04386oam 22011294 450 991096125390332120250426110722.097866138207099781462363926146236392X978145274812214527481289781282392274128239227197814519911301451991134(CKB)3360000000443109(EBL)3014349(SSID)ssj0000942140(PQKBManifestationID)11614183(PQKBTitleCode)TC0000942140(PQKBWorkID)10971992(PQKB)11413808(OCoLC)712989248(IMF)WPIEE2006193(MiAaPQ)EBC3014349(IMF)WPIEA2006193WPIEA2006193(EXLCZ)99336000000044310920020129d2006 uf 0engur|n|---|||||txtccrNatural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : Lessons from Gabon /Jan-Peter Olters, Daniel Leigh1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (30 p.)IMF Working Papers"August 2006."9781451864533 1451864531 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 policyGabonBusiness Taxes and SubsidiesimfEnergy: Demand and SupplyimfEnergy: GeneralimfExpenditureimfExpenditures, PublicimfFiscal PolicyimfFiscal policyimfInvestment & securitiesimfInvestments: EnergyimfMacroeconomicsimfNational Government Expenditures and Related Policies: GeneralimfOil pricesimfOilimfOil, gas and mining taxesimfPetroleum industry and tradeimfPricesimfPublic finance & taxationimfPublic FinanceimfTaxationimfGabonimfNatural resourcesFiscal policyBusiness Taxes and SubsidiesEnergy: Demand and SupplyEnergy: GeneralExpenditureExpenditures, PublicFiscal PolicyFiscal policyInvestment & securitiesInvestments: EnergyMacroeconomicsNational Government Expenditures and Related Policies: GeneralOil pricesOilOil, gas and mining taxesPetroleum industry and tradePricesPublic finance & taxationPublic FinanceTaxationOlters Jan-Peter1815831Leigh Daniel1815832DcWaIMFBOOK9910961253903321Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy4371364UNINA