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I Overview

I Overview »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

A country with large exhaustible resources such as oil can benefit substantially from them, but the revenues from exploiting these resources can pose challenges. Fiscal policymakers need to decide how expend...

II Nonrenewable Resource Revenues: Policy Implications

II Nonrenewable Resource Revenues: Policy Implications »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

A country with large fiscal revenues derived from exploiting a nonrenewable resource such as oil typically faces two main problems—that the revenue stream is uncertain and volatile, and that it will eventual...

III Funds and Their Rationale

III Funds and Their Rationale »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

Some countries have considered, or turned to, the use of NRFs to address some of the issues discussed above, such as the short-run stabilization and long-run saving challenges posed by nonrenewable resource...

IV Operational Aspects of Funds

IV Operational Aspects of Funds »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

The establishment of an NRF requires decisions about its integration within the fiscal framework and its asset-management strategy. Governance, transparency, and accountability issues also need to be address...

Stabilization and Savings Funds for Nonrenewable Resources

Stabilization and Savings Funds for Nonrenewable Resources »

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

DOI: http://dx.doi.org/10.5089/9781589060197.084

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

This chapter examines whether funds can help countries pursue good macroeconomic, and especially fiscal policies, and consequent design issues. Nonrenewable resource funds (NRF) have been suggested as a way of deal...

Back Matter

Back Matter »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

This chapter examines whether funds can help countries pursue good macroeconomic, and especially fiscal policies, and consequent design issues. Nonrenewable resource funds (NRF) have been suggested as a way of deal...

Front Matter

Front Matter »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

This chapter examines whether funds can help countries pursue good macroeconomic, and especially fiscal policies, and consequent design issues. Nonrenewable resource funds (NRF) have been suggested as a way of deal...

V How Effective Are Funds?

V How Effective Are Funds? »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

This section provides an evaluation of the effectiveness of NRFs in two ways. First, it considers the effect of NRFs on government expenditure and its relationship to resource export receipts. The empirical...

VI Conclusions

VI Conclusions »

Source: Stabilization and Savings Funds for Nonrenewable Resources

Series: Occasional Papers

Author(s): Rolando Ossowski , Steven Barnett , James Daniel , and Jeffrey Davis

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2001

ISBN: 9781589060197

Keywords: expenditure, fiscal policy, government expenditure, central government expenditure, government spending

Fiscal policy in countries with a high degree of dependence on oil and other nonrenewable resources is complicated by the uncertainty and volatility of revenues, as well as by the fact that the resources are...