TITLE

The Political Economy of Oil Production in Latin America

AUTHOR(S)
MANZANO, OSMEL; MONALDI, FRANCISCO
PUB. DATE
October 2008
SOURCE
Economia;Fall2008, Vol. 9 Issue 1, p59
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article provides a political economy rationale for the divergent evolution of the oil and gas sector in Latin America. It examines the cycles of investment and expropriation in the sector, particularly the region's difficulties in capturing the oil rents and the tendency of governments to periodically renege on their prior agreements pursuing the quasi-rents. It also discusses some specific features that influence the way the institutional framework and the political economy of the sector evolve, including the important rents generated by oil extraction and a high proportion of oil reserves concentrated in countries with weak institutions and high political risks.
ACCESSION #
36866361

 

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