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Full-Text Articles in Social and Behavioral Sciences
Senate Finance Committee Testimony On Energy Tax Reform, Gilbert E. Metcalf
Senate Finance Committee Testimony On Energy Tax Reform, Gilbert E. Metcalf
Gilbert E. Metcalf
Testimony presented to the full Committee at a hearing held on September 17, 2014.
Cursed Resources? Political Conditions And Oil Market Outcomes, Gilbert E. Metcalf, Catherine Wolfram
Cursed Resources? Political Conditions And Oil Market Outcomes, Gilbert E. Metcalf, Catherine Wolfram
Gilbert E. Metcalf
We analyze how a country’s political institutions affect oil production within its borders. We find a pronounced negative relationship between political openness and volatility in oil production, with democratic regimes exhibiting less volatility than more autocratic regimes. This relationship holds across a number of robustness checks including using different measures of political conditions, instrumenting for political conditions and using several measures of production volatility. Political openness also affects other oil market outcomes, including total production as a share of reserves. Our findings have implications both for interpreting the role of institutions in explaining differences in macroeconomic development and for understanding …