Abstract
A large body of literature shows that oil wealth leads to poor quality of institutions. The existing literature, however, neglects the dimension of ownership. This article provides the first empirical investigation of whether ownership of oil matters for institutional quality. Using a novel database on ownership structures, it analyzes a sample of 38 oil-rich developing countries during 1984–2005. The estimation results show that ownership matters and that private ownership of oil leads to a better quality of institutions than state ownership. The results are useful for oil-rich countries in adopting appropriate policies to maximize the benefits of oil to the nation.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
