Fiscal Policy Rules for Oil-Producing Countries : : A Welfare-Based Assessment / / Wojciech Maliszewski

• Autore: Maliszewski Wojciech
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
• Descrizione fisica: 27 p
• Soggetto topico: Petroleum industry and trade - Economic aspects; Fiscal policy; Investments: Energy; Macroeconomics; Taxation; Fiscal Policy; Energy: General; Macroeconomics: Consumption; Saving; Wealth; Aggregate Factor Income Distribution; Business Taxes and Subsidies; Energy: Demand and Supply; Prices; Investment & securities; Public finance & taxation; Oil; Government consumption; Income; Oil, gas and mining taxes; Oil prices; Commodities; National accounts; Taxes; Petroleum industry and trade; Consumption; Economics
• Soggetto geografico: United States
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references.
• Sommario/riassunto: The 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.
• Titolo autorizzato: Fiscal Policy Rules for Oil-Producing Countries
• ISBN: 1-4623-4669-3; 1-4519-9231-9; 1-4518-7273-9; 9786612843402; 1-282-84340-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788333303321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2009/126