Fiscal Policy Sustainability In Oil Producing Countries
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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.
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.
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.
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.
Rethinking Fiscal Policy In Oil Exporting Countries
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Author : Mr.Tokhir N Mirzoev
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-17
Rethinking Fiscal Policy In Oil Exporting Countries written by Mr.Tokhir N Mirzoev 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 2019-05-17 with Business & Economics categories.
We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece—the permanent income hypothesis (PIH)—is not consistent with either intergenerational equity or long-term sustainability in the presence of uncertainty. Policies to achieve these goals need to be more prudent and better anchored than the PIH. Second, we point out the presence of a volatility tradeoff between government spending and wealth and re-assess long-held views on the appropriate fiscal anchors, the vice of procyclicality, and the (im)possibility of simultaneously smoothing consumption and ensuring intergenerational equity and sustainability. Finally, we propose what we call a prudent wealth stabilization policy that would be more consistent with long-term fiscal policy goals, yet relatively simple to implement and communicate.
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.
Fiscal Vulnerability And Sustainability In Oil Producing Sub Saharan African Countries
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Author : Robert York
language : en
Publisher:
Release Date : 2014
Fiscal Vulnerability And Sustainability In Oil Producing Sub Saharan African Countries written by Robert York and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Over many years rises and fall of world oil prices have been repeatedly reflected in the boom-bust cycles in oil-exporting countries the world over. The recent spectacular rise and equally spectacular fall in prices provides an opportunity to inquire whether anything is different this time. In this paper we limit the analysis to the experience, outlook, and longterm fiscal policy considerations for eight of the world's oil-producing countries in sub- Saharan Africa. Because we are interested in gauging their fiscal vulnerability and sustainability from the angle of managing exhaustible oil wealth, we focus on the non-oil primary balance as the relevant indicator of how initial conditions and resource endowments can influence long-term considerations in several different models of fiscal rules.
External Sustainability Of Oil Producing Sub Saharan African Countries
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Author : Ms.Misa Takebe
language : en
Publisher: International Monetary Fund
Release Date : 2011-08-01
External Sustainability Of Oil Producing Sub Saharan African Countries written by Ms.Misa Takebe 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 2011-08-01 with Business & Economics categories.
In the extensive empirical work carried out across the IMF on oil-producing sub-Saharan African (SSA) countries, the notion of "sustainability" is often directed toward fiscal policies, and, in particular, views on the "optimal" non-oil primary fiscal deficit. The bulk of this work does not, however, address external sustainability, which is a concern especially for those SSA oil producers operating under a fixed exchange rate regime. A couple of recent papers have extended the existing methodologies to assess external sustainability for some oil-producing countries but they do not focus on those in sub-Saharan Africa. In this paper, we bolster this empirical work by providing a range of estimates for the long-run external current external account balance for each of the SSA oil-producing countries, based on three widely used methodologies in the IMF. Our research strategy is to apply these models to the eight countries in the subregion - Angola, Cameroon, Chad, Côte d'Ivoire, Equatorial Guinea, Gabon, Nigeria, and the Republic of Congo - using similar simplifying assumptions so that we are using the same lens to view how they do and do not differ.
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.
The Future Of Oil And Fiscal Sustainability In The Gcc Region
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Author : Mr.Tokhir N Mirzoev
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-06
The Future Of Oil And Fiscal Sustainability In The Gcc Region written by Mr.Tokhir N Mirzoev 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 2020-02-06 with Business & Economics categories.
The oil market is undergoing fundamental change. New technologies are increasing the supply of oil from old and new sources, while rising concerns over the environment are seeing the world gradually moving away from oil. This spells a significant challenge for oil-exporting countries, including those of the Gulf Cooperation Council (GCC) who account for a fifth of the world’s oil production. The GCC countries have recognized the need to reduce their reliance on oil and are all implementing reforms to diversify their economies as well as fiscal and external revenues. Nevertheless, as global oil demand is expected to peak in the next two decades, the associated fiscal imperative could be both larger and more urgent than implied by the GCC countries’ existing plans.