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Fiscal Vulnerability and Sustainability in Oil-Producing Sub-Saharan African Countries

Fiscal Vulnerability and Sustainability in Oil-Producing Sub-Saharan African Countries »

Source: Fiscal Vulnerability and Sustainability in Oil-Producing Sub-Saharan African Countries

Volume/Issue: 2009/174

Series: IMF Working Papers

Author(s): Zaijin Zhan , and Robert York

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2009

ISBN: 9781451873214

Keywords: Oil reserves, permanent-income hypothesis, sustainability, primary deficit, oil-producing countries,

Over many years rises and fall of world oil prices have been repeatedly reflected in the boom-bust cycles in oil-exporting countries the world over. The recent spectacular rise and equally spectacular fall in price...

Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana's Reliance on Diamond Revenue

Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana's Reliance on Diamond Revenue »

Source: Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana's Reliance on Diamond Revenue

Volume/Issue: 2008/80

Series: IMF Working Papers

Author(s): Olivier Basdevant

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2008

ISBN: 9781451869415

Keywords: permanent income hypothesis, diamond-related fiscal revenue, expenditure, fiscal revenue, government expenditure, fiscal rule, fiscal adjustment,

This study assesses the sustainability of Botswana’s diamond-related fiscal revenue. Diamond reserves are not adequate to generate enough permanent revenue to sustain a high level of expenditure. Under the c...

Hong Kong’s Growth Synchronization with China and the U.S.

Hong Kong’s Growth Synchronization with China and the U.S. »

Source: Hong Kong's Growth Synchronization with China and the U.S. : A Trend and Cycle Analysis

Volume/Issue: 2015/82

Series: IMF Working Papers

Author(s): Dong He , Wei Liao , and Tommy Wu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 28 April 2015

ISBN: 9781484336106

Keywords: Business cycle synchronization, permanent income hypothesis, stochastic trend, structural vector autoregression, permanent income, exports, economy, International Business Cycles, structural vector autoregression.,

This paper investigates the synchronization of Hong Kong SAR's economic growth with mainland China and the United States. This paper identifies trends of economic growth based on the permanent income hypothesis. Sp...

Fiscal Frameworks for Resource Rich Developing Countries

Fiscal Frameworks for Resource Rich Developing Countries »

Source: Fiscal Frameworks for Resource Rich Developing Countries

Volume/Issue: 2012/4

Series: Staff Discussion Notes

Author(s): Marcos Poplawski-Ribeiro , Mauricio Villafuerte , Thomas Baunsgaard , and Christine Richmond

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 May 2012

ISBN: 9781475510065

Keywords: Developing countries, Fiscal sustainability, Natural resources, permanent income hypothesis, public financial management, fiscal framework, fiscal rules, macro-fiscal management, fiscal policy, long-term fiscal sustainability

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief an...

The Day After Tomorrow

The Day After Tomorrow »

Source: The Day After Tomorrow : Designing an Optimal Fiscal Strategy for Libya

Volume/Issue: 2013/79

Series: IMF Working Papers

Author(s): Carlos Caceres , Serhan Cevik , Ricardo Fenochietto , and Borja Gracia

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 March 2013

ISBN: 9781484389812

Keywords: Fiscal policy, cyclical adjustment, fiscal sustainability, permanent income hypothesis, fiscal rules, natural resources, public financial management, fiscal stance, primary deficit, Structure and Scope of Government

Libya is highly dependent on exhaustible and volatile hydrocarbon resources, which constitute the bulk of government revenues. Although resource wealth provides the means to promote socio-economic development, proc...

Rethinking Fiscal Policy in Oil-Exporting Countries1

Rethinking Fiscal Policy in Oil-Exporting Countries1 »

Source: Rethinking Fiscal Policy in Oil-Exporting Countries

Volume/Issue: 2019/108

Series: IMF Working Papers

Author(s): Tokhir Mirzoev , and Ling Zhu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 May 2019

ISBN: 9781498314749

Keywords: Consumption, Public investments, Poverty, Capital, Real interest rates, Fiscal policy, oil exporters, permanent income hypothesis, fiscal rules, PIH

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...

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy

Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy »

Source: Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy : Lessons from the Republic of Congo

Volume/Issue: 2007/80

Series: IMF Working Papers

Author(s): Stéphane Carcillo , Mauricio Villafuerte , and Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866445

Keywords: Sustainable fiscal policy, habit formation, permanent-income hypothesis, catch-up growth, primary deficit, expenditure, government spending, public spending, Congo, Macroeconomic - Aspects Of Public Finance

In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to be depleted in a relatively short time frame. Ensuring that fiscal policy is on a sustainable...

Management of Oil Wealth Under the Permanent Income Hypothesis

Management of Oil Wealth Under the Permanent Income Hypothesis »

Source: Management of Oil Wealth Under the Permanent Income Hypothesis : The Case of São Tomé and Príncipe

Volume/Issue: 2006/183

Series: IMF Working Papers

Author(s): Alonso Segura Vasi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2006

ISBN: 9781451864434

Keywords: S&;amp;#x00E3;o Tom&;amp;#x00E9; and Pr&;amp;#x00ED;ncipe, permanent income hypothesis, oil production, oil prices, Sao Tome and Principe,

This paper documents the protracted process of shaping the rules governing oil operations in São Tomé and Príncipe. It analyzes the institutional framework for oil sector development, which applies Milton Friedman'...

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy »

Source: Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon

Volume/Issue: 2006/193

Series: IMF Working Papers

Author(s): Jan-Peter Olters , and Daniel Leigh

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2006

ISBN: 9781451864533

Keywords: Sustainable fiscal policy, habit formation, permanent-income hypothesis, primary deficit, oil production, government spending, oil reserves, Macroeconomic - Aspects Of Public Finance, Macroeconomic Policy, And General Outlook

While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This pa...

Trinidad and tobago

Trinidad and tobago »

Source: Trinidad and tobago : The Energy Boom and Proposals for a Sustainable Fiscal Policy

Volume/Issue: 2005/197

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2005

ISBN: 9781451862164

Keywords: oil boom, permanent income hypothesis, oil and gas, natural gas, gas production, oil prices, Macroeconomic - Aspects of Public Finance, Macroeconomic Policy, and General Outlook, National Government Expenditures and Related Policies

Trinidad and Tobago is experiencing an energy boom stronger than the ones in 1970s and 1980s. The main fiscal policy challenge is to ensure that the increased revenues from the ultimately exhaustible resources are...