@article{Viccaro:207861,
      recid = {207861},
      author = {Viccaro, Mauro and Rocchi, Benedetto and Cozzi, Mario and  Severino, Marino},
      title = {The socioeconomic impact derived from the oil royalty  allocation on regional development},
      address = {2015-06},
      number = {1054-2016-85972},
      pages = {13},
      year = {2015},
      abstract = {The aim of this work was to assess the socioeconomic  impact derived from the oil royalty allocation on  regional
development, using a multi-sector model based on a  Social Accounting Matrix (SAM), appropriately implemented  for
Basilicata region (Italy), the typical case of a region  lagging behind in a developed economy. Our focus was on  how
political decisions have influenced the economic  development of the region and how a different set of  choices can be more
effective in transforming public  receipts into long-term benefits. Results clearly show that  in the past the allocation of oil
royalties to the regional  government (as a whole €990 million) generated a much lower  impact than expected, in terms
of economic growth and  employment. Given the structure of the regional economy,  much of the impact of investments and
running expenses  financed by royalties has maybe been lost outside the  regional boundaries. A greater effect on income
and  employment will not be possible unless resources are  re-directed towards greater competitiveness of the  regional
economic system. Better balancing the use of  royalties between social expenditure and production  investments would
probably be the first step towards a  strategy of sustainable development of the regional  economy.},
      url = {http://ageconsearch.umn.edu/record/207861},
      doi = {https://doi.org/10.22004/ag.econ.207861},
}