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[null,"1.","Record Nr.",null,"UNINA9910957408003321"]
[null,null,"Titolo",null,"Constraints on the Design and Implementation of Monetary Policy in Oil Economies : : The Case of Venezuela"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2008"]
[null,null,"ISBN",null,"9786612840937"]
[{"$nulls":4},"9781462382033"]
[{"$nulls":4},"1462382037"]
[{"$nulls":4},"9781452711751"]
[{"$nulls":4},"1452711755"]
[{"$nulls":4},"9781282840935"]
[{"$nulls":4},"1282840932"]
[{"$nulls":4},"9781451870008"]
[{"$nulls":4},"1451870000"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (49 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[{"$nulls":4},"IMF working paper ; ; WP/08/142"]
[null,null,"Disciplina",null,"338.272820987"]
[null,null,"Soggetti",null,"Petroleum industry and trade - Venezuela - Econometric models"]
[{"$nulls":4},"Fiscal policy - Venezuela - Econometric models"]
[{"$nulls":4},"Monetary policy - Venezuela - Econometric models"]
[{"$nulls":4},"Banking"]
[{"$nulls":4},"Banks and Banking"]
[{"$nulls":4},"Banks and banking"]
[{"$nulls":4},"Banks"]
[{"$nulls":4},"Depository Institutions"]
[{"$nulls":4},"Energy: Demand and Supply"]
[{"$nulls":4},"Energy: General"]
[{"$nulls":4},"Exports and Imports"]
[{"$nulls":4},"Exports"]
[{"$nulls":4},"International economics"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Investments: Energy"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Micro Finance Institutions"]
[{"$nulls":4},"Monetary base"]
[{"$nulls":4},"Monetary economics"]
[{"$nulls":4},"Monetary Policy, Central Banking, and the Supply of Money and Credit: General"]
[{"$nulls":4},"Money and Monetary Policy"]
[{"$nulls":4},"Money supply"]
[{"$nulls":4},"Mortgages"]
[{"$nulls":4},"Oil exports"]
[{"$nulls":4},"Oil prices"]
[{"$nulls":4},"Oil"]
[{"$nulls":4},"Petroleum industry and trade"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Trade: General"]
[{"$nulls":4},"Venezuela, República Bolivariana de"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Description based upon print version of record."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references."]
[null,null,"Nota di contenuto",null,"Contents; 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 Δ% Change in the CPI, 1999-2005 Ranked by Xo/XT"]
[{"$nulls":4},"5. Oil Prices (/B- Venezuelan Basket), and Ratio Xo/XT, 960-20056. Venezuela: Oil in the Economy; 2. Venezuela: Selected Indicators; 7. Venezuela: Rates of Growth of Real GDP, CPI, and Oil Prices; 3. Venezuela: Exchange Rate System, 1964-2007; 8. Venezuela: Ratios of Central Bank Instruments of Monetary Control (CBIMC); A. Oil Dominance/Fiscal Dominance: Simple Correlations; B. Oil Dominance/Fiscal Dominance Hypothesis for Venezuela; V. Conclusions; Appendices; I. Oil Exporting Countries-Selected Indicators; Appendix Tables"]
[{"$nulls":4},"A.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"]
[{"$nulls":4},"Appendix FiguresA.III.1. Venezuela: Changes in Oil Prices, Oil Exports, Fiscal Revenue, and Primary Expenditures, 1960-2005; A.III.2. Venezuela: Change in Primary Fiscal Expenditure, Non-Oil GDP Inflation, and Monetary Base, 1960-2005; A.III.3. Venezuela: Five-Year Moving Variences of Rates of Growth of Selected Indicators, 1965-2005; A.III.4. Venezuela: Overall Fiscal Balance and Domestic Primary Deficit (Percentage of GDP); References"]
[null,null,null,"Sommario/riassunto","By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. "]
[{"$nulls":4},"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."]