IMF paper examines effect of ‘winning the oil lottery’
Research into impact of oil discovery in certain municipalities in Brazil
Oil discoveries "significantly increase" gross domestic profit per capita and urbanisation in the local economy, according to a working paper published by the International Monetary Fund.
In Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth, Tiago Cavalcanti, Daniel Da Mata and Frederik Toscani use data on 20,000 oil wells in Brazil to compare the evolution of municipalities where the resource was discovered with those where it was not.
In addition to the core finding
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