Property Rights, Oil and Income Levels: Over a Century of Evidence

Christa Brunnschweiler and Simone Valente

MPRA Paper from University Library of Munich, Germany

Abstract: We investigate the effects of different regimes of control rights over oil exploitation on aggregate domestic income. We construct a new panel dataset on petroleum ownership structures for up to 68 countries between 1867-2008, distinguishing among regimes of Domestic Control, Foreign Control, and international Partnerships. Results show that Partnerships tend to generate higher domestic income than Foreign and Domestic Control. This result is robust to controlling for political regimes (i.e. democracy, anocracy, autocracy), time effects, and other factors. Existing theories of incomplete contracts capture several aspects, but not the general mechanism underlying the relationships between aggregate domestic income and control regimes in primary sectors

Keywords: Property rights; Control rights; National Income; Panel data; Petroleum (search for similar items in EconPapers)
JEL-codes: D23 F20 O13 (search for similar items in EconPapers)
Date: 2013-12
New Economics Papers: this item is included in nep-ene and nep-mac
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Citations: View citations in EconPapers (10)

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Related works:
Working Paper: Property Rights, Oil and Income Levels: Over a Century of Evidence (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:52203

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