Fiscal Sustainability With Non Renewable Resources

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Fiscal Sustainability With Non Renewable Resources

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Author : Mr.Nigel Andrew Chalk
language : en
Publisher: International Monetary Fund
Release Date : 1998-03-01

Fiscal Sustainability With Non Renewable Resources written by Mr.Nigel Andrew Chalk 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 1998-03-01 with Business & Economics categories.

This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.

Fiscal Sustainability In Heavily Indebted Countries Dependent On Nonrenewable Resources The Case Of Gabon

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Author : Joseph Ntamatungiro
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-02-01

Fiscal Sustainability In Heavily Indebted Countries Dependent On Nonrenewable Resources The Case Of Gabon written by Joseph Ntamatungiro 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 2004-02-01 with categories.

This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.

Fiscal Sustainability In Heavily Indebted Countries Dependent On Nonrenewable Resources

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Author : Joseph Ntamatungiro
language : en
Publisher:
Release Date : 2014

Fiscal Sustainability In Heavily Indebted Countries Dependent On Nonrenewable Resources written by Joseph Ntamatungiro 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.

This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.

Nonrenewable Resources

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Author : Mr.Max Alier
language : en
Publisher: International Monetary Fund
Release Date : 1999-03-01

Nonrenewable Resources written by Mr.Max Alier 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 1999-03-01 with Nature categories.

This paper examines whether there is a case for temporary but persistent fiscal surpluses in economies heavily endowed with nonrenewable resources. It finds that there generally is a case. Fiscal surpluses permit replacing nonfinancial wealth with financial assets, the return on which increases public consumption possibilities of future generations for a constant across-generation tax burden. The more biased are a government’s preferences toward present generations, the lower will be the initial surpluses; the larger the finite endowment, the larger the initial surpluses. In a more general framework, including public investment, the proposition could be rephrased by replacing surpluses with stronger initial fiscal positions.

Riding The Roller Coaster

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Author : Pablo Lopez Murphy
language : en
Publisher: International Monetary Fund
Release Date : 2010-11-01

Riding The Roller Coaster written by Pablo Lopez Murphy 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 2010-11-01 with Business & Economics categories.

This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.

Green Fiscal Reform For A Sustainable Future

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Author : Natalie P. Stoianoff
language : en
Publisher: Edward Elgar Publishing
Release Date : 2016-08-26

Green Fiscal Reform For A Sustainable Future written by Natalie P. Stoianoff and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-26 with Law categories.

This timely book focuses on achieving a sustainable future through the reform of green fiscal policy. Green fiscal policies help not only provide the needed financing but may also serve the Sustainable Development Goals adopted by the United Nations in 2015. In this volume environmental tax experts review the development of fiscal carbon policy, consider the impact of green taxation on trade and competition, analyse the lessons learned from national experiences with fuel and energy pricing, and evaluate a variety of green economic instruments.

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 Sustainability

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Author : Mr.Evan Tanner
language : en
Publisher: International Monetary Fund
Release Date : 2013-04-22

Fiscal Sustainability written by Mr.Evan Tanner 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 2013-04-22 with Business & Economics categories.

This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.

Calculating Sustainable Non Mineral Balances As Benchmarks For Fiscal Policy The Case Of Botswana

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Author : Jens R. Clausen
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2008-05-01

Calculating Sustainable Non Mineral Balances As Benchmarks For Fiscal Policy The Case Of Botswana written by Jens R. Clausen 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 2008-05-01 with categories.

Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from revenues from these resources, which is held constant in terms of GDP. Botswana is an interesting case because current projections suggest that diamond resources could be largely exhausted within a generation.

Riding The Roller Coaster

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Author : Pablo Lopez Murphy
language : en
Publisher:
Release Date : 2014

Riding The Roller Coaster written by Pablo Lopez Murphy 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.

This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.