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Oil and the Resource Curse

In: The Creation of the East Timorese Economy

Author

Listed:
  • Mats Lundahl

    (Stockholm School of Economics)

  • Fredrik Sjöholm

    (Lund University)

Abstract

This chapter provides a comprehensive survey of the oil sector, including the detailed boundary negotiations with Australia, the Petroleum Fund established in 2004, the relevance of Dutch Disease theories, corruption and the struggles to contain it, and the general issue of spending effectiveness. The revenues derived from oil and gas have accounted for around 80 percent of GDP during independence. The original intention was not to spend more than the yield from the oil fund every year so as to maintain its real value constant over time. However, excess withdrawals from the fund have been the rule since 2006. Oil and gas reserves that are currently exploited risk to be depleted in the near future. What all this means is that the oil and gas bonanza may soon come to an end, which will, in turn, reduce the ability to fund development projects, unless alternative, domestic, revenue sources can be developed.

Suggested Citation

  • Mats Lundahl & Fredrik Sjöholm, 2019. "Oil and the Resource Curse," Palgrave Studies in Economic History, in: The Creation of the East Timorese Economy, chapter 6, pages 265-313, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-22052-5_6
    DOI: 10.1007/978-3-030-22052-5_6
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