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010   $a9786613820709
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035   $a(OCoLC)712989248
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035   $a(IMF)WPIEE2006193
035   $a(EXLCZ)993360000000443109
100   $a20020129d2006      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aNatural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy : $eLessons from Gabon /$fJan-Peter Olters, Daniel Leigh
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2006.
215   $a1 online resource (30 p.)
225 1 $aIMF Working Papers
300   $a"August 2006."
311   $a1-4518-6453-1 
320   $aIncludes bibliographical references.
327   $a""Contents""; ""I. INTRODUCTION""; ""II. BACKGROUND ""; ""III. THEORETICAL FRAMEWORK""; ""IV. RESULTS AND SENSITIVITY TESTS""; ""V. EXTENSIONS""; ""VI. CONCLUDING REMARKS AND FUTURE RESEARCH AGENDA""; ""References""
330 3 $aWhile models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting differential interest rates on sovereign debt and financial assets. The approach is applied to Gabon, where oil reserves are expected to be exhausted in 30 years. The results suggest that Gabon's current fiscal-policy stance cannot be maintained, while the presence of habits justifies smoothing the bulk of the adjustment toward the sustainable level over three to five years.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2006/193
606   $aNatural resources$zGabon
606   $aFiscal policy$zGabon
606   $aInvestments: Energy$2imf
606   $aMacroeconomics$2imf
606   $aPublic Finance$2imf
606   $aTaxation$2imf
606   $aEnergy: General$2imf
606   $aBusiness Taxes and Subsidies$2imf
606   $aNational Government Expenditures and Related Policies: General$2imf
606   $aFiscal Policy$2imf
606   $aEnergy: Demand and Supply$2imf
606   $aPrices$2imf
606   $aPublic finance & taxation$2imf
606   $aInvestment & securities$2imf
606   $aOil$2imf
606   $aOil, gas and mining taxes$2imf
606   $aExpenditure$2imf
606   $aFiscal policy$2imf
606   $aOil prices$2imf
606   $aPetroleum industry and trade$2imf
606   $aExpenditures, Public$2imf
607   $aGabon$2imf
615  0$aNatural resources
615  0$aFiscal policy
615  7$aInvestments: Energy
615  7$aMacroeconomics
615  7$aPublic Finance
615  7$aTaxation
615  7$aEnergy: General
615  7$aBusiness Taxes and Subsidies
615  7$aNational Government Expenditures and Related Policies: General
615  7$aFiscal Policy
615  7$aEnergy: Demand and Supply
615  7$aPrices
615  7$aPublic finance & taxation
615  7$aInvestment & securities
615  7$aOil
615  7$aOil, gas and mining taxes
615  7$aExpenditure
615  7$aFiscal policy
615  7$aOil prices
615  7$aPetroleum industry and trade
615  7$aExpenditures, Public
700   $aOlters$b Jan-Peter$01462092
701   $aLeigh$b Daniel$01462093
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788522103321
996   $aNatural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy$93670943
997   $aUNINA