Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/118133
Authors: 
Aniyar, Sara
Year of Publication: 
2003
Series/Report no.: 
Nota di Lavoro, Fondazione Eni Enrico Mattei 108.2003
Abstract: 
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.
Subjects: 
Venezuela
Oil Capital
Capital Gains
Exploration Costs
Property Rights
JEL: 
D23
Document Type: 
Working Paper

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