04220oam 22011414 450 991078833330332120230721045724.01-4623-4669-31-4519-9231-91-4518-7273-997866128434021-282-84340-0(CKB)3170000000055282(SSID)ssj0000940829(PQKBManifestationID)11547859(PQKBTitleCode)TC0000940829(PQKBWorkID)10955612(PQKB)11354708(OCoLC)586083080(MiAaPQ)EBC1605916(IMF)WPIEE2009126(EXLCZ)99317000000005528220020129d2009 uf 0engurcn|||||||||txtccrFiscal Policy Rules for Oil-Producing Countries : A Welfare-Based Assessment /Wojciech MaliszewskiWashington, D.C. :International Monetary Fund,2009.27 pIMF Working PapersBibliographic Level Mode of Issuance: Monograph1-4519-1702-3 Includes bibliographical references.The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework.IMF Working Papers; Working Paper ;No. 2009/126Petroleum industry and tradeEconomic aspectsFiscal policyInvestments: EnergyimfMacroeconomicsimfTaxationimfFiscal PolicyimfEnergy: GeneralimfMacroeconomics: ConsumptionimfSavingimfWealthimfAggregate Factor Income DistributionimfBusiness Taxes and SubsidiesimfEnergy: Demand and SupplyimfPricesimfInvestment & securitiesimfPublic finance & taxationimfOilimfGovernment consumptionimfIncomeimfOil, gas and mining taxesimfOil pricesimfCommoditiesimfNational accountsimfTaxesimfPetroleum industry and tradeimfConsumptionimfEconomicsimfUnited StatesimfPetroleum industry and tradeEconomic aspects.Fiscal policy.Investments: EnergyMacroeconomicsTaxationFiscal PolicyEnergy: GeneralMacroeconomics: ConsumptionSavingWealthAggregate Factor Income DistributionBusiness Taxes and SubsidiesEnergy: Demand and SupplyPricesInvestment & securitiesPublic finance & taxationOilGovernment consumptionIncomeOil, gas and mining taxesOil pricesCommoditiesNational accountsTaxesPetroleum industry and tradeConsumptionEconomicsMaliszewski Wojciech1109477DcWaIMFBOOK9910788333303321Fiscal Policy Rules for Oil-Producing Countries3685538UNINA