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Oil discovery, political institutions and economic diversification

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posted on 2023-06-09, 15:15 authored by Nouf Alsharif, Sambit BhattacharyyaSambit Bhattacharyya
Diversification is touted as a desirable policy objective for oil-rich nations because it reduces exposure to volatility. However, the empirical relationship between petroleum and diversification is not well understood. Here, we test the effect of giant oil discoveries on diversification using a panel dataset of 136 countries observed over the period from 1962 to 2012. We notice non-oil sector export concentration 8 years after a discovery. However, we do not observe any effect on the structure of employment in non-resource and manufacturing sectors. Democratic political institutions moderate the export and employment concentration effects of petroleum discovery.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Scottish Journal of Political Economy

ISSN

0036-9292

Publisher

Wiley

Issue

3

Volume

66

Page range

459-488

Department affiliated with

  • Economics Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2018-09-27

First Open Access (FOA) Date

2018-09-27

First Compliant Deposit (FCD) Date

2018-09-26

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