CHPTER 8 Sustainable Fiscal Policy for Mineral-Based Economies

Kirk Hamilton

Author:

Mr. Kirk Hamilton

Mr. Kirk Hamilton https://isni.org/isni/0000000404811396 International Monetary Fund

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Language:: English

Print Publication Date:: 19 Jan 2012

Keywords:: BOOK; country; commodity; government; natural resource; resource abundance; petroleum fund; resource rent; resource windfall; Natural resources; Commodity prices; Oil; Sub-Saharan Africa; Global; Africa; Middle East; Europe; natural resource abundance; government policy; governance framework; government development policy; Non-renewable resources; Public investment spending

Abstract

Economic management in mineral- and energy-based extractive economies must confront a wide range of challenges: investments in the sector are large and long- term in nature, rents from extraction are often large relative to GDP (as are potential tax revenues), the resources’ extent and future prices are highly uncertain, information between producers and governments is asymmetric, and the resource deposits themselves are exhaustible.1 The latter point—exhaustibility—raises particular concerns about the sustainability of growth and development in these economies, and this in turn is strongly linked to fiscal policy.

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