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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
Kind : eBook
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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:

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 Formulation and Implementation in Oil-Producing Countries

2003-08-21 Business & Economics
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Release : 2003-08-21
Genre : Business & Economics
Kind : eBook
Book Rating : 750/5 ( reviews)

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Book Synopsis Fiscal Policy Formulation and Implementation in Oil-Producing Countries by : Mr.Jeffrey M. Davis

Download or read book Fiscal Policy Formulation and Implementation in Oil-Producing Countries written by Mr.Jeffrey M. Davis. This book was released on 2003-08-21. Available in PDF, EPUB and Kindle. Book excerpt: Countries with large oil resources can benefit substantially from them. However, despite their huge natural resources, many oil producers have had disappointing growth, widespread poverty, and continuing vulnerability to oil price and other external shocks. Fiscal policy can play a central role indetermining the extent to which a country benefits from its oil wealth. This book brings together studies that provide analysis and findings on fiscal policy issues in oil-producing countries from a diverse international perspective. A key focus for the authors is how to manage oil resources in a way that contributes to a stable macroeconomic environment, sustainable growth, and poverty reduction.

Global Implications of Lower Oil Prices

2015-07-14 Business & Economics
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Release : 2015-07-14
Genre : Business & Economics
Kind : eBook
Book Rating : 27X/5 ( reviews)

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Book Synopsis Global Implications of Lower Oil Prices by : Mr.Aasim M. Husain

Download or read book Global Implications of Lower Oil Prices written by Mr.Aasim M. Husain. This book was released on 2015-07-14. Available in PDF, EPUB and Kindle. Book excerpt: The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.

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