Rent Seeking, Institutions, and Commitment : the Political Economy of Foreign Investment in the Venezuelan Oil Industry
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Author | : Francisco Monaldi |
Publisher | : |
Total Pages | : 480 |
Release | : 2002 |
ISBN-10 | : STANFORD:36105023694552 |
ISBN-13 | : |
Rating | : 4/5 (52 Downloads) |
Book Synopsis Rent Seeking, Institutions, and Commitment : the Political Economy of Foreign Investment in the Venezuelan Oil Industry by : Francisco Monaldi
Book excerpt: This dissertation explores an alternative type of commitment mechanism to attract foreign capital based on external enforcement of the investment deal using offshore assets and future export revenues as hostages . The key feature of this institutional arrangement is that it makes government reneging costly and provides effective third-party external enforcement to the deal.