Managing and harnessing volatile oil windfalls: Three funds, three countries and three stories

Managing and harnessing volatile oil windfalls: Three funds, three countries and three stories / Ton van den Bremer & Rick van der Ploeg, VoxEU.org, 14 December 2012

http://www.voxeu.org/article/managing-and-harnessing-volatile-oil-windfalls

Many countries experience substantial revenue windfalls from natural resources. The consensus is that these should not be consumed but put in a fund to smooth the benefits across generations. This column examines how policy recommendations may differ among oil-rich countries, here Norway, Ghana and Iraq. It suggests that oil exporters may need to accumulate not only an intergenerational fund but also a liquidity fund to cope with oil price volatility and a domestic investment fund to alleviate the burden of capital scarcity…


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