LEADER 06938oam 22012614 450 001 9910788237003321 005 20230721045609.0 010 $a1-4623-8203-7 010 $a1-4527-1175-5 010 $a9786612840937 010 $a1-282-84093-2 010 $a1-4518-7000-0 035 $a(CKB)3170000000055039 035 $a(EBL)1607891 035 $a(SSID)ssj0000943996 035 $a(PQKBManifestationID)11564341 035 $a(PQKBTitleCode)TC0000943996 035 $a(PQKBWorkID)10982913 035 $a(PQKB)10577213 035 $a(OCoLC)252871863 035 $a(MiAaPQ)EBC1607891 035 $a(IMF)WPIEE2008142 035 $a(EXLCZ)993170000000055039 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aConstraints on the Design and Implementation of Monetary Policy in Oil Economies : $eThe Case of Venezuela 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (49 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/142 300 $aDescription based upon print version of record. 311 $a1-4519-1453-9 320 $aIncludes bibliographical references. 327 $aContents; 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 ?% Change in the CPI, 1999-2005 Ranked by Xo/XT 327 $a5. 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 327 $aA.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 327 $aAppendix 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 330 3 $aBy definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil dominance/fiscal dominance (OD/FD) in the case of Venezuela. Using VAR and VEC models it is possible to conclude that there is relevant evidence supporting the validity of the OD/FD hypothesis. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/142 606 $aPetroleum industry and trade$zVenezuela$xEconometric models 606 $aFiscal policy$zVenezuela$xEconometric models 606 $aMonetary policy$zVenezuela$xEconometric models 606 $aBanks and Banking$2imf 606 $aInvestments: Energy$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aEnergy: General$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aPrices$2imf 606 $aTrade: General$2imf 606 $aBanks$2imf 606 $aDepository Institutions$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aMonetary economics$2imf 606 $aInvestment & securities$2imf 606 $aInternational economics$2imf 606 $aBanking$2imf 606 $aMonetary base$2imf 606 $aOil$2imf 606 $aOil prices$2imf 606 $aOil exports$2imf 606 $aMoney supply$2imf 606 $aPetroleum industry and trade$2imf 606 $aExports$2imf 606 $aBanks and banking$2imf 607 $aVenezuela, República Bolivariana de$2imf 615 0$aPetroleum industry and trade$xEconometric models. 615 0$aFiscal policy$xEconometric models. 615 0$aMonetary policy$xEconometric models. 615 7$aBanks and Banking 615 7$aInvestments: Energy 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aEnergy: General 615 7$aEnergy: Demand and Supply 615 7$aPrices 615 7$aTrade: General 615 7$aBanks 615 7$aDepository Institutions 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aMonetary economics 615 7$aInvestment & securities 615 7$aInternational economics 615 7$aBanking 615 7$aMonetary base 615 7$aOil 615 7$aOil prices 615 7$aOil exports 615 7$aMoney supply 615 7$aPetroleum industry and trade 615 7$aExports 615 7$aBanks and banking 676 $a338.272820987 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788237003321 996 $aConstraints on the Design and Implementation of Monetary Policy in Oil Economies$93704199 997 $aUNINA