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



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Autore: Maliszewski Wojciech Visualizza persona
Titolo: Fiscal Policy Rules for Oil-Producing Countries : : A Welfare-Based Assessment / / Wojciech Maliszewski Visualizza cluster
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  Visualizza cluster
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
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2009/126