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Bartsch, U., 2006, “How Much Is Enough? Monte Carlo Simulations of an Oil Stabilization Fund for Nigeria,” IMF Working Paper WP/06/142 (Washington: International Monetary Fund).
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This chapter was prepared by Roman Zytek.
For details on the OSF’s history, see Amuzegar (2005). For a general review of the operational aspects of fiscal policy in oil-producing countries, see Davis, Ossowski, and Fedelino (2003), and IMF (2007). In addition, Hunt, Isard, and Laxton (2001), Mehrara and Oskoui (2007), and Shabsigh and Ilahi (2007) present comparative studies of macroeconomic fluctuations in oil-exporting countries.
The MPO has been recently integrated into the presidential administration.
See Bulletin and Economic Trend, CBI periodic publications.
The MCC has been recently integrated into the supreme council for economic planning and management.
The Iranian fiscal year ends on March 20.
The government’s attempts to mandate insurance against foreign currency risk failed because the insurance companies were unwilling to provide such services, citing their lack of experience in this field and the overly long coverage periods that made risks difficult to price.
For a comprehensive discussion of the issues related to managing extrabudgetary funds, see Allen and Radev (2006).
Limi (2006), Segura (2006), Carcillo, Leigh, and Villafuerte (2007), and Olters (2007) present country studies of different approaches to fiscal management in oil-producing countries. Bandiera and others (2007) provide a technical manual for using fiscal sustainability analysis in oil-producing countries.
For an analysis of long-term trends in commodity prices (including oil) see Cashin, Liang, and McDermott (2002); for a review of global demand and supply conditions for petroleum products see National Petroleum Council (2007), and Krichene (2005, 2006, 2007).
See IMF (2005) for a detailed discussion of transparency issues related to revenues from natural resources.