Fiscal Policy Rules For Oil Producing Countries A Welfare Based Assessment
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Fiscal Policy Rules For Oil Producing Countries A Welfare Based Assessment
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Author : Wojciech Maliszewski
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2009-06-01
Fiscal Policy Rules For Oil Producing Countries A Welfare Based Assessment written by Wojciech Maliszewski and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-06-01 with categories.
The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework.
Fiscal Policy Sustainability In Oil Producing Countries
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Author : Ms.Sheila Bassett
language : en
Publisher: International Monetary Fund
Release Date : 1994-11-01
Fiscal Policy Sustainability In Oil Producing Countries written by Ms.Sheila Bassett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-11-01 with Business & Economics categories.
Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.
Operational Aspects Of Fiscal Policy In Oil Producing Countries
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Author : Steven Barnett
language : en
Publisher: International Monetary Fund
Release Date : 2002
Operational Aspects Of Fiscal Policy In Oil Producing Countries written by Steven Barnett and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Fiscal policy categories.
Operational Aspects Of Fiscal Policy In Oil Producing Countries
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Author : Steven A. Barnett
language : en
Publisher:
Release Date : 2006
Operational Aspects Of Fiscal Policy In Oil Producing Countries written by Steven A. Barnett and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Oil-producing countries face challenges arising from the fact that oil revenue is exhaustible, volatile, and uncertain, and largely originates from abroad. Reflecting these challenges, the paper proposes some important general principles for the formulation and assessment of fiscal policy in these countries. The main findings can be summarized in some key guidelines: the non-oil balance should feature prominently in the formulation of fiscal policy; it should generally be adjusted gradually; the government should strive to accumulate substantial financial assets over the period of oil production; and, where necessary, strategies should aim at breaking procyclical fiscal responses to volatile oil prices.
Fiscal Policy In Oil Producing Countries During The Recent Oil Price Cycle
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2010-02-01
Fiscal Policy In Oil Producing Countries During The Recent Oil Price Cycle written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02-01 with Business & Economics categories.
This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend was partially reversed when oil prices went down in 2009. We also find evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition, we estimate that a small reduction in oil prices could lead to very large financing needs in the near future. Finally, we show that long-term fiscal sustainability positions in OPCs have worsened.
Fiscal Policy Sustainability In Oil Producing Countries
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Author : Claire Liuksila
language : en
Publisher:
Release Date : 2006
Fiscal Policy Sustainability In Oil Producing Countries written by Claire Liuksila and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.
Cyclical Fiscal Rules For Oil Exporting Countries
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Author : Stephen Snudden
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-06
Cyclical Fiscal Rules For Oil Exporting Countries written by Stephen Snudden and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-06 with Business & Economics categories.
Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters’ structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes.
Fiscal Policy In Oil Producing Countries During The Recent Oil Price Cycle
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Author : Mauricio Villafuerte
language : en
Publisher:
Release Date : 2010
Fiscal Policy In Oil Producing Countries During The Recent Oil Price Cycle written by Mauricio Villafuerte and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business cycles categories.
A Primer On Fiscal Analysis In Oil Producing Countries
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Author : Daria Zakharova
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2009-03-01
A Primer On Fiscal Analysis In Oil Producing Countries written by Daria Zakharova and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-01 with categories.
This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second, uncertain and volatile oil revenue flows can complicate the management of macroeconomic policies in these countries. Third, given the exhaustibility of oil reserves, OPCs need to address longer-term sustainability and intergenerational equity issues. The use of non-oil fiscal indicators, stress tests, medium-term frameworks, and permanent oil income models can greatly aid in addressing these challenges.
Rethinking Fiscal Policy After The Crisis
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Author : Ľudovít Ódor
language : en
Publisher: Cambridge University Press
Release Date : 2017-05-18
Rethinking Fiscal Policy After The Crisis written by Ľudovít Ódor and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-18 with Business & Economics categories.
After the financial crisis, what important lessons can we learn from fiscal policy? This book provides an answer to this question.