Author: Mr.Mauricio Villafuerte
Publisher: International Monetary Fund
ISBN: 1589067185
Category : Business & Economics
Languages : en
Pages : 48
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Book Description
Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and the role of special fiscal institutions (SFIs). In this Occasional Paper, IMF experts examine the fiscal response of oil-producing countries to the recent oil boom and the role of SFIs in fiscal management, they review the experiences of selected countries, and they draw general lessons. In doing so, they link findings on best practice in the design of SFIs with broader fiscal management advice.
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498333710
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
This paper examines the fiscal responses of oil-producing countries (OPCs) to the oil boom through 2005 and the role of special fiscal institutions (SFIs)—oil funds, fiscal rules and fiscal responsibility legislation (FRL), and budgetary oil prices—in fiscal management in OPCs, and draws some general lessons.
Author: Internationaler Währungsfonds
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This paper examines the fiscal responses of oil-producing countries (OPCs) to the oil boom through 2005 and the role of special fiscal institutions (SFIs)-oil funds, fiscal rules and fiscal responsibility legislation (FRL), and budgetary oil prices-in fiscal management in OPCs, and draws some general lessons.
Author: Ian Gary
Publisher: Catholic Relief Services
ISBN: 1614920311
Category : Business & Economics
Languages : en
Pages : 110
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Book Description
The new African oil boomcentered on the oil-rich Atlantic waters of the Gulf of Guinea, from Nigeria to Angolais a moment of great opportunity and great peril for countries beset by wide-scale poverty.
Author: Jahangir Amuzegar
Publisher: I.B. Tauris
ISBN:
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
Charting OPEC's rise, decline and virtual disappearance as a commercial force in the world, this text strives to unravel the puzzle of why so many countries all followed the same path to economic development and with such wretched consequences.
Author: Ehtisham Ahmad
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 30
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Book Description
Based on country experiences, the paper assesses policy options to assign oil revenues to subnational governments (SNGs). The literature recommends that oil revenues be centralized. Given political economy considerations, this paper suggests that a possible alternative is to assign stable oil-tax bases to oil-producing SNGs, supplementing these with predictable transfers from the center. Although commonly used, oil revenue-sharing arrangements are the least preferable solution, as they complicate macroeconomic management and do not provide stable financing. Revenue sharing also does not diffuse separatist tendencies, since oil-producing SNGs would still be better off by keeping their oil revenues in full.
Author: Mr.Christoph B. Rosenberg
Publisher: International Monetary Fund
ISBN: 1451929161
Category : Business & Economics
Languages : en
Pages : 44
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Book Description
The petroleum-rich former Soviet republics around the Caspian Sea face the dual challenge of managing the transition to a market economy and a booming resource sector. This paper examines this challenge with particular reference to Azerbaijan. The standard “Dutch disease” model is modified to capture the special conditions of transition economies, with specific attention to the pattern of real exchange rate movement. “Transition factors” are found to add to the speed of real appreciation. Non-oil sectors may suffer, but less through the real appreciation than through transition-specific structural problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues policies to promote savings and open trade, and strengthens the supply side through structural policies.
Author: Robert McNally
Publisher: Columbia University Press
ISBN: 0231543689
Category : Business & Economics
Languages : en
Pages : 336
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Book Description
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
Author: World Bank
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This report - the first phase of a programmatic Iraq country economic memorandum (CEM) is structured around the themes of revenue management and economic diversification. These themes accord with the economic challenges faced by Iraq in the medium term but contrast with the short-termism of current Iraqi decision making, which is pushing for a rapid ramp-up of oil production - reducing diversification to finance a large up-front spending program which is detached from a vision of how to diversify the economy. Iraq's oil revenue boom will not be able to meet the expectations placed upon it without a range of supporting policies. Iraq should aim towards adapting its economy to strong weight of oil, as opposed to complete insulation of the non-oil economy from it or dependence on it. To address the myriad links between Iraq's economic challenges, the report takes a sequential approach to the analysis. Chapter one presents an overview of the fiscal aspects of prospective developments in the energy sector, and an outline of major obstacles to growth in the non-oil economy. Chapter two, a relatively high-level and abstract economic model is developed to study the impact of various options for spending the oil revenue windfall on the non-oil economy. Chapter three, the opportunities for the development of the non-oil economy are set out in more detail along with recommended next steps in the World Bank support to the government of Iraq.
Author: Todd Moss
Publisher: CGD Books
ISBN: 1933286695
Category : Business & Economics
Languages : en
Pages : 190
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Book Description
Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.
