriation / Ronald Fischer -- 6. Denying the Temptation to GRAB / Richard Zeckhauser -- 7. Dealing with Expropriations: General Guidelines for Oil Production Contracts / Roberto Rigobon -- Commentary / Erich Muehlegger. and 8. Pricing Expropriation Risk in Natural Resource Contracts: A Real Options Approach / Anders B. Trolle -- Commentary / Robert Pindyck -- II. Country Cases -- 9. Credibility, Commitment, and Regulation: Ex Ante Price Caps and Ex Post Interventions / Dieter Helm -- Commentary / Jeffrey Frankel -- 10. Hydrocarbon Policy, Shocks, and the Collective Imagination: What Went Wrong in Bolivia? / Fernando H. Navajas -- Commentary / Fernando Candia Castillo -- 11. Urgency and Betrayal: Three Attempts to Foster Private Investment in Argentina's Oil Industry / Nicolas Gadano -- Commentary / Louis Wells -- 12. The Political Economy of Oil Contract Renegotiation in Venezuela / Francisco Monaldi -- Commentary: Not Just a Distributional Matter / Ramon Espinasa -- III. Conclusion.
Summary
"This book is important and timely, bringing together some of the world's leading economists. The theory chapters provide new insights and apply new developments in contract theory to the problems of natural resources and credible host country policies. The case studies provide up-to-date illustrations of the difficulties and development of host country policy in Latin America and the UK." Roderick Duncan, Charles Sturt University, Australia "This book is likely to become a standard reference in the area of natural resources and credible host country policies-coming, as it does, with a solid grounding in modern economic theory." Tim Worrall, University of Manchester Volatility in commodity prices has been accompanied by perpetual renegotiation of contracts between private investors in natural resource production and the governments of states with mineral and energy wealth. When prices skyrocket, governments want a larger share of revenues, sometimes to the point of nationalization or expropriation; when prices fall, larger state participation becomes a burden and the private sectoris called back in. Recent and newsworthy changes in the price of oil (which fell from an all-time high of $147 in mid-2008 to $40 by year's end) are notable for their speed and the steepness of their rise and fall, but the up-and-down pattern itself is not unusual. If the unpredictability of commodity prices is so predictable, why do contracts not allow for this with mechanisms that would provide a more stable commercial framework? In The Natural Resources Trap, top scholars address this guestion in terms of both theory and practice. Theoretical contributions range across a number of fields, from contract theory to public finance, and treat topics that include taxation, royalties, and expropriation cycles. Case studies examine experiences in the U.K., Bolivia, Argentina, Venezuela, and other parts of the world. --Book Jacket
Subject(s)
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ISBN
9780262275538 (electronic bk.)
0262275538 (electronic bk.)
9780262013796 (hbk.)
0262013797 (hbk.)
0262310104
9780262310109
9786612736995
6612736992
Digital File Characteristics
text file
Bibliography Note
Includes bibliographical references and index.
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