Title Fiscal sustainability with non-renewable resources / prepared by Nigel Chalk

Published [Washington, D.C.] : International Monetary Fund, Fiscal Affairs Department., 1998 ©1998

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Description 1 online resource (36 pages) Series IMF working paper, 2227-8885 ; WP/98/26 IMF working paper ; WP/98/26. Summary This paper seeks to answer the question "what constitutes sustainable fiscal policy in an economy where wealth is derived predominantly from a non-renewable resource?" In particular, the focus is on oil-producing countries. This issue requires an examination of fiscal policies in an explicitly dynamic framework because the current fiscal stance imposes constraints on future fiscal policies. For example, an oil producers fiscal position, as typically measured by the ratio of overall deficit to GDP, can look quite sustainable either fortuitously, because of a temporary rise in the oil price or, if unconstrained by OPEC quotas, because of a deliberate increase in production. However, higher production has consequences beyond the current period since it speeds the depletion of the resource which in turn places greater constraints on future fiscal decisions. In such an economy, conventional fiscal indicators can be deceptive in describing the sustainability of the underlying fiscal position, particularly in the face of volatile world commodity prices Notes "March 1998." Bibliography Includes bibliographical references (pages 35-36) 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 English Print version record digitized 2014 HathiTrust Digital Library committed to preserve pda MiAaHDL Subject Fiscal policy -- Venezuela Fiscal policy -- Kuwait Nonrenewable natural resources -- Venezuela Nonrenewable natural resources -- Kuwait Budget deficits -- Venezuela Budget deficits -- Kuwait Petroleum industry and trade -- Venezuela Petroleum industry and trade -- Kuwait Terms of trade -- Venezuela Terms of trade -- Kuwait Budget deficits Fiscal policy Nonrenewable natural resources Petroleum industry and trade Terms of trade Kuwait Venezuela Form Electronic book Author International Monetary Fund. Fiscal Affairs Department, issuing body. ISBN 1281605735 9781281605733 9781451892116 145189211X 1462300634 9781462300631 1452708924 9781452708928 9786613786425 661378642X 9781451844351 1451844352 ISSN 2227-8885

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