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Macroeconomic Policy Frameworks For Resource Rich Developing Countries Background Paper 1
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Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498339999 Total Pages :56 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Policy Frameworks for Resource-Rich Developing Countries by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Policy Frameworks for Resource-Rich Developing Countries 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 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper aims to widen the prism through which Fund policy analysis is conducted for resource-rich developing countries (RRDCs). While all resource-rich economies face resource revenue exhaustibility and volatility, RRDCs face additional challenges, including lack of access to international capital markets and domestic capital scarcity. Resource exhaustibility gives rise to inter-temporal decisions of how much of the resource wealth to consume and how much to save, and revenue volatility calls for appropriate fiscal rules and precautionary savings. Under certain conditions, it would be optimal for a significant share of a RRDC’s savings to be in domestic real assets (e.g., investment in domestic infrastructure), though absorptive capacity constraints need to be tackled to promote efficient spending and short-run policies are needed to preserve macroeconomic stability. The objective of this paper is to develop new macro-fiscal frameworks and policy analysis tools for RRDCs that could enhance Fund policy advice.
Book Synopsis Macroeconomic Policy Frameworks for Resource-Rich Developing Countries by : Internationaler Währungsfonds
Download or read book Macroeconomic Policy Frameworks for Resource-Rich Developing Countries written by Internationaler Währungsfonds and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.
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.
Author :International Monetary Fund. Strategy, Policy, & Review Department Publisher :International Monetary Fund ISBN 13 :1498339980 Total Pages :75 pages Book Rating :4.4/5 (983 download)
Book Synopsis Macroeconomic Policy Frameworks for Resource-Rich Developing Countries - Background Paper 1 by : International Monetary Fund. Strategy, Policy, & Review Department
Download or read book Macroeconomic Policy Frameworks for Resource-Rich Developing Countries - Background Paper 1 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 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.
Book Synopsis Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by : International Monetary Fund
Download or read book Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2015-10-23 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.
Book Synopsis Macroeconomics for Developing Countries by : Raghbendra Jha
Download or read book Macroeconomics for Developing Countries written by Raghbendra Jha and published by Routledge. This book was released on 2003-03-13 with total page 511 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics for Developing Countries presents a comprehensive study of the tools of macroeconomic analysis with particular emphasis on their application in Developing Countries. At the same time, it examines the debate over whether developing economies should have a completely different framework for dealing with macroeconomic problems. The book includes: * alternative macroeconomic models of developing countries; * theories of inflation and the balance of payments; * internal and external debt; * evaluations of IMF stabilization packages.
Book Synopsis Macroeconomic Policy for Growth and Poverty Reduction by : Degol Hailu
Download or read book Macroeconomic Policy for Growth and Poverty Reduction written by Degol Hailu and published by . This book was released on 2011 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: A fundamental shift in macroeconomic policy thinking is taking place. This shift opens a space for implementing policies that promote growth and reduce poverty in developing countries. In this paper, policies for post-conflict and resource-rich economies are outlined. Fiscal policy would focus on revenue mobilization, scaling-up public investment, and preventing over-heating. Monetary policies would revive the financial sector, prevent inflationary pressures and stimulate private sector investment. Exchange rate policies should focus on achieving slow depreciation and maintaining international competitiveness. These policies should not be considered in isolation from each other, but in coordination.
Book Synopsis The Macroeconomics of Developing Countries by : Giovanni Andrea Cornia
Download or read book The Macroeconomics of Developing Countries written by Giovanni Andrea Cornia and published by Oxford University Press. This book was released on 2020-03-26 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Macroeconomics of Developing Countries provides a comprehensive discussion of the exogenous factors and macroeconomic policies that affect the business cycle, long term growth, and distribution of income in developing countries. It examines countries dependent on natural resources and affected by supply rigidities in agriculture. They also feature dualistic markets, a large informal sector, rapid population growth, a vulnerable export sector, and chronic dependence on a volatile global finance. The Macroeconomics of Developing Countries uses these examples to analyse the impact of stablization and adjustment politices on growth, inequality, and poverty. Despite the launch of the Sustainable Development Goals there is little consensus on how macroeconomic policies can be consistent with these objectives. The Macroeconomics of Developing Countries demonstrates that a critical application of standard models to developing countries can generate erroneous results and induce the adoption of incorrect policy. In order to address this, it discusses the key structural differences between advanced and developing countries in order to justify the construction of alternative models.
Book Synopsis Macroeconomic Policies in an Interdependent World by : Mr.Paul R. Masson
Download or read book Macroeconomic Policies in an Interdependent World written by Mr.Paul R. Masson and published by International Monetary Fund. This book was released on 1989-06-15 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Copublished with the Brookings Institution, Washington D.C. and the Centre for Economic Policy Research, London, and edited by Ralph Bryant, David Currie, Jacob A. Frenkel, Paul Masson, and Richard Portes, this volume considers economic interdependence among well developed countries as well as between them and the developing regions of the world.
Book Synopsis Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth by : Charlotte J. Lundgren
Download or read book Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth written by Charlotte J. Lundgren and published by International Monetary Fund. This book was released on 2013-08-27 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sizeable natural resource endowments and potentially large financial inflows from their extraction provide an unparalleled opportunity for economic growth and development in a growing number of sub-Saharan African countries. Empirical evidence suggests, however, that translating this resource wealth into stronger economic performance and a higher standard of living has proven challenging. Much has been written about the resource curse. This publication focuses on solutions to the challenges and outlines the main policy considerations and options in managing natural resource wealth, drawing on experience within and outside sub-Saharan Africa and referring closely to the latest analysis and policy advice in this area by the IMF, the World Bank, and leading academic research. A key feature of each chapter is a recommended reading list for those who wish additional, more in-depth material on these issues to further inform policymakers and other stakeholders on the theoretical and analytical underpinnings of the policy advice.
Book Synopsis Designing a Fiscal Framework for a Prospective Commodity Producer by : Mariusz Jarmuzek
Download or read book Designing a Fiscal Framework for a Prospective Commodity Producer written by Mariusz Jarmuzek and published by International Monetary Fund. This book was released on 2014-10-23 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lebanon is expected to have gas resources in its Mediterranean basin, and these could turn the country into a natural gas producer over the next decade. Lebanon’s economy and institutions will thus need to adapt to the challenges and opportunities that such change will bring. In this paper, we address how Lebanon’s fiscal framework will need to be reformulated to take into account potential resource revenue. Designing a fiscal regime appropriately is an absolute prerequisite to make sure the government can receive a fair share of the resources while investors face appropriate incentives to invest and develop the sector. This step should be followed by setting macro-fiscal anchors and supporting institutions. The prospective framework should initially be focused on ensuring fiscal sustainability and intergenerational equity, given the estimated relatively short horizon of Lebanon’s gas resources. Strong institutional arrangements also need to underpin the prospective framework, to ensure that the pace of resource wealth’s use is set in line with Lebanon’s capacity constraints.
Book Synopsis Central African Economic and Monetary Community by : Mr.Mario de Zamaroczy
Download or read book Central African Economic and Monetary Community written by Mr.Mario de Zamaroczy and published by International Monetary Fund. This book was released on 2018-08-03 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.
Download or read book Fiscal Rules written by Mr.Jiro Honda and published by International Monetary Fund. This book was released on 2017-09-12 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, Lesotho and Swaziland have faced significant volatility in their fiscal revenues, owing to highly unstable Southern African Customs Union (SACU) receipts. Based on model analysis, this paper explores the advantages of implementing fiscal rules to deal with such volatility. It finds that the use of a structural balance target could smooth the growth impact from revenue shocks while helping preserve sufficient international reserves during bad times. From a long-term perspective, it suggests possible welfare gains from introducing fiscal rules. Last, it concludes that, based on experiences in other countries, developing strong institutions and improving public financial management are necessary steps to ease the transitions to a rules-based fiscal policy framework.
Book Synopsis Nigeria by : International Monetary Fund. African Dept.
Download or read book Nigeria written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2016-04-08 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses a few selected issues of the Nigerian economy—options and strategies for a fiscal rule for oil wealth management, enhancing the effectiveness of monetary policy, and recent developments and prospects of capital flow. Despite its diversified economy, Nigeria’s fiscal policy is heavily dependent on the oil sector. This paper explores options for a formalized rule-based approach to setting a “depoliticized” budget oil price. Two boom-and-bust episodes since early 2000 have highlighted the challenges in the current monetary policy framework. Nigeria has also been characterized by sizable capital outflows, which have diminished recently.
Book Synopsis Oil, Gas, and Mining by : Peter D. Cameron
Download or read book Oil, Gas, and Mining written by Peter D. Cameron and published by World Bank Publications. This book was released on 2017-06-01 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil, Gas, and Mining: A Sourcebook for Understanding the Extractive Industries provides developing countries with a technical understanding and practical options around oil, gas, and mining sector development issues. A central premise of the Sourcebook is that good technical knowledge can better inform political, economic, and social choices with respect to sector development and the related risks and opportunities. The guidance provided by the Sourcebook assumes a broad set of overarching principles, all centered on good governance and directed at achieving positive and broadly based sustainable development outcomes. This Sourcebook is rich in presenting options to challenges, on the understanding that contexts and needs vary, and that there is much to be gained from appreciating the lessons learned from a broad set of experiences.
Author :International Monetary Fund. Middle East and Central Asia Dept. Publisher :International Monetary Fund ISBN 13 :1475525982 Total Pages :59 pages Book Rating :4.4/5 (755 download)
Book Synopsis Algeria by : International Monetary Fund. Middle East and Central Asia Dept.
Download or read book Algeria written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2014-02-05 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper explores the monetary policy transmission channels in Algeria and analyzes available options to strengthen monetary policy effectiveness. High liquidity has been the hallmark of the Algerian monetary policy framework for most of the 2000s. The paper assesses the impact of monetary policy changes on its final targets—growth and inflation, and outlines policy options to strengthen the efficacy of monetary policy. It takes stock of Algeria’s current fiscal framework, and discusses options and strategies for a revised fiscal framework. Key principles for managing natural resource funds are also described.
Author :International Monetary Fund. Asia and Pacific Dept Publisher :International Monetary Fund ISBN 13 :1498390552 Total Pages :11 pages Book Rating :4.4/5 (983 download)
Book Synopsis Papua New Guinea by : International Monetary Fund. Asia and Pacific Dept
Download or read book Papua New Guinea written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2014-12-03 with total page 11 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes the sustainability of Papua New Guinea’s current and medium-term fiscal policy and its consistency with government objectives. The Papua New Guinea government faces major challenges in shaping a fiscal policy that promotes stability, meets development needs, and adheres to its debt ceilings over the medium term. It could decide to continue with its current fiscal stance, which would see its resource wealth exhausted quickly through large development spending. This approach would likely require continued borrowing and leave little savings for future generations.
