PART III Fiscal Policy
Author:
Mr. Kaddour Hadri 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

Abstract

This chapter investigates the challenges faced by policymakers when conducting a fiscal policy in resource-rich countries. These challenges become more acute in resource-rich countries in Africa, because in many of them revenues from exporting primary commodities still account for the bulk of export earnings. We shall mainly consider three challenges: (i) the possible secular decline of real commodity prices, the so-called Prebish—Singer hypothesis, (ii) the long cycles that characterize real commodity prices, (iii) the exceeding volatility of real commodity prices and the fact that this volatility is time varying.

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Cover Beyond the Curse
Beyond the Curse
Policies to Harness the Power of Natural Resources
ISBN:
9781616351458
Publication Date:
19 Jan 2012
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781616351458.071
Pages:
288