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Author Villafuerte, Mauricio, author

Title Fiscal policy in oil producing countries during the recent oil price cycle / Mauricio Villafuerte and Pablo Lopez-Murphy
Published [Washington, D.C.] : International Monetary Fund, [2010]
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Description 1 online resource (23 pages) : color illustrations
Series IMF working paper ; WP/10/28
IMF working paper ; WP/10/28
Summary This paper presents a detailed analysis of the average fiscal policy responses of oil producing countries (OPCs) to the recent oil price cycle. We find that OPCs worsened their non-oil primary balances substantially during 2003-2008 driven by an increase in primary spending. However, this trend was partially reversed when oil prices went down in 2009. We also find evidence that fiscal policy has been procyclical and has hence exacerbated the fluctuations in economic activity. In addition, we estimate that a small reduction in oil prices could lead to very large financing needs in the near future. Finally, we show that long-term fiscal sustainability positions in OPCs have worsened
Notes "February 2010"--Page [1]
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Cover title
Bibliography Includes bibliographical references (page 22)
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. MiAaHDL
digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Business cycles -- Econometric models.
Fiscal policy -- Econometric models.
Petroleum industry and trade -- Econometric models.
Petroleum products -- Prices -- Econometric models.
Form Electronic book
Author Lopez Murphy, Pablo, author
International Monetary Fund, issuing body
ISBN 1451918755
1452790418 (electronic bk.)
9781452790411 (electronic bk.)