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Optimal Fiscal Strategy for Oil Exporting Countries [electronic resource] Valdés, Rodrigo O..

Author/Creator:
Valdés, Rodrigo O.
Publication:
Washington, D.C. : International Monetary Fund, 2000.
Format/Description:
Government document
Book
1 online resource (71 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 00/118.
IMF Working Papers; Working Paper No. 00/118
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Local subjects:
Autocorrelation. (search)
Calculus. (search)
Correlation. (search)
Dummy variable. (search)
Equation. (search)
Equations. (search)
Estimation procedure. (search)
Forecasting. (search)
Functional form. (search)
Functional forms. (search)
Gas extraction. (search)
Gas production. (search)
Gas reserves. (search)
Generating function. (search)
Higher oil prices. (search)
International oil prices. (search)
Linear model. (search)
Linear models. (search)
Linear trend. (search)
Logarithm. (search)
Logarithms. (search)
Mean square. (search)
Natural gas. (search)
Natural gas extraction. (search)
Natural resources. (search)
Nonrenewable resources. (search)
Normal distribution. (search)
Oil and gas. (search)
Oil exporting countries. (search)
Oil extraction. (search)
Oil industry. (search)
Oil price changes. (search)
Oil prices. (search)
Oil producing. (search)
Oil producing countries. (search)
Oil production. (search)
Oil reserves. (search)
Oil resources. (search)
Oil revenues. (search)
Oil sector. (search)
Oil shocks. (search)
Oil-producing countries. (search)
Opec. (search)
Prediction. (search)
Price of gas. (search)
Probability. (search)
Random variable. (search)
Random walk. (search)
Random walk process. (search)
Sample size. (search)
Sample sizes. (search)
Samples. (search)
Separability. (search)
Spot price. (search)
Standard deviation. (search)
Standard error. (search)
Stationary process. (search)
Statistic. (search)
Stochastic process. (search)
Stochastic processes. (search)
Survey. (search)
Time series. (search)
Time series analysis. (search)
Argentina. (search)
Chile. (search)
Kuwait. (search)
Qatar. (search)
Summary:
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.
Notes:
Description based on print version record.
Contributor:
Engel, Eduardo.
Valdés, Rodrigo O.
Other format:
Print Version:
ISBN:
1451854072:
9781451854077
ISSN:
1018-5941
Publisher Number:
10.5089/9781451854077.001
Access Restriction:
Restricted for use by site license.