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Author/Editor:
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Baunsgaard, Thomas
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Publication Date:
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July 01, 2003
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Electronic Access:
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Free Full text
(PDF file size is 1,196KB).
Use the free
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Fiscal policy in oil-producing countries can be profoundly affected by oil revenue uncertainty and volatility. Policy formulation should factor in the exhaustibility of the natural resources and aim at reducing oil revenue volatility passed on to the economy. Past fiscal policy in Nigeria has not been successful in this regard, since both revenue and expenditure have been highly volatile, to a large extent reflecting oil price developments. The paper discusses the role an appropriately designed fiscal rule, nested within the long-run sustainable use of oil revenue, could have in providing a more stable framework for fiscal policy formulation. It also highlights practical implementation and transitional issues.
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Order a print copy
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Series:
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Working Paper No. 03/155
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Subject(s):
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Fiscal policy | Nigeria | Oil revenues | Oil producing countries
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Author's Keyword(s):
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Fiscal policy rules | oil-producing countries | nonrenewable resources | Nigeria |
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English
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Publication Date:
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July 01, 2003
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA1552003
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Pages:
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36
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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