Winning the Oil Lottery: The Impact of Natural Resource Extraction on Growth

Author:Tiago Cavalcanti - Daniel Da Mata - Frederik Toscani

This summary provides evidence of the causal impact of oil discoveries on development. Novel data on the drilling of 20,000 oil wells in Brazil allows us to exploit a quasiexperiment. Municipalities where oil was discovered constitute the treatment group, while municipalities with drilling but no discovery are the control group. The results show that oil discoveries significantly increase per... (see full summary)

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