Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Optimal Fiscal Strategy For Oil Exporting Countries
Download Optimal Fiscal Strategy For Oil Exporting Countries full books in PDF, epub, and Kindle. Read online Optimal Fiscal Strategy For Oil Exporting Countries ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Optimal Fiscal Strategy for Oil Exporting Countries by : Eduardo Engel
Download or read book Optimal Fiscal Strategy for Oil Exporting Countries written by Eduardo Engel and published by International Monetary Fund. This book was released on 2000-06 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops simple guidelines for fiscal policy in oil producing countries, focusing on three issues: intergenerational oil distribution, precautionary saving, and adjustment costs. The paper presents a framework to analyze how the revenue generated by an exhaustible source of wealth that belongs to the government should be distributed between current and future generations. This framework is used to show the strengths and limitations of existing answers, which motivates a new approach for dealing with this question. The paper derives simple, closed form approximations to the optimal level of government expenditure when an important part of government revenue is generated by an uncertain and exhaustible natural resource such as oil. Price uncertainty, budget uncertainty, and the (possibly asymmetric) costs of adjusting expenditure levels are considered.
Book Synopsis Optimal Fiscal Strategy for Oil Exporting Countries by :
Download or read book Optimal Fiscal Strategy for Oil Exporting Countries written by and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Monetary Fund (IMF) presents the full text of an article entitled "Optimal Fiscal Strategy for Oil Exporting Countries," by Eduardo Engel and Rodrigo Valdes and published June 2000. The article discusses guidelines for fiscal policy in oil producing countries, focusing on intergenerational oil distribution, precautionary saving, and adjustment costs.
Book Synopsis Optimal Fiscal Strategy for Oil Exporting Countries by : Eduardo M. R. A. Engel
Download or read book Optimal Fiscal Strategy for Oil Exporting Countries written by Eduardo M. R. A. Engel and published by . This book was released on 2006 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops simple guidelines for fiscal policy in oil producing countries, focusing on three issues: intergenerational oil distribution, precautionary saving, and adjustment costs. The paper presents a framework to analyze how the revenue generated by an exhaustible source of wealth that belongs to the government should be distributed between current and future generations. This framework is used to show the strengths and limitations of existing answers, which motivates a new approach for dealing with this question. The paper derives simple, closed form approximations to the optimal level of government expenditure when an important part of government revenue is generated by an uncertain and exhaustible natural resource such as oil. Price uncertainty, budget uncertainty, and the (possibly asymmetric) costs of adjusting expenditure levels are considered.
Book Synopsis Rethinking Fiscal Policy in Oil-Exporting Countries by : Mr.Tokhir N Mirzoev
Download or read book Rethinking Fiscal Policy in Oil-Exporting Countries written by Mr.Tokhir N Mirzoev and published by International Monetary Fund. This book was released on 2019-05-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Cyclical Fiscal Rules for Oil-Exporting Countries by : Stephen Snudden
Download or read book Cyclical Fiscal Rules for Oil-Exporting Countries written by Stephen Snudden and published by International Monetary Fund. This book was released on 2013-11-06 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on the source of oil price fluctuations and the oil exporters’ structural characteristics. The output-inflation tradeoff is of particular concern for oil exporters relative to non-oil exporters due to the pass through of oil prices into headline inflation. Fiscal rules are best when coordinated with inflation targeting monetary policy, but are still desirable for fixed exchange rate regimes.
Book Synopsis External Adjustment in Oil Exporters by : Mr.Alberto Behar
Download or read book External Adjustment in Oil Exporters written by Mr.Alberto Behar and published by International Monetary Fund. This book was released on 2016-09-08 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: After the decline in oil prices, many oil exporters face the need to improve their external balances. Special characteristics of oil exporters make the exchange rate an ineffective instrument for this purpose and give fiscal policy a sizeable role. These conclusions are supported by regression analysis of the determinants of the current account balance and of the trade balance. The results show little or no relationship with the exchange rate and, especially for the less diversified oil exporters (including the Gulf Cooperation Council), a strong relationship with the fiscal balance or government spending.
Book Synopsis Fiscal Policy in Oil-Exporting Countries by : Wee Koh
Download or read book Fiscal Policy in Oil-Exporting Countries written by Wee Koh and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil-exporting countries face challenges in the conduct of fiscal policy owing to volatile oil revenues, especially in countries with weak institutions. Many oil exporters have established oil funds to delink government expenditure from oil revenues; however, their effectiveness remains unresolved. This paper examines the roles of oil funds and institutional quality in reducing fiscal procyclicality and macroeconomic volatility in 42 oil-exporting countries from 1960 to 2014 using panel vector autoregression techniques. The results show that oil funds are effective in reducing fiscal procyclicality in countries with high institutional quality. There is also a reduction in the procyclical bias in those with low institutional quality but the statistical evidence is weak. Nevertheless, oil funds are associated with reduced volatility of government consumption and the real exchange rate in countries with low institutional quality. These findings give credence to the macroeconomic stabilization role of oil funds but also reinforce the importance of good institutions.
Book Synopsis Fiscal Policy Sustainability in Oil-Producing Countries by : Ms.Sheila Bassett
Download or read book Fiscal Policy Sustainability in Oil-Producing Countries written by Ms.Sheila Bassett and published by International Monetary Fund. This book was released on 1994-11-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Oil Price Shocks and Economic Growth in Oil-Exporting Countries by : Amir Sadeghi
Download or read book Oil Price Shocks and Economic Growth in Oil-Exporting Countries written by Amir Sadeghi and published by International Monetary Fund. This book was released on 2017-12-22 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of government size on how output and government expenditure respond to oil price shocks in 28 oil-exporting countries between 1990 and 2016. Results suggest that if the size of government (measured by government expenditure-to-(non-oil) GDP ratio) is larger, non-oil output growth, in response to a positive oil price shock, tends to be greater and output volatility higher. Furthermore, I find that an unexpected increase in oil price leads to expansion in government expenditure and the expansion is larger, the larger is the government. This paper provides empirical evidence for direct correlation between government size and macroecnomic stability in oil-exporting countries. The findings imply that fiscal consolidation and economic diversification help to narrow down economic exposure to exogenous oil price shocks and reduce volatility in non-oil output.
Book Synopsis Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle by : International Monetary Fund
Download or read book Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-02-01 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Rethinking Fiscal Policy in Oil-Exporting Countries by : Mr.Tokhir N Mirzoev
Download or read book Rethinking Fiscal Policy in Oil-Exporting Countries written by Mr.Tokhir N Mirzoev and published by International Monetary Fund. This book was released on 2019-05-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Learning to Live with Cheaper Oil by : Mr.Martin Sommer
Download or read book Learning to Live with Cheaper Oil written by Mr.Martin Sommer and published by International Monetary Fund. This book was released on 2016-06-09 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.
Book Synopsis Optimal Fiscal Strategy for Oil Exporting Countries by : Eduardo Engel
Download or read book Optimal Fiscal Strategy for Oil Exporting Countries written by Eduardo Engel and published by . This book was released on 2000 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Public Budget in Resource-Rich Economies by : Benedikt Wiesmann
Download or read book Public Budget in Resource-Rich Economies written by Benedikt Wiesmann and published by GRIN Verlag. This book was released on 2013-04-10 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Economics - Finance, grade: 1,3, Frankfurt School of Finance & Management, course: Public Finance - Finanzwissenschaften, language: English, abstract: The objective of this paper is to examine how public expenditures, revenue and debt in resource-rich economies changed in the past, how politicians and bureaucrats respond(ed) to resource abundance, and how an optimal budget rule for resource-rich economies should be designed. The paper follows a non-technical approach and comes to the conclusion that the successful management of resource revenues highly depends on the political situation in an economy as this determines how well it sticks to any budget rule. The budget rule presented in section IV approaches the different parameters which are at play and shows challenges regarding the rule’s practical feasibility.
Book Synopsis The Role of Non-oil Revenues in the Fiscal Policy of Oil Exporting Countries by : George A. Mackenzie
Download or read book The Role of Non-oil Revenues in the Fiscal Policy of Oil Exporting Countries written by George A. Mackenzie and published by . This book was released on 1981 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries by : Alan Gelb
Download or read book The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries written by Alan Gelb and published by . This book was released on 2016 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite massive oil rent ...
Book Synopsis Fiscal Stress and Monetary Policy Stance in Oil-exporting Countries by : Hao Jin
Download or read book Fiscal Stress and Monetary Policy Stance in Oil-exporting Countries written by Hao Jin and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
