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Rethinking Fiscal Policy in Oil-Exporting Countries

2019-05-17 Business & Economics
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Release : 2019-05-17
Genre : Business & Economics
Kind : eBook
Book Rating : 992/5 ( reviews)

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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. This book was released on 2019-05-17. 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.

External Adjustment in Oil Exporters

2016-09-08 Business & Economics
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Release : 2016-09-08
Genre : Business & Economics
Kind : eBook
Book Rating : 384/5 ( reviews)

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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. This book was released on 2016-09-08. 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.

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 Rating : /5 ( reviews)

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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:

The Role of Non-oil Revenues in the Fiscal Policy of Oil Exporting Countries

1981
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Release : 1981
Genre :
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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. This book was released on 1981. Available in PDF, EPUB and Kindle. Book excerpt:

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