Determinants Of Nationalization In The Oil Sector
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Determinants Of Nationalization In The Oil Sector
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Author : Sergei Guriev
language : en
Publisher:
Release Date : 2012
Determinants Of Nationalization In The Oil Sector written by Sergei Guriev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with categories.
In this paper we study nationalizations in the oil industry around the world in 1960-2002. We show, both theoretically and empirically, that governments are more likely to nationalize when oil prices are high and when political institutions are weak. We consider a simple dynamic model of the interaction between a government and a foreign oil company. The government cannot commit to abstain from expropriation and the company cannot commit to pay high taxes. Even though nationalization is inefficient it does occur in equilibrium when oil prices are high. The model's predictions are consistent with the panel analysis of a comprehensive dataset on nationalizations in the oil industry since 1960. Nationalization is more likely to happen when oil prices are high and the quality of institutions is low even when controlling for country fixed effects.
Basic Factors Leading To The Nationalization Of The Oil Industry In Iran
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Author :
language : en
Publisher:
Release Date : 1952
Basic Factors Leading To The Nationalization Of The Oil Industry In Iran written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1952 with categories.
The Politics Of Oil Nationalizations
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Author : Paasha Mahdavi
language : en
Publisher:
Release Date : 2015
The Politics Of Oil Nationalizations written by Paasha Mahdavi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This dissertation is about the institutional choices governments make to manage their petroleum wealth. It is about the determinants of these choices, but more importantly, their consequences for effective governance and how they explain variations in political outcomes in oil-producing countries. I begin by describing several different institutional pathways -- involving national oil companies (NOCs) and their varying characteristics -- that governments can take in extracting petroleum and regulating its production. My goal, then, is to show how these seemingly technical institutional choices can have profound impacts on governance, ranging from effects on state revenue collection to incentives for corruption to ultimately the survival of the regime itself. To this aim, I collected original longitudinal data on the formation of NOCs in 62 countries since 1900; data from U.S. Department of Justice transcripts on the prosecution of corrupt practices in the energy sectors of 80 countries in the 2006-12 period; and existing cross-national data on government revenue capture from the sale of oil and natural resources. I analyze the determinants of NOC formation in the first empirical chapter, where I use Bayesian analysis informed with interview-based data from oil consultants to test and confirm leading theories of state revenue-maximization as the primary determinant of expropriation. In the following chapter, I analyze the process of extortion in the oil sector where I show cross-nationally how NOC institutional design influences bribery to high-level government officials. In the penultimate chapter, I expand on the governance consequences of NOCs by showing that nationalization ultimately increases state resource revenues, creating pathways for regime stability and duration. In the last chapter, I discuss the theoretical implications of my argument and findings. I make two broad claims in this dissertation. First, while there is much agreement that oil is not always and everywhere a curse for political development, there is little consensus about the specific conditions or institutions that do and do not matter. I help turn the ``institutions matter'' phrase from a vague stylized fact into a well-measured, clearly-specified phenomenon. Second, when it comes to the production of natural resources, classical economics theories would suggest that state intervention will lead to inefficiency, lower outputs and therefore lower revenues. In contrast, I argue and show evidence that some forms of state intervention -- that is, certain types of NOCs -- actually increase both production levels and revenues when compared to periods of no state intervention. Taken together, my dissertation applies novel ways to measure and test theories about oil's conditional effects on politics that are widely circulated but often assumed rather than tested.
Determinants Of Expropriation In The Oil Sector
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Author : S. M. Guriev
language : en
Publisher:
Release Date : 2008
Determinants Of Expropriation In The Oil Sector written by S. M. Guriev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Government ownership categories.
Determinants Of Expropriation In The Oil Sector
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Author : S. M. Guriev
language : en
Publisher:
Release Date : 2008
Determinants Of Expropriation In The Oil Sector written by S. M. Guriev and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Petroleum industry and trade categories.
An Eclectic Approach To The Determinants Of Foreign Direct Investment Inflows To The Libyan Oil And Gas Sector
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Author : Mohamed Salem Ali Moussa
language : en
Publisher:
Release Date : 2009
An Eclectic Approach To The Determinants Of Foreign Direct Investment Inflows To The Libyan Oil And Gas Sector written by Mohamed Salem Ali Moussa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
This study involves a detailed analysis of the dynamics of the oil sector in Libya, and reviews the process of economic development in order to identify key issues and priorities for future development. As with many other developing countries, Libya has received insignificant FDI inflows over the study period 1962-2003. The experience of the developing world in particular suggests that it is far from certain whether FDI will indeed act as an engine of transition in Libya. Libya places great importance on foreign capital in the oil sector as a critical element of economic growth. The main aim of this study is to identify and analyze the economic factors giving rise to FDI inflows to the Libyan oil sector during the study period. It reviews FDI trends in Libya, both in the regional and international contexts, and takes into account the evolution of various policies and measures introduced in order to attract FDI. Primary data were collected through a questionnaire-based survey from a sample of 35 foreign oil companies in Libya, along with 20 interviews with government officials. Using annual time series data, the study finds that the nationalization of foreign oil companies in 1972 has negatively influenced FDI inflows; whereas country wealth and the lagged value of FDI positively influence FDI inflows to the Libyan oil sector. Since sanctions were lifted, Libya's relations with the world are becoming normalized and there are opportunities for foreign investment in every sector of the economy associated with the government's new open policy of adopting FDI, which is already visibly growing. Libya is considering changing its 40-years old hydrocarbon legislation to improve the terms for foreign investment. Therefore, the Libyan foreign investment environment is promising for the foreseeable future.
The Financial Economics Of Privatization
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Author : William L. Megginson
language : en
Publisher: Oxford University Press
Release Date : 2005-01-13
The Financial Economics Of Privatization written by William L. Megginson and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-13 with Business & Economics categories.
Since 1981, over 100 governments around the world have raised over $1 trillion through the sale of SOEs to private investors. Privatization programs have transformed the role of the state in virtually all-major economies, and have massively increased the capitalization and liquidity of all non-U.S. stock markets. The focus of this book lies on where privatization stands today and what are the next frontiers, the why and how behind countries who privatize certain industries, whether privatization works as an economic tool and important insights relevant to financial institutions such as how to value privatized industries, how share offerings differ from private offerings, and how countries go about harnessing private capital. The book will also represent a key and unique source for information related to the details of asset sales privatization, a summary of statistics of privatized companies from 54 international stock exchanges, regulatory changes and sources for privatization information for investors, government officials, bankers and financial specialists. The volume will serve as an invaluable reference for professionals and as a core or supplementary text in privatization courses.
Ownership And Control Of Oil
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Author : Bianca Sarbu
language : en
Publisher: Routledge
Release Date : 2014-05-09
Ownership And Control Of Oil written by Bianca Sarbu and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-05-09 with Technology & Engineering categories.
Ownership and Control of Oil examines government decisions about how much control to exert over the petroleum industry, focusing on the role of National Oil Companies in the production of crude oil since the nationalizations in the 1970s. What are the motives for which some producing states opt for less and NOT more control of their oil production sector? When can International Oil Companies enter the upstream industry of producing states and under what conditions? The diversity of policy choices across producers provides the stage for this investigation: different theoretical explanations are confronted, with the empirical evidence, with the aim of finally proposing an interdisciplinary framework of analysis to explain who controls oil production around the world. This book is intended for both specialists and general readers who have an interest in the issue of government control of the petroleum industry. Due to its multidisciplinary approach, the book is aimed at a large academic public composed of scholars of Political Science, International Political Economy, Comparative Politics, and Middle East Area Studies. Moreover, this book should be relevant to international consultants, industry professionals and decision-makers in countries assessing their experience with existing control structures as well as the many countries in the process of joining the ‘petroleum club’ of oil producing nations.
Political And Investment Risk In The International Oil And Gas Industry
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Author : Steven A. Mucci
language : en
Publisher: Lexington Books
Release Date : 2017-10-11
Political And Investment Risk In The International Oil And Gas Industry written by Steven A. Mucci and has been published by Lexington Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-11 with Political Science categories.
This book examines the financial, legal and institutional strategies available to the international oil and gas industry to manage political and investment risk. The financial techniques for mitigating and allocating risk include corporate finance, joint ventures, and project finance. The legal techniques include production sharing agreements, profit sharing agreements, service contracts, bilateral investment treaties, and multilateral investment treaties. The institutional techniques include domestic courts, national constitutions, international arbitral tribunals, governmental and non-governmental regulatory agencies, alliances and energy diplomacy.This book traces the historical development of these techniques and their application in practice. The effectiveness with which companies manage political and investment risk is important for the financial sustainability of individual firms and the industry as whole. The real and perceived level of risk affects the level of exploration expenditures and therefore the balance between supply and demand, and the price of oil and natural gas. The search for a secure supply of oil and gas affects the political, military, and economic relations between countries. Consequently, every developed and developing country has placed energy policy at or near the top of its national priorities.
Handbook On Oil And International Relations
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Author : Dannreuther, Roland
language : en
Publisher: Edward Elgar Publishing
Release Date : 2022-08-16
Handbook On Oil And International Relations written by Dannreuther, Roland and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-08-16 with Political Science categories.
This Handbook provides an in-depth analysis of the multiple ways in which oil has shaped, changed and affected international relations and global politics. Theoretically innovative, it provides new insights into the interaction between the materiality of oil and its social, economic and political manifestations.
