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Full Description
Revenues from commodities are extremely important for Latin America and the Caribbean, yet there is very little literature on the structure of these industries and on the various ways in which the state obtains commodity revenues. This book aims to understand the trade-off between the degree of taxation overall, the profitability of the relevant industry and the amount of investment and subsequent production in the region, as well as the relevance of institutions in the performance of the sector.
This volume focuses on economic efficiency: where Latin America stands in terms of the current tax system for the extractive sector; how policies have changed in this regard; and how policies may be improved. The Economics of Natural Resources in Latin America is timely, since this new era of lower and volatile prices and possible reconfiguration of investment flows poses a challenge to natural resource tax systems in the world. The argument of the book will be made by a collection of papers around the issue of tax efficiency in the region and concludes with chapters on institutions and the role of transparency.
This book shows that there are varieties of experiences in resource taxation and management of revenues in Latin America that could be used to shape policy interventions in other regions. This variety is not only related to their diverse impact on welfare, but also on the policy challenges faced by the countries in the region. This volume is well suited for those who study and find interest in development economics, political economy and public finance, as well as policy
Contents
Chapter 1: The Taxation of Non-Renewable Resources in Latin America: Introduction and Overview
Commodity prices, the super-cycle and implications for fiscal revenues
Recent literature on non-renewables
Institutions and instruments: gaps in relation to best practices
What next for resource tax systems in Latin America?
Conclusions
Chapter 2: The effects of commodity taxation on sector performance
Methodological approach
Results
Concluding remarks
Chapter 3: Towards efficient taxation of minerals: The case of copper in Chile
The role of copper in Chilean Development
Mining sector today
Deacon's Model
Data and parameters
Relevant Tax Regimes in the Case of Chile
Simulations of the scenarios
Concluding remarks
Chapter 4: Two sectors, two approaches: resource taxation in Peru
Institutional Setting
The Model
Data
Results
Introducing depreciation in Deacon's Model
Concluding remarks
Chapter 5: Not all fields are created equal: The challenge of oil taxation in Venezuela
The Theory on Oil Production and Taxes.
The Venezuelan Case
Estimating the Effects upon Oil Exploitation of the Tax Rules
A brief review of the performance sector
Concluding Remarks
Chapter 6: Regulation and State Intervention in Non-Renewable Natural Resources: the cases of the oil and gas sectors in Argentina.
Some facts about the oil and gas sectors in Argentina after the 2001-2002 crisis.
Making sense of regulations: a dynamic political-economy agency model of state intervention in the gas market
Self-enforcing equilibrium characterization with no exports, positive imports and positive subsidies.
Rationalizing facts on Argentina's oil and gas in the 2000's with the model results. Some policy implications.
Concluding remarks
Chapter 7: Oil Sector Performance and Institutions in Latin America
Analytical Framework
Empirical Evidence
Concluding Remarks
Chapter 8: Transparency Matters
The Evolution of the EITI
Prior Research
Data and Measurement Issues
Empirical Model and Estimation Methodology
Findings
Case Studies: Nigeria and Peru
Concluding Remarks
