04167oam 22010334 450 991078852210332120230829002230.01-4623-6392-X1-4527-4812-81-282-39227-197866138207091-4519-9113-4(CKB)3360000000443109(EBL)3014349(SSID)ssj0000942140(PQKBManifestationID)11614183(PQKBTitleCode)TC0000942140(PQKBWorkID)10971992(PQKB)11413808(OCoLC)712989248(MiAaPQ)EBC3014349(IMF)WPIEE2006193(EXLCZ)99336000000044310920020129d2006 uf 0engur|n|---|||||txtccrNatural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon /Jan-Peter Olters, Daniel LeighWashington, D.C. :International Monetary Fund,2006.1 online resource (30 p.)IMF Working Papers"August 2006."1-4518-6453-1 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND ""; ""III. THEORETICAL FRAMEWORK""; ""IV. RESULTS AND SENSITIVITY TESTS""; ""V. EXTENSIONS""; ""VI. CONCLUDING REMARKS AND FUTURE RESEARCH AGENDA""; ""References""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.IMF Working Papers; Working Paper ;No. 2006/193Natural resourcesGabonFiscal policyGabonInvestments: EnergyimfMacroeconomicsimfPublic FinanceimfTaxationimfEnergy: GeneralimfBusiness Taxes and SubsidiesimfNational Government Expenditures and Related Policies: GeneralimfFiscal PolicyimfEnergy: Demand and SupplyimfPricesimfPublic finance & taxationimfInvestment & securitiesimfOilimfOil, gas and mining taxesimfExpenditureimfFiscal policyimfOil pricesimfPetroleum industry and tradeimfExpenditures, PublicimfGabonimfNatural resourcesFiscal policyInvestments: EnergyMacroeconomicsPublic FinanceTaxationEnergy: GeneralBusiness Taxes and SubsidiesNational Government Expenditures and Related Policies: GeneralFiscal PolicyEnergy: Demand and SupplyPricesPublic finance & taxationInvestment & securitiesOilOil, gas and mining taxesExpenditureFiscal policyOil pricesPetroleum industry and tradeExpenditures, PublicOlters Jan-Peter1462092Leigh Daniel1462093DcWaIMFBOOK9910788522103321Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy3670943UNINA