A Primeron Fiscal Analysis in Oil-Producing Countries

March 1, 2009

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Format: Chicago

Paulo A Medas, and Daria V Zakharova. A Primeron Fiscal Analysis in Oil-Producing Countries, (USA: International Monetary Fund, 2009) accessed September 20, 2024

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

Summary

This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second, uncertain and volatile oil revenue flows can complicate the management of macroeconomic policies in these countries. Third, given the exhaustibility of oil reserves, OPCs need to address longer-term sustainability and intergenerational equity issues. The use of non-oil fiscal indicators, stress tests, medium-term frameworks, and permanent oil income models can greatly aid in addressing these challenges.

Subject: Commodities, Fiscal policy, Fiscal stance, Oil, Oil prices, Oil, gas and mining taxes, Prices, Taxes

Keywords: Annual budget, B. managing oil revenue volatility, Economic growth, Expenditure quality, Expenditure volatility, Fiscal policy, Fiscal policy analysis, Fiscal stance, Gas and mining taxes, Medium term, Middle East and Central Asia, Oil, Oil GDP, Oil price, Oil price shock, Oil price volatility, Oil prices, Oil producing countries, Oil revenue, Oil revenue uncertainty, Policy response, Rate of return, Resource revenue, Revenue performance, WEO oil price, WP

Publication Details

Pages:

41
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2009/056
Stock No:

WPIEA2009056
ISBN:

9781451872033
ISSN:

1018-5941

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