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Fiscal Policy Rules for Oil-Producing Countries [electronic resource] : A Welfare-Based Assessment, Maliszewski, Wojciech.

Author/Creator:
Maliszewski, Wojciech.
Publication:
Washington, D.C. : International Monetary Fund, 2009.
Format/Description:
Government document
Book
1 online resource (27 p.)
Series:
IMF eLibrary
IMF Working Papers; Working Paper No. 09/126.
IMF Working Papers; Working Paper No. 09/126
Status/Location:
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Local subjects:
Debt sustainability. (search)
Distribution of wealth. (search)
Economic growth. (search)
Economic models. (search)
Fiscal sustainability. (search)
Intergenerational equity. (search)
Nonoil sector. (search)
Oil prices. (search)
Oil producing countries. (search)
Oil revenues. (search)
Per capita consumption. (search)
Social welfare. (search)
Social welfare function. (search)
Social welfare functions. (search)
Welfare. (search)
Welfare consequences. (search)
Welfare costs. (search)
Welfare function. (search)
Welfare functions. (search)
Welfare gains. (search)
Welfare implications. (search)
Welfare improvement. (search)
Welfare improvements. (search)
Welfare losses. (search)
Congo, Democratic Republic of the. (search)
Norway. (search)
Summary:
The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework.
Notes:
Description based on print version record.
Contributor:
Maliszewski, Wojciech.
Other format:
Print Version:
ISBN:
1451872739:
9781451872736
ISSN:
1018-5941
Publisher Number:
10.5089/9781451872736.001
Access Restriction:
Restricted for use by site license.