Journal
EUROPEAN JOURNAL OF POLITICAL ECONOMY
Volume 25, Issue 4, Pages 439-446Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.ejpoleco.2009.01.003
Keywords
Hydrocarbon revenues; Domestic revenue effort
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We examine whether there is evidence of an offset between government revenues from hydrocarbon (oil and gas) related activities and revenues from other domestic sources in a panel of 30 hydrocarbon producing countries. Our main finding is that there is an offset of about 20%, which is robust to the inclusion of control variables, the exclusion of outliers, and alternate estimation methodologies. While the impact of the offset on long-term development prospects is not clear, there is a risk of significant adjustment costs in moving to a higher level of domestic taxation once natural resources are depleted. (C) 2009 Elsevier B.V. All rights reserved.
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