Fiscal Frameworks for Resource Rich Developing Countries PDF Download

Author: Marcos Poplawski-Ribeiro
Publisher: International Monetary Fund
ISBN: 1475572085
Category : Business & Economics
Languages : en
Pages : 29

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Book Description
Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498339980
Category : Business & Economics
Languages : en
Pages : 75

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Book Description
This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.

Author: International Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
ISBN: 1498340008
Category : Business & Economics
Languages : en
Pages : 104

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Book Description
This supplement presents the analytical frameworks underlying the IMF’s staff’s enhanced policy analysis and advice to resource-rich developing countries (RRDCs). The proposed macro-fiscal models, which are applied to selected country or regional cases, are aimed at addressing questions regarding how to deal with resource revenue uncertainty and how to scale up spending within relevant frameworks that ensure fiscal and external sustainability while addressing absorptive capacity constraints. The country applications confirm the importance attached by both IMF staff and country authorities of using the appropriate macro-fiscal frameworks to address the specific challenges faced by RRDCs.

Author: Rolando Ossowski
Publisher: World Bank Publications
ISBN: 1464804966
Category : Business & Economics
Languages : en
Pages : 164

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Book Description
The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses critical fiscal challenges typically associated with large revenue flows from the EI sector. The volume discusses fiscal policy across four related dimensions: short-run stabilization, the management of fiscal risks and vulnerabilities, the promotion of long-term sustainability, and the importance of good public financial management and public investment management systems. The volume subsequently examines several institutional mechanisms used to aid fiscal management, including medium-term expenditure frameworks, resource funds, fiscal rules, and fiscal councils. The volume also discusses the earmarking of revenue, resource revenue projections as applied to the government budget, and fiscal transparency, and outlines several fiscal indicators used to assess the fiscal stance of resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries—including decision makers in ministries of finance, international organizations, and other relevant entities—will find the volume useful to their understanding and analysis of fiscal management in resource-rich countries.

Author: Mr. Luc Eyraud
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 68

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Book Description
This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.

Author: Ezequiel Cabezon
Publisher: International Monetary Fund
ISBN: 1513573470
Category : Business & Economics
Languages : en
Pages : 34

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Book Description
Reflecting diseconomies of scale in providing public goods and services, recurrent spending in small states typically represents a large share of GDP. For some small states, this limits the fiscal space available for growth-promoting capital spending. Small states generally face greater revenue volatility than other country groups, owing to their exposure to exogenous shocks (including natural disasters) and narrow production bases. With limited buffers, revenue volatility often results in procyclical fiscal policy as the econometric analysis shows. To strengthen fiscal frameworks, small states should seek to streamline and prioritize recurrent spending to create fiscal space for capital spending. The quality of spending could also be improved through public financial management reform and multiyear budgeting.

Author: Blanca Moreno-Dodson
Publisher: World Bank Publications
ISBN: 0821396315
Category : Business & Economics
Languages : en
Pages : 285

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Book Description
The effects of fiscal policy measures, both taxes and public spending, adopted by developing countries in response to the 2009 global crisis are still uncertain. This book discusses them using an analytical framework that allows for distilling possible implications on growth and social welfare.

Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1498390552
Category : Business & Economics
Languages : en
Pages : 11

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Book Description
This Selected Issues paper analyzes the sustainability of Papua New Guinea’s current and medium-term fiscal policy and its consistency with government objectives. The Papua New Guinea government faces major challenges in shaping a fiscal policy that promotes stability, meets development needs, and adheres to its debt ceilings over the medium term. It could decide to continue with its current fiscal stance, which would see its resource wealth exhausted quickly through large development spending. This approach would likely require continued borrowing and leave little savings for future generations.

Author: Mr.Sanjeev Gupta
Publisher: International Monetary Fund
ISBN: 1484367200
Category : Nature
Languages : en
Pages : 26

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Book Description
Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.” This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first priority for policymakers is to establish fiscal policy objectives to support macroeconomic stability and development objectives. In this regard, the establishment of an adequate fiscal framework that informs decisions on how much to save and invest, or how to smooth out revenue volatility, and deal with exhaustibility issues should precede any discussion of direct distribution of resource wealth to the population.

Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498344054
Category : Business & Economics
Languages : en
Pages : 89

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Book Description
This background paper focuses on the experiences of evolving monetary policy frameworks in nine individual countries and three thematic groupings of countries. The country case studies are complemented by analyses of common issues faced by countries in currency unions in the CFA franc zone, selected resource rich countries, and advanced economies and emerging markets during their modernization process of monetary policy regimes. Finally, the background paper also contains a discussion on the benefits of effective communication in conducting monetary policy.