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You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Economic Theory; Demography x
  • Microeconomics x
  • National accounts x
  • Public Economics x
  • Personal Income, Wealth, and Their Distributions x
  • Finance and accounting x
  • Timor-Leste, Democratic Republic of x
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Cover IMF Working Papers
Fiscal Policy in Oil Producing Countries During the Recent Oil Price Cycle
International Monetary Fund
This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend was partially reversed when oil prices went down in 2009. We also find evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition, we estimate that a small reduction in oil prices could lead to very large financing needs in the near future. Finally, we show that long-term fiscal sustainability positions in OPCs have worsened.
Keywords:
WP; oil price; price; revenue; Oil producing countries; fiscal policy; oil revenue; oil GDP; fiscal policy in OPCs; short-term fiscal policy stance; term perspective; fiscal policy position; fiscal policy shock; fiscal policy Procyclicality; fiscal policy change; investment expenditure; fiscal policy stance; low income OPCs; Oil prices; Fiscal stance; Oil; gas and mining taxes; Personal income; Global
Cover IMF Staff Country Reports
Democratic Republic of Timor-Leste: Selected Issues
International Monetary Fund
Petroleum is now by far Timor-Leste’s largest source of income. If well harnessed, Timor-Leste’s petroleum wealth offers the potential for a more prosperous future. This Selected Issues paper provides an overview of how Timor-Leste’s Petroleum Fund functions. It considers the extent of the country’s petroleum wealth, discusses the developmental challenges, and outlines key challenges ahead. The paper depicts the origins of the fund and details its operating mechanisms. It also assesses how the fund has performed to date.
Keywords:
ISCR; CR; revenue; fund; proceeds; budget; petroleum resource; resource management framework; hydrocarbon potential; petroleum wealth; Timor-Leste's Petroleum Fund; Oil; Personal income; Budget planning and preparation; Oil prices; gas and mining taxes; Global