Session VI: Institutions in natural resource rich economies

Given the significant role played by institutions with respect to oil management, the last session of the conference was dedicated to discuss “Institutions in Natural Resource-Rich Economies”.

Klaus Schmidt-Hebbel, Catholic University of Chile, addressed Fiscal Institutions in Resource-rich Economies while highlighting the lessons to draw from the Chilean and Norwegian experiences.

Klaus Schmidt-Hebbel (Catholic University of Chile); Ragnar Torvik (Norwegian University of Science and Technology) & Antoine Heuty (Revenue Watch Institute)

Klaus Schmidt-Hebbel (Catholic University of Chile); Ragnar Torvik (Norwegian University of Science and Technology) & Antoine Heuty (Revenue Watch Institute)

From his side, Ragnar Torvik, Norwegian University of Science and Technology, made a presentation on “Transparency and Accountability in Resource Rich Countries”. According to him, the potential answer to the question “why do some resource-rich countries do so well while others do so badly?” is politics. Therefore, the potential answer to “why do politics differ?” is transparency and accountability.

Watch highlights from Ragnar Torvik on the importance of checks and balances, transparency and accountability to guarantee a better use of natural resources:

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