| Description |
1 online resource (70 pages) |
| Series |
IMF working paper ; WP/00/118 |
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IMF working paper ; WP/00/118.
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| Summary |
This paper develops simple guidelines for fiscal policy in oil producing countries, focusing on three issues: intergenerational oil distribution, precautionary saving, and adjustment costs. The paper presents a framework to analyze how the revenue generated by an exhaustible source of wealth that belongs to the government should be distributed between current and future generations. This framework is used to show the strengths and limitations of existing answers, which motivates a new approach for dealing with this question. The paper derives simple, closed form approximations to the optimal level of government expenditure when an important part of government revenue is generated by an uncertain and exhaustible natural resource such as oil. Price uncertainty, budget uncertainty, and the (possibly asymmetric) costs of adjusting expenditure levels are considered |
| Bibliography |
Includes bibliographical references (pages 42-43) |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Fiscal policy.
|
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Fiscal policy -- Econometric models
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Petroleum industry and trade.
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Fiscal policy.
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Fiscal policy -- Econometric models.
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Petroleum industry and trade.
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| Form |
Electronic book
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| Author |
Valdés, Rodrigo O. (Rodrigo Osvaldo)
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International Monetary Fund.
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| ISBN |
1451899505 |
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9781451899504 |
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