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Record Nr. |
UNINA9910788522103321 |
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Autore |
Olters Jan-Peter |
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Titolo |
Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : : Lessons from Gabon / / Jan-Peter Olters, Daniel Leigh |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2006 |
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ISBN |
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1-4623-6392-X |
1-4527-4812-8 |
1-282-39227-1 |
9786613820709 |
1-4519-9113-4 |
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Descrizione fisica |
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1 online resource (30 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Natural resources - Gabon |
Fiscal policy - Gabon |
Investments: Energy |
Macroeconomics |
Public Finance |
Taxation |
Energy: General |
Business Taxes and Subsidies |
National Government Expenditures and Related Policies: General |
Fiscal Policy |
Energy: Demand and Supply |
Prices |
Public finance & taxation |
Investment & securities |
Oil |
Oil, gas and mining taxes |
Expenditure |
Fiscal policy |
Oil prices |
Petroleum industry and trade |
Expenditures, Public |
Gabon |
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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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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. BACKGROUND ""; ""III. THEORETICAL FRAMEWORK""; ""IV. RESULTS AND SENSITIVITY TESTS""; ""V. EXTENSIONS""; ""VI. CONCLUDING REMARKS AND FUTURE RESEARCH AGENDA""; ""References"" |
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Sommario/riassunto |
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While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting differential interest rates on sovereign debt and financial assets. The approach is applied to Gabon, where oil reserves are expected to be exhausted in 30 years. The results suggest that Gabon's current fiscal-policy stance cannot be maintained, while the presence of habits justifies smoothing the bulk of the adjustment toward the sustainable level over three to five years. |
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