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The Fiscal Presource Curse Giant Discoveries And Debt Sustainability
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Book Synopsis The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability by : Matteo Ruzzante
Download or read book The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability written by Matteo Ruzzante and published by International Monetary Fund. This book was released on 2022-01-21 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the dynamic impact of natural resource discoveries on government debt sustainability. We use a 'natural experiment' framework in which the timing of discoveries is treated as an exogenous source of within-country variation. We combine data on government debt, fiscal stress and debt distress episodes on a large panel of countries over 1970-2012, with a global repository of giant oil, gas, and mineral discoveries. We find strong and robust evidence of a 'fiscal presource curse', i.e., natural resources can jeopardize fiscal sustainability even before 'the first drop of oil is pumped'. Specifically, we find that giant discoveries, mostly of oil and gas, lead to permanently higher government debt and, eventually, debt distress episodes, specially in countries with weaker political institutions and governance. This evidence suggest that the curse can be mitigated and even prevented by pursuing prudent fiscal policies and borrowing strategies, strengthening fiscal governance, and implementing transparent and robust fiscal frameworks for resource management.
Book Synopsis Africa's Resource Future by : James Cust
Download or read book Africa's Resource Future written by James Cust and published by World Bank Publications. This book was released on 2023-04-20 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the role for natural resource wealth in driving Africa’s economic transformation and the implications of the low-carbon transition for resource-rich economies. Resource wealth remains central to most Sub-Saharan African economies, and significant untapped potential is in the ground. Subsoil assets—such as metals, minerals, oil, and gas—are key sources of government revenues, export earnings, and development potential in most countries in the Africa region. Despite large reserves, success in converting subsoil wealth into aboveground sustainable prosperity has been limited. Since the decline in commodity prices in 2014, resource-rich Africa has grown more slowly than the region’s average growth rate. Finding ways to more effectively harness natural resource wealth to drive economic transformation will be central to Africa’s economic future. As the world moves away from fossil fuels in alignment with commitments under the Paris Agreement, Africa’s resource-rich countries face new risks and opportunities. Recent estimates suggest that 80 percent of the world’s proven fossil fuel reserves must remain underground to meet the Paris targets, and much of these stranded reserves may be in Africa. This issue of stranded assets and, relatedly, “stranded nations,†? has major implications for the many African economies that are dependent on petroleum extraction and export. On the other hand, the energy transition will increase demand for raw material inputs involved in clean energy technologies. The transition from fossil fuels to clean energy may create demand by 2050 for 3 billion tons of minerals and metals that are needed to deploy solar, wind, and geothermal energy. How can African economies tap into these opportunities while managing the downside risk to their fossil fuel wealth? Africa’s Resource Future explores these themes and offers policy makers insights to help them navigate the coming years of uncertainty.
Book Synopsis Les ressources naturelles, un enjeu clé pour l'avenir de I'Afrique by : James Cust
Download or read book Les ressources naturelles, un enjeu clé pour l'avenir de I'Afrique written by James Cust and published by World Bank Publications. This book was released on 2023-12-06 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ce livre se penche sur le rôle des richesses en ressources naturelles dans la transformation économique de l’Afrique et évoque les enjeux de la transition sobre en carbone pour les économies riches en ressources. La richesse en ressources constitue en effet un facteur clé dans la majeure partie des économies subsahariennes, dont le sol recèle un important potentiel inexploité. Les gisements souterrains de métaux, minerais, pétrole et gaz représentent des sources prépondérantes de recettes publiques et de revenus d’exportation, tout en offrant des possibilités de développement dans la plupart des pays du continent. En dépit de réserves conséquentes, la conversion de la richesse du sous-sol en prospérité durable n’a pas été pas couronnée de succès. Depuis la baisse du prix des matières premières constaté en 2014, la croissance des pays d’Afrique riches en ressources est plus lente que le taux de croissance moyen observé dans la région. Il est donc vital pour son avenir économique que le continent africain puisse tirer profit de ses richesses en ressources naturelles et ainsi favoriser sa transformation économique. Alors que le monde s’éloigne des combustibles fossiles conformément aux engagements pris dans le cadre de l’Accord de Paris, les pays africains riches en ressources voient surgir de nouveaux risques et de nouvelles opportunités. Des estimations récentes suggèrent que 80 % des réserves de combustibles fossiles attestées dans le monde doivent rester enfouies pour atteindre les objectifs de Paris; or, une grande partie de ces réserves «échouées» se situent en Afrique. Pour les nombreuses économies africaines qui dépendent de l’extraction et de l’exportation du pétrole, cette problématique des actifs «échoués», et par là -même, de «nations échouées», a des implications considérables. Mais cette transition énergétique va également avoir pour effet d’augmenter la demande en intrants de matières premières indispensables aux technologies des énergies vertes. La transition entre combustibles fossiles et énergies vertes devrait ainsi générer une demande de 3milliards de tonnes de minerais et de métaux nécessaires au déploiement des technologies à énergie solaire, éolienne et géothermique. Une question se pose alors: comment les économies africaines peuvent-elles pleinement saisir ces opportunités tout en gérant les risques inhérents aux combustibles fossiles, dans un contexte où leur demande est vouée à décroître? Les ressources naturelles, un enjeu clé pour l’avenir de l’Afrique aborde ces thèmes et offre aux décideurs politiques des pistes pour gérer les écueils de l’incertitude au cours des années à venir.
Book Synopsis Routledge Handbook of Natural Resource Governance in Africa by : Hany Besada
Download or read book Routledge Handbook of Natural Resource Governance in Africa written by Hany Besada and published by Taylor & Francis. This book was released on 2024-03-13 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Handbook of Natural Resource Governance in Africa provides a comprehensive analysis of African natural resource governance, stretching across the continent, and encompassing water, land, extractive resources, and mining. Africa’s natural resources are not only crucial for the continent from an economic, environmental, and political perspective, but they are also of significant geopolitical importance, with direct implication for meeting the global challenges outlined in the Sustainable Development Goals. Whether an abundance of natural resources proves to be a curse or a blessing depends on the nature, extent, and outcome of the effort and experience of an individual country in governing and managing such assets. It is with this in mind that this ground-breaking handbook brings together experts from across the field of natural resource development to reflect on the varied regime types and paradigms within the continent’s natural resource sectors, the specific challenges they face, and their role within global value chains. The book first considers governance for sustainable development and discourses of land and development financing, before going on to investigate the regulatory and policy impacts, and socioeconomic implications of natural resource management. Finally, the Handbook situates the African continent within the emerging global energy transition; examining trends in South-South cooperation, and new frontiers for the harnessing of critical tools in a sustainable future for natural resource governance and management. Overall, the Handbook’s in-depth analysis provides a unique blend of realism and optimism, highlighting the importance of building a new sustainable African resource narrative for shared prosperity. The handbook will be an essential read for researchers and policy makers with an interest in sustainable development and natural resource governance in Africa.
Book Synopsis Is Education Neglected in Natural Resources-Rich Countries? An Intergenerational Approach in Africa by : Jean-Marc B. Atsebi
Download or read book Is Education Neglected in Natural Resources-Rich Countries? An Intergenerational Approach in Africa written by Jean-Marc B. Atsebi and published by International Monetary Fund. This book was released on 2022-07-29 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: The literature on the effects of natural resources on education is mixed and inconclusive. In this paper, we adopt an innovative approach by exploring the effects of mineral discoveries and productions on intergenerational educational mobility (IM), linking parents to the children education levels for more than 14 million individuals across 28 African countries and 2,890 districts. We find that mineral discoveries and productions positively affect educational IM for primary education in Africa for individuals exposed to the mineral sites and living in districts with discoveries. Specifically, the probability of upward primary IM increases by 2.7 percentage points (pp.) following mineral discoveries and 6.7 pp. following mineral productions. Downward primary IM decreases by 1.2 pp. following both mineral discoveries and productions. These positive effects are increasing for individuals born later after discoveries and productions, for males, and individuals living in the urban area. However, no significant effects are found for secondary and tertiary educational IM. Finally, we explore the income and returns to education channels through which mineral discoveries and productions affect educational IM.
Book Synopsis Government Financial Assets and Debt Sustainability by : Ms.Camila Henao Arbelaez
Download or read book Government Financial Assets and Debt Sustainability written by Ms.Camila Henao Arbelaez and published by International Monetary Fund. This book was released on 2017-07-25 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do government financial assets help improve public debt sustainability? To answer this question, we assemble a comprehensive dataset on government assets using multiple sources and covering 110 advanced and emerging market economies since the late 1980s. We then use this rich database to estimate the impact of assets on two key dimensions of debt sustainability: borrowing costs and the probability of debt distress. Government financial assets significantly reduce sovereign spreads and the probability of debt crises in emerging economies but not in advanced economies, and the effect varies with asset characteristics, notably liquidity. Government finacial assets also help discriminate countries across the distribution of sovereign spreads, thus signaling information about emerging economies’ creditworthiness.
Book Synopsis Finance and Development, March 2014 by : International Monetary Fund. External Relations Dept.
Download or read book Finance and Development, March 2014 written by International Monetary Fund. External Relations Dept. and published by International Monetary Fund. This book was released on 2014-02-28 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance and Development, March 2014
Book Synopsis The Finance Curse by : Nicholas Shaxson
Download or read book The Finance Curse written by Nicholas Shaxson and published by Grove Press. This book was released on 2019-11-05 with total page 425 pages. Available in PDF, EPUB and Kindle. Book excerpt: An “artfully presented [and] engaging” look at the insidious effects of financialization on our lives and politics by the author of Treasure Islands (The Boston Globe). How didthe banking sector grow from a supporter of business to the biggest business in the world? Financial journalist Nicholas Shaxson takes us on a terrifying journey through the world economy, exposing tax havens, monopolists, megabanks, private equity firms, Eurobond traders, lobbyists, and a menagerie of scoundrels quietly financializing our entire society, hurting both business and individuals. Shaxson shows how we got here, telling the story of how finance re-engineered the global economic order in the last half-century, with the aim not of creating wealth but extracting it from the underlying economy. Under the twin gospels of “national competitiveness” and “shareholder value,” megabanks and financialized corporations have provoked a race to the bottom between states to provide the most subsidized environment for big business, encouraged a brain drain into finance, fostered instability and inequality, and turned a blind eye to the spoils of organized crime. From Ireland to Iowa, he shows the insidious effects of financialization on our politics and on communities who were promised paradise but got poverty wages instead. We need a strong financial system—but when it grows too big it becomes a monster. The Finance Curse is the explosive story of how finance got a stranglehold on society, and reveals how we might release ourselves from its grasp. Revised with new chapters “[Discusses] corrupt financiers in London and New York City, geographically obscure tax havens, the bizarre realm of wealth managers in South Dakota, a ravaged newspaper in New Jersey, and a shattered farm economy in Iowa . . . A vivid demonstration of how corruption and greed have become the main organizing principles in the finance industry.” —Kirkus Reviews
Book Synopsis Natural Resources, Neither Curse nor Destiny by : Daniel Lederman
Download or read book Natural Resources, Neither Curse nor Destiny written by Daniel Lederman and published by World Bank Publications. This book was released on 2006-10-23 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Natural Resources: Neither Course nor Destiny' brings together a variety of analytical perspectives, ranging from econometric analyses of economic growth to historical studies of successful development experiences in countries with abundant natural resources. The evidence suggests that natural resources are neither a curse nor destiny. Natural resources can actually spur economic development when combined with the accumulation of knowledge for economic innovation. Furthermore, natural resource abundance need not be the only determinant of the structure of trade in developing countries. In fact, the accumulation of knowledge, infrastructure, and the quality of governance all seem to determine not only what countries produce and export, but also how firms and workers produce any good.
Book Synopsis Senegal by : International Monetary Fund. African Dept.
Download or read book Senegal written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2019-01-28 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper estimates the macroeconomic impact of these discoveries and discusses potential fiscal frameworks for managing related revenues. Pre-production investment (2019–2021) will lead to an increase in the current account deficit; however, this will be followed by a boost to exports as hydrocarbon production comes online (2022 onward). Discoveries are important but will not lead to a major transformation of the economy, with hydrocarbons expected to make up not more than 5 percent of GDP. Fiscal revenues would average about 1.5 percent of GDP over a 25-year period and about 3 percent of GDP when production peaks. Given the relatively small gains in revenue, IMF staff recommends a fiscal framework that allows for an initial drawdown of government resources to finance large up-front investment needs, followed by an appropriate target level of the non-resource primary balance which is to serve as a medium-term fiscal anchor. Issues related to managing the volatility of resource revenues are also discussed.
Book Synopsis Transparent Governance in an Age of Abundance by : Juan Cruz Vieyra
Download or read book Transparent Governance in an Age of Abundance written by Juan Cruz Vieyra and published by Inter-American Development Bank. This book was released on 2014-10-31 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last decade, the Latin American and Caribbean region has experienced unprecedented natural resources abundance. This book highlights how transparency can help realize the benefits and reduce negative externalities associated with the extractive industries in the region. A central message is that high-quality and well-managed information is critical to ensure the transparent and effective governance of the sector. The insights from experiences in the region can help policymakers design and implement effective regulatory reforms and adopt international standards that contribute to this goal. This is particularly important at a time when the recent boom experienced by extractives in the region may be coming to an end.
Book Synopsis Transnational Law and State Transformation by : Jennifer Lander
Download or read book Transnational Law and State Transformation written by Jennifer Lander and published by Routledge. This book was released on 2019-11-07 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contributes new theoretical insight and in-depth empirical analysis about the relationship between transnational legality, state change and the globalisation of markets. The role of transnational economic law in influencing and reorganising national systems of governance evidences the constitutional dimensions of global capitalism: the power to institute new rules and limits for national states. This form of new constitutionalism does not undermine the state but transforms it by eroding national capacities and implanting global alternatives. While leading scholars in the field have emphasised the much-needed value of case studies, there are no studies available which consider the cumulative impact of multiple axes of transnational legal ordering on the national state or its constitution. This monograph addresses this empirical gap, whilst expanding the theoretical scope of the field. Mongolia’s recent transformation as a mineral-exporting country provides a rare opportunity to witness economic and legal globalisation in process. Based on careful empirical analysis of national law and policy-making, the book traces the way distinctive processes of transnational legal ordering have reorganised and reframed the governance of Mongolia’s mining sector, specifically by redistributing state power in relation to the market, sub-national administrations and civil society. The book investigates the role of international financial institutions, multinational corporations and non-governmental organisations in normative transmission, as well as the critical role of national actors in embedding transnational investment norms within the domestic legal and policy environment. As the book demonstrates, however, the constitutional ramifications of transnational legal ordering extend beyond the mining regime itself into more fundamental questions of the trajectory of state transformation, institutionally and ideologically. The book will be of interest to scholars of international law, global governance and the political economy of development.
Book Synopsis World Development Report 2009 by : World Bank
Download or read book World Development Report 2009 written by World Bank and published by World Bank Publications. This book was released on 2008-11-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rising densities of human settlements, migration and transport to reduce distances to market, and specialization and trade facilitated by fewer international divisions are central to economic development. The transformations along these three dimensions density, distance, and division are most noticeable in North America, Western Europe, and Japan, but countries in Asia and Eastern Europe are changing in ways similar in scope and speed. 'World Development Report 2009: Reshaping Economic Geography' concludes that these spatial transformations are essential, and should be encouraged. The conclusion is not without controversy. Slum-dwellers now number a billion, but the rush to cities continues. Globalization is believed to benefit many, but not the billion people living in lagging areas of developing nations. High poverty and mortality persist among the world's 'bottom billion', while others grow wealthier and live longer lives. Concern for these three billion often comes with the prescription that growth must be made spatially balanced. The WDR has a different message: economic growth is seldom balanced, and efforts to spread it out prematurely will jeopardize progress. The Report: documents how production becomes more concentrated spatially as economies grow. proposes economic integration as the principle for promoting successful spatial transformations. revisits the debates on urbanization, territorial development, and regional integration and shows how today's developers can reshape economic geography.
Book Synopsis Natural Resources and Violent Conflict by : Ian Bannon
Download or read book Natural Resources and Violent Conflict written by Ian Bannon and published by World Bank Publications. This book was released on 2003-01-01 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research carried out by the World Bank on the root causes of conflict and civil war finds that a developing country's economic dependence on natural resources or other primary commodities is strongly associated with the risk level for violent conflict. This book brings together a collection of reports and case studies that explore what the international community in particular can do to reduce this risk.; The text explains the links between natural resources and conflict and examines the impact of resource dependence on economic performance, governance, secessionist movements and revel financing. It then explores avenues for international action - from financial and resource reporting procedures and policy recommendations to commodity tracking systems and enforcement instruments, including sanctions, certification requirements, aid conditionality, legislative and judicial instruments.
Book Synopsis Fiscal Policies and Gender Equality by : Ms.Lisa L Kolovich
Download or read book Fiscal Policies and Gender Equality written by Ms.Lisa L Kolovich and published by International Monetary Fund. This book was released on 2018-04-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Historically, women around the world have had fewer opportunities than men in education, employment, health care, and politics. The moral argument for gender equality is clear, and the economic evidence is mounting. The International Monetary Fund and other international institutions have worked to help whittle away at the barriers that prevent girls and women from achieving their full economic potential. This book is based on a joint research project between the IMF and the United Kingdom’s Department for International Development on gender budgeting around the world. The book summarizes prominent gender budgeting initiatives in more than 80 countries. Gender budgeting allows fiscal authorities to ensure that tax spending and policies address inequality and the advancement of women. Gender budgeting goals include increasing access to education, childcare, and health services; raising female labor force participation; and eradicating violence against women.
Book Synopsis Macroeconomic Stability and Financial Regulation by : Mathias Dewatripont
Download or read book Macroeconomic Stability and Financial Regulation written by Mathias Dewatripont and published by . This book was released on 2011 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: The G20 meeting in London in spring 2009 was a historical moment of global cooperation to deal with the global financial crisis. This book collects essays from leading economists, first presented as an eBook in January 2009, advocating many of the policies that were eventually agreed on, including the headline-grabbing global fiscal stimulus. But it goes further, calling for: Reforms to address global imbalances by a) creating insurance mechanisms for countries that forgo reserve accumulation and stimulate domestic expansion; and b) accelerating the development of financial systems in emerging markets. Macroeconomic policy to meet any threat of deflation promptly, with a zero interest rate policy and quantitative easing, and an inflation target to avoid expectations of deflation. Adjustment of the Basel II capital requirements to mitigate procyclicality. Creation of a centralised clearing counterparty for credit default swap trades. Severing the link between credit rating agencies and issuers and monitoring the former's power. Establishment of a harmonised bankruptcy regime for banks that gives regulators strong powers over bank managers and shareholders before the bank is technically insolvent, especially in the case of cross-border banks. Creation of an International Financial Stability Fund that takes equity positions in the financial institutions of participating countries and monitors their activities. Many of these suggestions are still being debated today.
Book Synopsis Global Economic Prospects, June 2019 by : World Bank Group
Download or read book Global Economic Prospects, June 2019 written by World Bank Group and published by World Bank Publications. This book was released on 2019-07-11 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global growth appears to be stabilizing after a period of marked weakness, but it remains fragile. A modest recovery in emerging market and developing economies continues to be constrained by subdued investment, which is dampening prospects and impeding progress toward achieving critical development goals. Downside risks to the outlook remain elevated, and policymakers continue to face major challenges to boost resilience and foster long-term growth. this issue includes essays on the benefits and risks of government borrowing, recent investment weakness in emerging market and developing economies, the pass-through of currency depreciations to inflation, and the evolution of growth in low-income countries.
