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Cyclical Fiscal Rules for Oil-Exporting Countries

2013-11-06 Business & Economics
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Release : 2013-11-06
Genre : Business & Economics
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Book Rating : 380/5 ( reviews)

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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. This book was released on 2013-11-06. 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.

Fiscal Policy and Economic Cycles in Oil-exporting Countries

2008 Business cycles
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Release : 2008
Genre : Business cycles
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Book Synopsis Fiscal Policy and Economic Cycles in Oil-exporting Countries by : Aasim M. Husain

Download or read book Fiscal Policy and Economic Cycles in Oil-exporting Countries written by Aasim M. Husain. This book was released on 2008. Available in PDF, EPUB and Kindle. Book excerpt: This paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries. Panel VAR analysis and the associated impulse responses indicate that in countries where the oil sector is large in relation to the economy, oil price changes affect the economic cycle only through their impact on fiscal policy. Once fiscal policy changes are removed, oil price shocks do not have a significant independent effect on the economic cycle.

Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle

2010-02-01 Business & Economics
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Release : 2010-02-01
Genre : Business & Economics
Kind : eBook
Book Rating : 533/5 ( reviews)

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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. This book was released on 2010-02-01. 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.

Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle

2010 Business cycles
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Release : 2010
Genre : Business cycles
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Book Synopsis Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle by : Mauricio Villafuerte

Download or read book Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle written by Mauricio Villafuerte. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt:

Oil-Shocks and the Cyclicality of Fiscal Policy in a Developing Oil-Exporting Economy

2018
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Release : 2018
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Book Synopsis Oil-Shocks and the Cyclicality of Fiscal Policy in a Developing Oil-Exporting Economy by : Alexandre Ernesto da Costa Antonio

Download or read book Oil-Shocks and the Cyclicality of Fiscal Policy in a Developing Oil-Exporting Economy written by Alexandre Ernesto da Costa Antonio. This book was released on 2018. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to assess the cyclicality of fiscal policy, its evolution over time and the effectiveness of fiscal rules in Angola, the second oil producer in Africa. Existing literature suggests that fiscal policy in commodity-exporting economies has become less pro-cyclical in the last decade, or at least has remained unchanged. Oil-exporting economies seem to be the exception to this pattern, and pro-cyclicality has increased even when fiscal rules to prevent it have been introduced. However, available evidence for oil-producers is based in findings for developed economies, such as, Norway, and not developing economies, despite their share of Global oil production. Our paper contributes to bridge this gap by assessing cyclicality, its time path, and the role of fiscal institutions that aim to reduce it, in a developing oil-rich economy, Angola. For this purpose we use time-varying techniques (rolling cointegration and VECM) to analyse previously unpublished data for the period 2004M1-2014M12. Our findings suggest that fiscal policy tends to be pro-cyclical to oil-shocks and that this has intensified after the 2007/8 Global Crisis. Further, we find that adjustment to long-run budget imbalances are achieved through revenue, rather than spending. Finally, we find that fiscal rules, such as, the Oil Price Differential Account or the Sovereign Wealth Fund have not been effective to tame this pro-cyclicality.

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