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Author: Jan Gottschalk
Publisher: International Monetary Fund
ISBN: 1455200751
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending’s import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves—to offset the real appreciation—would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness—resulting from ”Dutch Disease” effects—could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
Author: Jan Gottschalk
Publisher: International Monetary Fund
ISBN: 1455200751
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
We use a calibrated multi-sector DSGE model to analyze the likely impact of oil windfalls on the Ghanaian economy, under alternative fiscal and monetary policy responses. We distinguish between the short-run impact, associated with demand-related pressures, and the medium run impact on competitiveness and growth. The impact on inflation and the real exchange rate could be moderate, especially if the fiscal authorities smooth oil-related spending or increase public spending’s import content. However, a policy mix that results in both a fiscal expansion and the simultaneous accumulation of the foreign currency proceeds from oil as international reserves—to offset the real appreciation—would raise demand pressures and crowd-out the private sector. In the medium term, the negative impact on competitiveness—resulting from ”Dutch Disease” effects—could be small, provided public spending increases the stock of productive public capital. These findings highlight the role of different policy responses, and their interaction, for the macroeconomic impact of oil proceeds.
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.
Author: Nathan Andrews
Publisher: Routledge
ISBN: 100022077X
Category : Business & Economics
Languages : en
Pages : 169
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Book Description
This book gives a comprehensive overview of Ghana’s hydrocarbon economy using actor network and assemblage theories to contest the methodological nationalism of mainstream accounts of the resource curse in resource-rich countries. Drawing upon recent field research focused on Ghana’s oil and gas sector and utilizing the theoretical framework of actor network theory, the authors contend that there is an assemblage of political, economic, social and environmental networks, processes, actions, actors, and structures of power that coalesce to determine the extent to which the country’s hydrocarbon resources could be regarded as a "curse" or "blessing." This framing facilitates a better understanding of the variety (and duality) of local and global forces and power structures at play in Ghana’s growing hydrocarbon industry. Giving a nuanced and multi-perspectival analysis of the factors that underlie oil-engendered development in Ghana, this book will be of interest to students and scholars of African political economy, development and the politics of resource extraction.
Author: Mr.Aasim M. Husain
Publisher: International Monetary Fund
ISBN: 151357227X
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
Author: George y Owusu
Publisher:
ISBN: 9780997351965
Category :
Languages : en
Pages :
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Book Description
In Pursuit of Jubilee Field is about a businessman who rose to the challenge and initiated an effort that would result in one of the largest discoveries of premium grade oil on the African continent. It was the opportunity of a lifetime. Yet, even before a drop of oil could be pumped, a firestorm would ensue when the new government of Ghana launched a criminal investigation of George Owusu, bringing the nation's fledgling oil industry to the brink of chaos and plunging his life into a nightmare. This riveting story answers many of the questions from George's point of view and captures how one man, upon whom the nation had bestowed its most coveted award, becomes a target, overnight. As often as not in life, good deeds, honesty and hard work aren't always met with joy. But integrity and fortitude always triumphs.
Author: John R. Heilbrunn
Publisher: Cambridge University Press
ISBN: 1139917013
Category : Political Science
Languages : en
Pages : 281
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Book Description
Oil, Democracy, and Development in Africa presents an optimistic analysis of the continent's oil-producing states. With attention to the complex histories, the interactions of key industry actors and policy makers, and the goals of diverse groups in society, this contribution fills a gap in the literature on resource-abundant countries. John R. Heilbrunn presents a positive assessment of circumstances in contemporary African oil exporters. The book demonstrates that even those leaders who are among the least accountable use oil revenues to improve their citizens' living standards, if only a little bit. As a consequence, African oil producers are growing economically and their people are living under increasingly democratic polities. Heilbrunn thus calls for a long-overdue reassessment of the impact of hydrocarbons on developing economies.
Author: Paul Nugent
Publisher: Cambridge University Press
ISBN: 1107020689
Category : History
Languages : en
Pages : 637
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Book Description
By examining three centuries of history, this book shows how vital border regions have been in shaping states and social contracts.
Author: Franklin Obeng-Odoom
Publisher: Routledge
ISBN: 1317682769
Category : Business & Economics
Languages : en
Pages : 252
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Book Description
This book presents a critical analysis of the ‘resource curse’ doctrine and a review of the international evidence on oil and urban development to examine the role of oil on property development and rights in West Africa’s new oil metropolis - Sekondi-Takoradi, Ghana. It seeks answers to the following questions: In what ways did the city come into existence? What changes to property rights are oil prospecting, explorations, and production introducing in the 21st century? How do the effects vary across different social classes and spectrums? To what extent are local and national institutions able to shape, restrain, and constrain trans-national oil-related accumulation and its effects on property in land, property in housing (residential, leisure, and commercial), and property in labour? How do these processes connect with the entire urban system in Ghana? This book shows how institutions of varying degrees of power interact to govern land, housing, and labour in the city, and analyses how efficient, sustainable, and equitable the outcomes of these interactions are. It is a comprehensive account of the tensions and contradictions in the main sectors of the urban economy, society, and environment in the booming Oil City and will be of interest to urban economists, development economists, real estate economists, Africanists and urbanists.
Author: Mr.Rabah Arezki
Publisher: International Monetary Fund
ISBN: 1513590766
Category : Business & Economics
Languages : en
Pages : 54
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Book Description
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ? the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large panel of countries. Our empirical estimates are consistent with the predictions of the model. After an oil discovery, the current account and saving rate decline for the first 5 years and then rise sharply during the ensuing years. Investment rises robustly soon after the news arrives, while GDP does not increase until after 5 years. Employment rates fall slightly for a sustained period of time.
Author: International Monetary Fund. Fiscal Affairs Dept.
Publisher: International Monetary Fund
ISBN: 1498340067
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación
