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Record Nr. |
UNINA9910788237003321 |
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Titolo |
Constraints on the Design and Implementation of Monetary Policy in Oil Economies : : The Case of Venezuela |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2008 |
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ISBN |
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1-4623-8203-7 |
1-4527-1175-5 |
9786612840937 |
1-282-84093-2 |
1-4518-7000-0 |
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Descrizione fisica |
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1 online resource (49 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/08/142 |
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Disciplina |
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Soggetti |
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Petroleum industry and trade - Venezuela - Econometric models |
Fiscal policy - Venezuela - Econometric models |
Monetary policy - Venezuela - Econometric models |
Banks and Banking |
Investments: Energy |
Exports and Imports |
Macroeconomics |
Money and Monetary Policy |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Energy: General |
Energy: Demand and Supply |
Prices |
Trade: General |
Banks |
Depository Institutions |
Micro Finance Institutions |
Mortgages |
Monetary economics |
Investment & securities |
International economics |
Banking |
Monetary base |
Oil |
Oil prices |
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Oil exports |
Money supply |
Petroleum industry and trade |
Exports |
Banks and banking |
Venezuela, República Bolivariana de |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Contents; I. Introduction; II. Fiscal Dominance in Oil Economies; A. Oil Dominance and Fiscal Dominance: Analytical Framework; B. Transmission Mechanism; III. Oil Economies: Some Stylized Facts; Tables; 1. Exchange Rate and Nominal Anchor for Major OCD in 2005; Figures; 1. OEC: Average Rate of Nominal Growth of Monetary Base and Changes in Oil Prices; 2. OEC: Primary Balance of the General Government; 3. Change in the CPI-OEC and Oil Prices, 1979-2005; IV. Oil Dominance in Venezuela; 4. Selected OEC: Average Δ% Change in the CPI, 1999-2005 Ranked by Xo/XT |
5. Oil Prices (/B- Venezuelan Basket), and Ratio Xo/XT, 960-20056. Venezuela: Oil in the Economy; 2. Venezuela: Selected Indicators; 7. Venezuela: Rates of Growth of Real GDP, CPI, and Oil Prices; 3. Venezuela: Exchange Rate System, 1964-2007; 8. Venezuela: Ratios of Central Bank Instruments of Monetary Control (CBIMC); A. Oil Dominance/Fiscal Dominance: Simple Correlations; B. Oil Dominance/Fiscal Dominance Hypothesis for Venezuela; V. Conclusions; Appendices; I. Oil Exporting Countries-Selected Indicators; Appendix Tables |
A.I.1. Classification and Evluation of Oil Exporting Countries, based on the Ratio of Oil Exports to GDPA.I.2. Oil Exporting Countries: Selected Indicators; A.I.3. Oil Exporting Countries: Selected Indicators; A.I.4. Oil Exporting Countries: Selected Indicators; II. Management of Oil Resources: Oil Funds and International Reserves; A.II.1. Venezuela: Macroeconomic Stabilization Fund (FEM and Investment Fund for Macroeconomic Stabilization (FIEM); A.II.2. Central Bank of Venezuela-Balance Sheet; III. Descriptive Statistics and Pair-Wise Correlations for Selected Economic Indicators |
Appendix FiguresA.III.1. Venezuela: Changes in Oil Prices, Oil Exports, Fiscal Revenue, and Primary Expenditures, 1960-2005; A.III.2. Venezuela: Change in Primary Fiscal Expenditure, Non-Oil GDP Inflation, and Monetary Base, 1960-2005; A.III.3. Venezuela: Five-Year Moving Variences of Rates of Growth of Selected Indicators, 1965-2005; A.III.4. Venezuela: Overall Fiscal Balance and Domestic Primary Deficit (Percentage of GDP); References |
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Sommario/riassunto |
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By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple |
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framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil dominance/fiscal dominance (OD/FD) in the case of Venezuela. Using VAR and VEC models it is possible to conclude that there is relevant evidence supporting the validity of the OD/FD hypothesis. |
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