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By C. van der Linde

Abbreviations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ix bankruptcy 1 advent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 bankruptcy 2 REDRAWING the bounds among kingdom and corporate . . . three bankruptcy three country PARTICIPATION within the financial system . . . . . . . . . . . . . . . . . . . . . 25 bankruptcy four overseas financial INSTABILITY . . . . . . . . . . . . . . . . . . . . . forty nine bankruptcy five THE FAILURE OF OPEC TO safe monetary RENTS . . . . . . . . . . sixty seven bankruptcy 6 TURNING BLACK GOLD INTO improvement . . . . . . . . . . . . . . . . . . eighty one bankruptcy 7 nationwide OIL businesses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ninety seven bankruptcy eight formidable CONSOLIDATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 bankruptcy nine STRATEGIC CONSOLIDATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151 References . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . one hundred fifty five Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . one hundred sixty five PREFACE This publication has been kicking round my table for relatively it slow. off and on I again to my paintings at the function of the nation within the financial system and the foreign oil industry, yet for a very long time i used to be no longer happy with the form it was once in. I comprehend now that i wished the insights built over the last couple of years at the function of the country, legislation, liberalization, privatization, and the hot occasions within the overseas oil to deliver all my rules jointly in a extra coherent layout. It was once the occasions that the Asian monetary predicament that drew me again to complete penning this publication. The early beginnings of this booklet have been built on the Institute of foreign Affairs, Chatham I-louse, in London, the place i used to be a learn fellow with the strength and setting Programme in 1992 and 1993. on the Colorado tuition of Mines, I had the chance to check my principles in a graduate classification, and proceed the research.

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2. I. LatTont and J. , 1993, p. 475. e. Ordeshook, 'The Emerging discipline of political economy'. In lE. A. ), Perspectives in Positive Political Economy, Cambridge University Press, Cambridge, 1990, pp. 14-20. 44 J-J. Laffont and J. Tirole, op. , 1993, p. 537. 4'; Ihid. State Participation in the Economy 29 the business climate. 46 In Indonesia, Pertamina fulfilled this role. Interestingly, in the course of time the implementation ofPSCs by Pertamina resulted in a negative business climate, and private international oil companies became increasingly reluctant to invest.

5 Financial Times, 13 July 1999. State Participation in the Economy 31 former president Suharto) for services that Pertamina staff could easily have performed themselves. 56 The evidence against the 'public interest' or 'helping hand of government' models gained momentum in the 1980s, when government policies clearly had not been able to produce the desired outcomes in a period of economic downturn. As argued earlier, the efficiency of factor allocation cannot be guaranteed by public intervention because government failures can also be large.

In most oil-producing countries, the NOCs were forced by the government to supply fuels below cost, which constituted a major hemorrhage on the company's profits. Because monopolization of the sector was not enough, the governments also chose to strictly regulate the NOCs on the domestic market. It is therefore not surprising that the perf()rmance of these NOes was very disappointing indeed, and that after 1986, liberalization and/or privatization of the oil sector was considered more seriously.

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