Publication:
Efficiency and Equity Implications of Oil Windfalls in Brazil

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dc.contributor.authorJorgensen, Ole Hagen
dc.date.accessioned2013-09-25T21:28:59Z
dc.date.available2013-09-25T21:28:59Z
dc.date.issued2013-09
dc.description.abstractLarge oil reserves off the coast of Brazil may substantially increase the country s oil revenue in the future. A natural resource "curse" could be the consequence if an appropriate share of the oil revenue is not invested. This issue is addressed in this paper for Brazil both theoretically and empirically by focusing on (i) the efficient allocation of oil revenue between investment and consumption; and (ii) because it may be efficient to consume a certain share of the oil revenue, the distributional implications across generations of higher public consumption. The main finding is that, if the Pre-Salt oil revenue brings the aggregate oil revenue in Brazil above 10 percent of gross domestic product, there will be scope for consuming a certain share of it while still maintaining efficiency. But unless oil revenue reaches 10 percent or more of gross domestic product, then all of it should be invested in order for the economy to approach the efficient investment level. If oil revenue as a share of gross domestic product was 10 percent, then the achievable growth in gross domestic product could reach 9.0 percent. The distributional implications are positive for all generations, but vary across generations depending on how much of the oil revenue is invested. As a result, transfer policies could be adjusted to ensure equality in its distribution.en
dc.identifierhttp://documents.worldbank.org/curated/en/2013/09/18222337/efficiency-equity-implications-oil-windfalls-brazil
dc.identifier.doi10.1596/1813-9450-6597
dc.identifier.urihttps://hdl.handle.net/10986/15835
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6597
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectAFFILIATED ORGANIZATIONS
dc.subjectAGGREGATE CAPITAL STOCK
dc.subjectAGGREGATE CONSUMPTION
dc.subjectAGRICULTURE
dc.subjectBANK POLICY
dc.subjectBUDGET CONSTRAINT
dc.subjectCAPITAL ACCUMULATION
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL INVESTMENTS
dc.subjectCAPITAL SAVING
dc.subjectCAPITAL SHARE
dc.subjectCAPITAL STOCK
dc.subjectCAPITAL STOCKS
dc.subjectCHECKS
dc.subjectCIVIL WAR
dc.subjectCOMPARATIVE ECONOMICS
dc.subjectCOMPETITIVENESS
dc.subjectCONSOLIDATION
dc.subjectCONSUMPTION INCREASES
dc.subjectCONSUMPTION LEVELS
dc.subjectCORPORATE SAVING
dc.subjectCURRENCY
dc.subjectCURRENCY OVERVALUATIONS
dc.subjectDEBT
dc.subjectDEBT MANAGEMENT
dc.subjectDEMOGRAPHIC
dc.subjectDEPENDENT VARIABLE
dc.subjectDEPENDENT VARIABLES
dc.subjectDEPRECIATION
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT PATH
dc.subjectDEVELOPMENT POLICY
dc.subjectDISCOUNT RATE
dc.subjectDISPOSABLE INCOME
dc.subjectDISTRIBUTIONAL EFFECTS
dc.subjectDUTCH DISEASE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POLICY
dc.subjectECONOMIC REFORM
dc.subjectECONOMIC RESEARCH
dc.subjectECONOMIC THEORY
dc.subjectEFFICIENT CAPITAL
dc.subjectEFFICIENT EQUILIBRIUM
dc.subjectEQUILIBRIUM
dc.subjectEXCHANGE RATE
dc.subjectEXOGENOUS INCOMES
dc.subjectEXOGENOUS SHOCKS
dc.subjectEXPENDITURE
dc.subjectEXPLANATORY VARIABLES
dc.subjectFACTORS OF PRODUCTION
dc.subjectFERTILITY RATE
dc.subjectFERTILITY RATES
dc.subjectFISCAL POLICY
dc.subjectFOREIGN INVESTMENTS
dc.subjectGDP
dc.subjectGDP PER CAPITA
dc.subjectGENERAL EQUILIBRIUM
dc.subjectGENERAL EQUILIBRIUM MODEL
dc.subjectGLOBAL INTEGRATION
dc.subjectGOVERNMENT ASSET
dc.subjectGOVERNMENT BUDGET
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT INVESTMENTS
dc.subjectGOVERNMENT POLICIES
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT REVENUE
dc.subjectGOVERNMENT SAVING
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectGROWTH RATES
dc.subjectHUMAN CAPITAL
dc.subjectINCOME
dc.subjectINCOME GROWTH
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINCREASING RETURNS
dc.subjectINCREASING RETURNS TO SCALE
dc.subjectINSTRUMENT
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE CHANGES
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTING
dc.subjectINVESTMENT LEVEL
dc.subjectINVESTMENT POLICIES
dc.subjectINVESTMENT POLICY
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT RATE
dc.subjectINVESTMENT RATES
dc.subjectINVESTMENT RATIO
dc.subjectLABOR FORCE
dc.subjectLABOR MARKET
dc.subjectLIABILITY
dc.subjectLIABILITY MANAGEMENT
dc.subjectLIFE EXPECTANCY
dc.subjectLOSS OF COMPETITIVENESS
dc.subjectMACROECONOMIC EFFECTS
dc.subjectMACROECONOMIC MODEL
dc.subjectMACROECONOMIC VARIABLES
dc.subjectMONETARY ECONOMICS
dc.subjectNATIONAL INCOME
dc.subjectNATURAL CAPITAL
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCES
dc.subjectOIL BOOM
dc.subjectOIL RESERVES
dc.subjectOIL REVENUE
dc.subjectOIL REVENUES
dc.subjectOPEN ECONOMY
dc.subjectOPTIMAL ALLOCATION
dc.subjectOPTIMAL CAPITAL STOCK
dc.subjectOPTIMAL INVESTMENT
dc.subjectOPTIMIZATION
dc.subjectOUTPUT
dc.subjectOVERLAPPING GENERATIONS MODEL
dc.subjectPENSION
dc.subjectPENSION CONTRIBUTION
dc.subjectPENSION CONTRIBUTIONS
dc.subjectPENSION SYSTEM
dc.subjectPENSIONS
dc.subjectPOLICY RESPONSES
dc.subjectPOLITICAL ECONOMY
dc.subjectPOLITICAL INSTABILITY
dc.subjectPOPULATION GROWTH
dc.subjectPOSITIVE EXTERNALITIES
dc.subjectPOVERTY REDUCTION
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE SAVING
dc.subjectPRIVATE SAVINGS
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPROFITABILITY
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC POLICY
dc.subjectPUBLIC SAVING
dc.subjectRENT SEEKING
dc.subjectREPLACEMENT RATE
dc.subjectREPLACEMENT RATES
dc.subjectRETIREMENT AGE
dc.subjectRETIREMENT SAVINGS
dc.subjectRETURN
dc.subjectROBUSTNESS CHECK
dc.subjectROBUSTNESS CHECKS
dc.subjectSAVINGS
dc.subjectSAVINGS INCREASES
dc.subjectSHARE OF INVESTMENT
dc.subjectSHARES OF OIL
dc.subjectSLOW GROWTH
dc.subjectSMALL COUNTRIES
dc.subjectSOCIAL PROTECTION
dc.subjectSTANDARD DEVIATION
dc.subjectSTANDARD DEVIATIONS
dc.subjectSTEADY STATE
dc.subjectSTOCKS
dc.subjectSUSTAINABLE DEVELOPMENT
dc.subjectTAX
dc.subjectTAX INCREASE
dc.subjectTAXATION
dc.subjectTELECOMMUNICATIONS
dc.subjectTERMS OF CAPITAL
dc.subjectTRADE PATTERNS
dc.subjectUNCERTAINTIES
dc.subjectUNCERTAINTY
dc.subjectUTILITY FUNCTION
dc.subjectWAGES
dc.subjectWEALTH
dc.subjectWORKERS EXPERIENCE
dc.subjectZERO INVESTMENT
dc.titleEfficiency and Equity Implications of Oil Windfalls in Brazilen
dspace.entity.typePublication
okr.crossref.titleEfficiency and Equity Implications of Oil Windfalls in Brazil
okr.date.disclosure2013-09-01
okr.date.doiregistration2025-04-10T09:19:11.599265Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2013/09/18222337/efficiency-equity-implications-oil-windfalls-brazil
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid841111468230956384
okr.identifier.doi10.1596/1813-9450-6597
okr.identifier.externaldocumentum000158349_20130909151143
okr.identifier.internaldocumentum18222337
okr.identifier.reportWPS6597
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/09/09/000158349_20130909151143/Rendered/PDF/WPS6597.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryBrazil
okr.topicMacroeconomics and Economic Growth::Investment and Investment Climate
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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