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Investing Volatile Oil Revenues In Capital Scarce Economies
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Book Synopsis Investing Volatile Oil Revenues in Capital-Scarce Economies by : Christine J. Richmond
Download or read book Investing Volatile Oil Revenues in Capital-Scarce Economies written by Christine J. Richmond and published by International Monetary Fund. This book was released on 2013-06-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al. (forthcoming) that incorporates investment inefficiency and absorptive capacity constraints, often encountered in developing countries. The sustainable investing approach, which combines a stable fiscal regime with external savings, can convert resource wealth to development gains while maintaining economic stability. Stochastic simulations demonstrate how the framework can be used to inform allocations between capital spending and external savings when facing uncertain oil revenues. An overly aggressive investment scaling-up path could result in insufficient fiscal buffers when faced with negative oil price shocks. Consequently, investment progress can be interrupted, driving up the capital depreciation rate, undermining economic stability, and lowering the growth benefits of public investment.
Book Synopsis Investing Volatile Oil Revenues in Capital-Scarce Economies by : Christine J. Richmond
Download or read book Investing Volatile Oil Revenues in Capital-Scarce Economies written by Christine J. Richmond and published by International Monetary Fund. This book was released on 2013-06-12 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al. (forthcoming) that incorporates investment inefficiency and absorptive capacity constraints, often encountered in developing countries. The sustainable investing approach, which combines a stable fiscal regime with external savings, can convert resource wealth to development gains while maintaining economic stability. Stochastic simulations demonstrate how the framework can be used to inform allocations between capital spending and external savings when facing uncertain oil revenues. An overly aggressive investment scaling-up path could result in insufficient fiscal buffers when faced with negative oil price shocks. Consequently, investment progress can be interrupted, driving up the capital depreciation rate, undermining economic stability, and lowering the growth benefits of public investment.
Book Synopsis Republic of Mozambique by : International Monetary Fund. African Dept.
Download or read book Republic of Mozambique written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-06-18 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected Issues
Book Synopsis The Oxford Handbook of Africa and Economics by : Célestin Monga
Download or read book The Oxford Handbook of Africa and Economics written by Célestin Monga and published by OUP Oxford. This book was released on 2015-07-02 with total page 865 pages. Available in PDF, EPUB and Kindle. Book excerpt: For a long time, economic research on Africa was not seen as a profitable venture intellectually or professionally-few researchers in top-ranked institutions around the world chose to become experts in the field. This was understandable: the reputation of Africa-centered economic research was not enhanced by the well-known limitations of economic data across the continent. Moreover, development economics itself was not always fashionable, and the broader discipline of economics has had its ups and downs, and has been undergoing a major identity crisis because it failed to predict the Great Recession. Times have changed: many leading researchers-including a few Nobel laureates-have taken the subject of Africa and economics seriously enough to devote their expertise and creativity to it. They have been amply rewarded: the richness, complexities, and subtleties of African societies, civilizations, rationalities, and ways of living, have helped renew the humanities and the social sciences-and economics in particular-to the point that the continent has become the next major intellectual frontier to researchers from around the world. In collecting some of the most authoritative statements about the science of economics and its concepts in the African context, this lhandbook (the first of two volumes) opens up the diverse acuity of commentary on exciting topics, and in the process challenges and stimulates the quest for knowledge. Wide-ranging in its scope, themes, language, and approaches, this volume explores, examines, and assesses economic thinking on Africa, and Africa's contribution to the discipline. The editors bring a set of powerful resources to this endeavor, most notably a team of internationally-renowned economists whose diverse viewpoints are complemented by the perspectives of philosophers, political scientists, and anthropologists.
Book Synopsis Public Investment in Resource-Abundant Developing Countries by : Mr.Andrew Berg
Download or read book Public Investment in Resource-Abundant Developing Countries written by Mr.Andrew Berg and published by International Monetary Fund. This book was released on 2012-11-15 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Natural resource revenues provide a valuable source to finance public investment in developing countries, which frequently face borrowing constraints and tax revenue mobilization problems. This paper develops a dynamic stochastic small open economy model to analyze the macroeconomic effects of investing natural resource revenues, making explicit the role of pervasive features in these countries including public investment inefficiency, absorptive capacity constraints, Dutch disease, and financing needs to sustain capital. Revenue exhaustibility raises medium-term issues of how to sustain capital built during a windfall, while revenue volatility raises short-term concerns about macroeconomic instability. Using the model, country applications show how combining public investment with a resource fund---a sustainable investing approach---can help address the macroeconomic problems associated with both exhaustibility and volatility. The applications also demonstrate how the model can be used to determine the appropriate magnitude of the investment scaling-up (accounting for the financing needs to sustain capital) and the adequate size of a stabilization fund (buffer).
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513598406 Total Pages :134 pages Book Rating :4.5/5 (135 download)
Book Synopsis Regional Economic Outlook, October 2015 by : International Monetary Fund
Download or read book Regional Economic Outlook, October 2015 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-27 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in sub-Saharan Africa has weakened after more than a decade of solid growth, although this overall outlook masks considerable variation across the region. Some countries have been negatively affected by falling prices of their main commodity exports. Oil-exporting countries, including Nigeria and Angola, have been hit hard by falling revenues and the resulting fiscal adjustments, while middle-income countries such as Ghana, South Africa, and Zambia are also facing unfavorable conditions. This October 2015 report discusses the fiscal and monetary policy adjustments necessary for these countries to adapt to the new environment. Chapter 2 looks at competitiveness in the region, analyzing the substantial trade integration that accompanied the recent period of high growth, and policy actions to nurture new sources of growth. Chapter 3 looks at the implications for the region of persistently high income and gender inequality and ways to reduce them.
Book Synopsis Regional Economic Outlook, October 2017, Sub-Saharan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, October 2017, Sub-Saharan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2017-11-27 with total page 129 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in sub-Saharan Africa has recovered relative to 2016, but the momentum is weak and per capita incomes are expected to barely increase. Further, vulnerabilities have risen in many countries, adding to the urgency of implementing the fiscal consolidations planned in most countries and with stepped up efforts to strengthen growth.
Book Synopsis Regional Economic Outlook, April 2017, Sub-Saharan Africa by : Céline Allard
Download or read book Regional Economic Outlook, April 2017, Sub-Saharan Africa written by Céline Allard and published by International Monetary Fund. This book was released on 2017-05-09 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth momentum in sub-Saharan Africa remains fragile, marking a break from the rapid expansion witnessed since the turn of the millennium. 2016 was a difficult year for many countries, with regional growth dipping to 1.4 percent—the lowest level of growth in more than two decades. Most oil exporters were in recession, and conditions in other resource-intensive countries remained difficult. Other nonresource-intensive countries however, continued to grow robustly. A modest recovery in growth of about 2.6 percent is expected in 2017, but this falls short of past trends and is too low to put sub-Saharan Africa back on a path of rising living standards. While sub-Saharan Africa remains a region with tremendous growth potential, the deterioration in the overall outlook partly reflects insufficient policy adjustment. In that context, and to reap this potential, strong and sound domestic policy measures are needed to restart the growth engine.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1498307779 Total Pages :110 pages Book Rating :4.4/5 (983 download)
Book Synopsis Regional Economic Outlook, October 2014 by : International Monetary Fund
Download or read book Regional Economic Outlook, October 2014 written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-10-20 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Growth in much of Sub-Saharan Africa is expected to remain strong, driven by efforts to invest in infrastructure and strong agricultural production. The current Ebola outbreak in Guinea, Liberia, and Sierra Leone is exacting a heavy toll, with spillovers to neighboring countries. External threats to the region's overall positive outlook include global financial conditions and a slowdown in emerging market growth.
Book Synopsis Regional Economic Outlook, April 2015, Sub-Saharan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, April 2015, Sub-Saharan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-04-28 with total page 121 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sharp decline in oil and other commodity prices have adversely impacted sub-Saharan Africa. Nevertheless, the region is projected to register another year of solid economic performance. In South Africa, however, growth is expected to remain lackluster, while in Guinea, Liberia, and Sierra Leone the Ebola outbreak continues to exact a heavy economic and social toll. This report also considers how sub-Saharan Africa can harness the demographic dividend from an unprecedented increase in the working age population, as well as the strength of the region's integration into global value chains.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1484342887 Total Pages :114 pages Book Rating :4.4/5 (843 download)
Book Synopsis Regional Economic Outlook, April 2014, Sub-Saharan Africa by : International Monetary Fund
Download or read book Regional Economic Outlook, April 2014, Sub-Saharan Africa written by International Monetary Fund and published by International Monetary Fund. This book was released on 2014-04-24 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: The five Regional Economic Outlooks published biannually by the IMF cover Asia and Pacific, Europe, the Middle East and Central Asia, Sub-Saharan Africa, and the Western Hemisphere. In each volume, recent economic developments and prospects for the region are discussed as a whole, as well as for specific countries. The reports include key data for countries in the region. Each report focuses on policy developments that have affected economic performance in the region, and discusses key challenges faced by policymakers. The near-term outlook, key risks, and their related policy challenges are analyzed throughout the reports, and current issues are explored, such as when and how to withdraw public interventions in financial systems globally while maintaining a still-fragile economic recovery.These indispensable surveys are the product of comprehensive intradepartmental reviews of economic developments that draw primarily on information the IMF staff gathers through consultation with member countries.
Book Synopsis Regional Economic Outlook, October 2016, Sub-Saharan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, October 2016, Sub-Saharan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2016-10-25 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth in sub-Saharan Africa this year is set to drop to its lowest level in more than 20 years, reflecting the adverse external environment, and a lackluster policy response in many countries. However, the aggregate picture is one of multispeed growth: while most of non-resource-intensive countries—half of the countries in the region—continue to perform well, as they benefit from lower oil prices, an improved business environment, and continued strong infrastructure investment, most commodity exporters are under severe economic strains. This is particularly the case for oil exporters whose near-term prospects have worsened significantly in recent months. Sub-Saharan Africa remains a region of immense economic potential, but policy adjustment in the hardest-hit countries needs to be enacted promptly to allow for a growth rebound.
Book Synopsis Regional Economic Outlook, October 2013, Sub-Saharan Africa by : International Monetary Fund. African Dept.
Download or read book Regional Economic Outlook, October 2013, Sub-Saharan Africa written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-10-31 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: The October 2013 Regional Economic Outlook: Sub-Saharan Africa provides a comprehensive report on the prospects for growth in the region, as well as the major risks to the outlook. Generally, growth is expected to remain strong despite a downward revision since the May 2013 report. The report analyzes drivers of growth in nonresource-rich sub-Saharan African countries, and examines the risks to frontier market economies of volatile capital flows as they become more integrated with international capital markets.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1475558538 Total Pages :16 pages Book Rating :4.4/5 (755 download)
Book Synopsis IMF Research Bulletin, September 2013 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2013 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2013-09-16 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Research Summaries in the September 2013 IMF Research Bulletin focus on “External Conditions and Debt Sustainability in Latin America” (Gustavo Adler and Sebastian Sosa) and “Monetary Policy Cyclicality in Emerging Markets” (Donal McGettigan, Kenji Moriyama, and Chad Steinberg). In the Q&A, Itai Aigur and Sunil Sharma discuss “Seven Questions on Macroprudential Policy Frameworks.” The Research Bulletin also includes an updated listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as information on a forthcoming conference. The IMF Economic Review’s new Impact Factor is also highlighted.
Book Synopsis Finance and Development, September 2013 by : International Monetary Fund. External Relations Dept.
Download or read book Finance and Development, September 2013 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2013-09-04 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
Book Synopsis Angola by : International Monetary Fund. African Dept.
Download or read book Angola written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2018-06-08 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines tradeoffs and opportunities for oil revenues in Angola. Angola is facing a stark trade-off between declining oil fiscal revenues over the medium term and increasing social and public investment needs. Opportunities do exist to make the most of Angola’s remaining oil reserves, whilst reducing its debt burden and building fiscal buffers. However, a sound fiscal framework for the use of oil revenues that includes a well-designed fiscal stabilization fund may be needed. Under a more active fiscal rule, public investment can be scaled up gradually, while building fiscal buffers and insulating the non-oil economy from volatile oil price movements.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498340008 Total Pages :104 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Policy Frameworks for Resource-Rich Developing Countries--Analytic Frameworks and Applications by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Policy Frameworks for Resource-Rich Developing Countries--Analytic Frameworks and Applications written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2012-08-24 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: This supplement presents the analytical frameworks underlying the IMF’s staff’s enhanced policy analysis and advice to resource-rich developing countries (RRDCs). The proposed macro-fiscal models, which are applied to selected country or regional cases, are aimed at addressing questions regarding how to deal with resource revenue uncertainty and how to scale up spending within relevant frameworks that ensure fiscal and external sustainability while addressing absorptive capacity constraints. The country applications confirm the importance attached by both IMF staff and country authorities of using the appropriate macro-fiscal frameworks to address the specific challenges faced by RRDCs.
