A New Fiscal Framework for Resource-Rich Countries
IMF Working Papers, November 3, 2023
Source details
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- A New Fiscal Framework for Resource-Rich Countries
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Bibliographic details
- Authors: Luc Eyraud, William Gbohoui, Paulo A Medas
- Published: November 3, 2023
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9798400259609.001
Summary and objective
- Main objective: to assess alternative systems of fiscal rules in resource-rich countries against their policy objectives, while taking into account country characteristics.
- Core proposal: fiscal frameworks centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.
- Context: revisits the debate on the design of fiscal rules in resource-rich countries.
Contributions and key findings
- Proposes fiscal frameworks that:
- emphasize insurance against shocks;
- reduce reliance on precise estimates of resource wealth.
- Emphasis on country-specific characteristics in assessing and designing fiscal rules.
Subjects and keywords
- Subject: Commodity prices, Environment, Expenditure, Fiscal policy, Fiscal rules, Natural resources, Prices
- Keywords: Commodity prices, financial assets floor, Fiscal Policy, Fiscal Rules, Global, IMF working paper 23/230, Natural resources, net financial assets, Non-Renewable resources, Nonrenewable Resource Exporting Countries, personal income hypothesis, policy objective, Resource Funds, resource revenue, resource wealth
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- Working Paper