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Direct Distribution of Oil Revenues in Venezuela: A Viable Alternative?

  • Pedro L. Rodríguez, José R. Morales, Fancisco J. Monaldi
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    Venezuela is a textbook example of a resource-dependent country—between 1950 and 2008, oil generated over a trillion dollars of income for the state. Nevertheless, Venezuela currently combines an economy that is stagnant, despite high oil prices, with an increasingly authoritarian government. The authors argue that large oil rents that accrue to the state, together with a lack of formal and transparent mechanisms to facilitate citizen oversight, are a large part of the problem. They consider the nature of the fiscal contract between the Venezuelan government and its people. This has been characterized by increasing discretion of the executive; only a small share of the rents is now subject to political oversight within the framework of the budgetary system. The authors consider the case for direct distribution of rents, distinguishing it from a populist approach to transfers as effected through Venezuela’s misiones. They also report on focus group discussions of the direct- distribution approach and the political viability of direct transfers.

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    File URL: http://www.cgdev.org/files/1426486_file_Rodriguez_et_al_Venezuela_OTC_FINAL.pdf
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    Paper provided by Center for Global Development in its series Working Papers with number 306.

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    Length: 38 pages
    Date of creation: Sep 2012
    Date of revision:
    Handle: RePEc:cgd:wpaper:306
    Contact details of provider: Web page: http://www.cgdev.org

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    7. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December.
    8. Beck, Thorsten & Demirguc-Kunt, Asli & Martinez Peria, Maria Soledad, 2005. "Reaching out : access to and use of banking services across countries," Policy Research Working Paper Series 3754, The World Bank.
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    10. Sandbu, Martin E., 2006. "Natural wealth accounts: A proposal for alleviating the natural resource curse," World Development, Elsevier, vol. 34(7), pages 1153-1170, July.
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