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Published in:
2008 | OriginalPaper | Chapter
The Management of Hydrocarbon Wealth: National Oil Funds
Author : Yelena Kalyuzhnova
Published in: Economics of the Caspian Oil and Gas Wealth
Publisher: Palgrave Macmillan UK
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Oil revenues offer important opportunities to enhance economic development. But they are also volatile, unpredictable and ultimately exhaustible; and they can thus greatly complicate economic management. In the Caspian region, the starting assumption must be that resource endowment is potentially a ‘blessing’ that can help overcome transition disruptions. But the lesson of experience elsewhere is that fulfilling this promise — and avoiding the risk of natural resources becoming a ‘curse’ — iscrucially dependent on policies, including a commitment to enhanced policy transparency.