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Looking Beyond the Fiscal [electronic resource] : Do Oil Funds Bring Macreconomic Stability? Shabsigh, Ghiath.

Author/Creator:
Shabsigh, Ghiath.
Publication:
Washington, D.C. : International Monetary Fund, 2007.
Format/Description:
Government document
Book
1 online resource (18 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 07/96.
IMF Working Papers; Working Paper No. 07/96
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Local subjects:
Bilateral exchange rate. (search)
De facto exchange rate regimes. (search)
Effective exchange rate. (search)
Effective exchange rates. (search)
Exchange rate. (search)
Exchange rate appreciation. (search)
Exchange rate information. (search)
Exchange rate instability. (search)
Exchange rate policy. (search)
Exchange rate regimes. (search)
Exchange rate volatility. (search)
Exchange rates. (search)
Export earnings. (search)
Exporter. (search)
Exporters. (search)
Exporting countries. (search)
Exporting country. (search)
Fiscal management. (search)
Fixed nominal exchange rate. (search)
Gas exporters. (search)
History of exchange rate. (search)
Nominal exchange rate. (search)
Nominal exchange rates. (search)
Oil. (search)
Oil exporter. (search)
Oil exporters. (search)
Oil exporting. (search)
Oil exporting countries. (search)
Oil exporting country. (search)
Oil exports. (search)
Oil revenues. (search)
Real effective exchange rate. (search)
Real effective exchange rates. (search)
Real exchange rate. (search)
Real exchange rate appreciation. (search)
Real exchange rate volatility. (search)
Reer. (search)
Risk management. (search)
Stable exchange rate. (search)
Total exports. (search)
Algeria. (search)
Azerbaijan. (search)
Bahrain. (search)
Chile. (search)
Indonesia. (search)
Kazakhstan. (search)
Kuwait. (search)
Mexico. (search)
Nigeria. (search)
Norway. (search)
Oman. (search)
Saudi Arabia. (search)
Sudan. (search)
Trinidad and Tobago. (search)
United Arab Emirates. (search)
Venezuela, República Bolivariana de. (search)
Summary:
Oil funds have become increasingly popular in oil exporting countries during the recent surge in oil prices. However, the literature on the contribution is small, tends to focus narrowly on their fiscal benefits, and concludes that they are redundant of such funds-in other words, that well designed fiscal management and policy are adequate substitutes for oil funds. This paper argues that a broader focus is needed in judging the effectiveness of such funds. We test whether oil funds help reduce macroeconomic volatility. The econometric estimation results from a 30-year panel data set of 15 countries with and without oil funds suggest that oil funds are associated with reduced volatility of broad money and prices and lower inflation. However, there is a statistically weak negative association between the presence of an oil fund and volatility of the real exchange rate.
Notes:
Description based on print version record.
Contributor:
Ilahi, Nadeem.
Shabsigh, Ghiath.
Other format:
Print Version:
ISBN:
1451866607:
9781451866605
ISSN:
1018-5941
Publisher Number:
10.5089/9781451866605.001
Access Restriction:
Restricted for use by site license.