| Description |
1 online resource (xiv, 519 pages) : illustrations |
| Bibliography |
Includes bibliographical references and index. |
| 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. |
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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 inches 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. |
| Note |
Print version record. |
| Subject |
Natural resources -- Government policy.
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Natural resources -- Law and legislation.
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Investments, Foreign.
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Public-private sector cooperation.
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NATURE -- Natural Resources.
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BUSINESS & ECONOMICS -- Environmental Economics.
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BUSINESS & ECONOMICS -- Green Business.
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Investments, Foreign. (OCoLC)fst00978370
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Natural resources -- Government policy.
(OCoLC)fst01034422
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Natural resources -- Law and legislation.
(OCoLC)fst01034431
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Public-private sector cooperation. (OCoLC)fst01083445
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| Added Author |
Hogan, William W.
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Sturzenegger, Federico.
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| Other Form: |
Print version: Natural resources trap. Cambridge, Mass. : MIT Press, ©2010 9780262013796 (DLC) 2009029574 (OCoLC)426391153 |
| Standard No. |
9786612736995 |
| ISBN |
9780262275538 (electronic bk.) |
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0262275538 (electronic bk.) |
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