{
  "title": "Fiscal Policy and Economic Cycles in Oil-Exporting Countries",
  "publication": "IMF Working Papers, November 1, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-policy-and-economic-cycles-in-oil-exporting-countries-22434",
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  "summary": "This paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries.",
  "sections": [
    {
      "heading": "Summary and Research Question",
      "content": "- Paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries.\n- Research question: Do oil price changes directly affect the non-oil economic cycle, or only indirectly through fiscal policy?"
    },
    {
      "heading": "Methods",
      "content": "- Empirical approach: Panel VAR analysis and associated impulse responses.\n- Scope: Oil-exporting countries with varying relative sizes of the oil sector in the economy."
    },
    {
      "heading": "Key Findings",
      "content": "- In countries where the oil sector is large in relation to the economy, oil price changes affect the economic cycle only through their impact on fiscal policy.\n- Once fiscal policy changes are removed, oil price shocks do not have a significant independent effect on the economic cycle."
    },
    {
      "heading": "Policy Implications and Interpretation",
      "content": "- Fiscal policy responses to oil price changes are the primary channel through which oil price shocks influence the non-oil economic cycle in large oil-sector economies.\n- Managing fiscal policy adjustments can therefore mitigate or amplify the macroeconomic effects of oil price volatility."
    },
    {
      "heading": "Publication and Metadata",
      "content": "- Title: Fiscal Policy and Economic Cycles in Oil-Exporting Countries\n- Authors: Kamilya Tazhibayeva, Aasim M. Husain, Anna Ter-Martirosyan\n- Date: November 1, 2008\n- Series: Working Paper No. 2008/253\n- Issue: 253\n- Volume: 2008\n- Pages: 21\n- DOI: https://doi.org/10.5089/9781451871111.001\n- ISBN: 9781451871111\n- ISSN: 1018-5941\n- Subject: Expenditure, Fiscal policy, Fiscal stance, Oil, Oil prices\n- Keywords: oil price, output, price, WP\n\nSource: IMF Working Paper — Fiscal Policy and Economic Cycles in Oil-Exporting Countries (Kamilya Tazhibayeva, Aasim M. Husain, Anna Ter-Martirosyan), November 1, 2008; DOI: https://doi.org/10.5089/9781451871111.001\n\n---\n\n Content in this bundle\n\n- wp08253\n  - wp08253 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp08253 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/fiscal-policy-and-economic-cycles-in-oil-exporting-countries-22434"
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    "Authors: Kamilya Tazhibayeva, Aasim M. Husain, Anna Ter-Martirosyan",
    "Published: November 1, 2008",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451871111.001",
    "Paper empirically assesses the impact of oil price shocks on the underlying non-oil economic cycle in oil-exporting countries.",
    "Research question: Do oil price changes directly affect the non-oil economic cycle, or only indirectly through fiscal policy?",
    "Empirical approach: Panel VAR analysis and associated impulse responses.",
    "Scope: Oil-exporting countries with varying relative sizes of the oil sector in the economy.",
    "In countries where the oil sector is large in relation to the economy, oil price changes affect the economic cycle only through their impact on fiscal policy.",
    "Once fiscal policy changes are removed, oil price shocks do not have a significant independent effect on the economic cycle.",
    "Fiscal policy responses to oil price changes are the primary channel through which oil price shocks influence the non-oil economic cycle in large oil-sector economies.",
    "Managing fiscal policy adjustments can therefore mitigate or amplify the macroeconomic effects of oil price volatility.",
    "Title: Fiscal Policy and Economic Cycles in Oil-Exporting Countries",
    "Authors: Kamilya Tazhibayeva, Aasim M. Husain, Anna Ter-Martirosyan",
    "Date: November 1, 2008",
    "Series: Working Paper No. 2008/253",
    "Issue: 253",
    "Volume: 2008",
    "Pages: 21",
    "DOI: https://doi.org/10.5089/9781451871111.001",
    "ISBN: 9781451871111",
    "ISSN: 1018-5941",
    "Subject: Expenditure, Fiscal policy, Fiscal stance, Oil, Oil prices",
    "Keywords: oil price, output, price, WP",
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