LEADER 05362oam 22012494 450 001 9910965595303321 005 20250426110546.0 010 $a9786612843402 010 $a9781462346691 010 $a1462346693 010 $a9781451992311 010 $a1451992319 010 $a9781451872736 010 $a1451872739 010 $a9781282843400 010 $a1282843400 035 $a(CKB)3170000000055282 035 $a(SSID)ssj0000940829 035 $a(PQKBManifestationID)11547859 035 $a(PQKBTitleCode)TC0000940829 035 $a(PQKBWorkID)10955612 035 $a(PQKB)11354708 035 $a(OCoLC)586083080 035 $a(MiAaPQ)EBC1605916 035 $a(IMF)WPIEE2009126 035 $a(IMF)WPIEA2009126 035 $aWPIEA2009126 035 $a(EXLCZ)993170000000055282 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Policy Rules for Oil-Producing Countries : $eA Welfare-Based Assessment /$fWojciech Maliszewski 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a27 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 08$a9781451917024 311 08$a1451917023 320 $aIncludes bibliographical references. 327 $aIntro -- Contents -- I. Introduction -- II. Fiscal Rules for OPCs -- A. Optimizing Rules -- B. Ad hoc Rules -- III. Numerical Comparisons -- A. Setup and Assumptions -- B. Results -- IV. Conclusions -- Tables -- 1. Initial Conditions -- 2. Model Parameters -- 3. Comparison of Policy Rules (Baseline) -- 4. Comparison of Policy Rules (Alternative Specification for the Oil Price Process) -- Figures -- 1. PIM and POIM Rules for the Mature Oil Producer -- 2. PIM and POIM Rules for the Large Oil Producer -- 3. PIM and POIM Rules for the Medium Oil Producer -- 4. POIM and MPOIM Rules for the Mature Oil Producer -- 5. POIM and MPOIM Rules for the Large Oil Producer -- 6. POIM and MPOIM Rules for the Medium Oil Producer -- 7. MPOIM and ad hoc Rules for the Mature Oil Producer -- 8. MPOIM and ad hoc Rules for the Large Oil Producer -- 9. MPOIM and ad hoc Rules for the Medium Oil Producer -- References. 330 3 $aThe paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/126 606 $aPetroleum industry and trade$xEconomic aspects 606 $aFiscal policy 606 $aAggregate Factor Income Distribution$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aCommodities$2imf 606 $aConsumption$2imf 606 $aEconomics$2imf 606 $aEnergy: Demand and Supply$2imf 606 $aEnergy: General$2imf 606 $aFiscal Policy$2imf 606 $aGovernment consumption$2imf 606 $aIncome$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Energy$2imf 606 $aMacroeconomics$2imf 606 $aMacroeconomics: Consumption$2imf 606 $aNational accounts$2imf 606 $aOil prices$2imf 606 $aOil$2imf 606 $aOil, gas and mining taxes$2imf 606 $aPetroleum industry and trade$2imf 606 $aPrices$2imf 606 $aPublic finance & taxation$2imf 606 $aSaving$2imf 606 $aTaxation$2imf 606 $aTaxes$2imf 606 $aWealth$2imf 607 $aUnited States$2imf 615 0$aPetroleum industry and trade$xEconomic aspects. 615 0$aFiscal policy. 615 7$aAggregate Factor Income Distribution 615 7$aBusiness Taxes and Subsidies 615 7$aCommodities 615 7$aConsumption 615 7$aEconomics 615 7$aEnergy: Demand and Supply 615 7$aEnergy: General 615 7$aFiscal Policy 615 7$aGovernment consumption 615 7$aIncome 615 7$aInvestment & securities 615 7$aInvestments: Energy 615 7$aMacroeconomics 615 7$aMacroeconomics: Consumption 615 7$aNational accounts 615 7$aOil prices 615 7$aOil 615 7$aOil, gas and mining taxes 615 7$aPetroleum industry and trade 615 7$aPrices 615 7$aPublic finance & taxation 615 7$aSaving 615 7$aTaxation 615 7$aTaxes 615 7$aWealth 700 $aMaliszewski$b Wojciech$01109477 801 0$bDcWaIMF 906 $aBOOK 912 $a9910965595303321 996 $aFiscal Policy Rules for Oil-Producing Countries$94371347 997 $aUNINA