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Estimating the Value of Oil Capital in a Small Open Economy: the Venezuela’s Example


  • Sara Aniyar

    (University of Zulia, Venezuela and the Beijer International Institute of Ecological Economics, Sweden)


The paper focuses in the calculation of the oil capital value in a small open economy depending on oil rents. The Venezuelan case is used as an example. In valuing the oil capital, two issues are recalled and discussed: how should the exploration costs and the capital gains be treated? It is shown that the estimations vary significantly depending on which set of assumptions are made about the way to account for them and the assumptions made about how the economy functions. It is argued that during the studied period the value of the Venezuelan stock of oil capital has increased, and it has done so faster than the population.

Suggested Citation

  • Sara Aniyar, 2003. "Estimating the Value of Oil Capital in a Small Open Economy: the Venezuela’s Example," Working Papers 2003.108, Fondazione Eni Enrico Mattei.
  • Handle: RePEc:fem:femwpa:2003.108

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    More about this item


    Venezuela; Oil Capital; Capital Gains; Exploration Costs; Property Rights;

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights


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