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

• Pubblicazione: Cambridge, MA, : MIT Press, c2010
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (xiv, 519 p.) : ill
• Disciplina: 333.7
• Soggetto topico: Natural resources - Government policy; Natural resources - Law and legislation; Investments, Foreign; Public-private sector cooperation
• Altri autori: HoganWilliam W SturzeneggerFederico
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references and index.
• Nota di contenuto: Intro -- Contents -- Contributors -- Preface -- 1 Contracts and Investment in Natural Resources -- I Theoretical Papers -- 2 Petroleum Contracts -- Commentary: Lawrence H. Summers -- 3 Sovereign Theft -- Commentary: Jeromin Zettelmeyer -- 4 A Resource Belief Curse? -- Commentary: George-Marios Angeletos -- 5 Optimal Resource Extraction Contracts under Threat of Expropriation -- 6 Denying the Temptation to GRAB -- 7 Dealing with Expropriations -- Commentary: Erich Muehlegger -- 8 Pricing Expropriation Risk in Natural Resource Contracts -- Commentary: Robert Pindyck -- II Country Cases -- 9 Credibility, Commitment, and Regulation -- Commentary: Jeffrey Frankel -- 10 Hydrocarbon Policy, Shocks, and the Collective Imagination -- Commentary: Fernando Candia Castillo -- 11 Urgency and Betrayal -- Commentary: Louis Wells -- 12 The Political Economy of Oil Contract Renegotiation in Venezuela -- Commentary: Ramón Espinasa -- III Conclusion -- Epilogue -- Appendix -- Index.
• Sommario/riassunto: "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.
• Titolo autorizzato: The natural resources trap
• ISBN: 0-262-31010-4; 1-282-73699-X; 9786612736995; 0-262-27553-8
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910822612003321
• Lo trovi qui: Univ. Federico II