{
  "title": "A New Fiscal Framework for Resource-Rich Countries",
  "publication": "IMF Working Papers, November 3, 2023",
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  "summary": "This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics.",
  "sections": [
    {
      "heading": "Summary and objective",
      "content": "- Main objective: to assess alternative systems of fiscal rules in resource-rich countries against their policy objectives, while taking into account country characteristics.\n- 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.\n- Context: revisits the debate on the design of fiscal rules in resource-rich countries."
    },
    {
      "heading": "Contributions and key findings",
      "content": "- Proposes fiscal frameworks that:\n  - emphasize insurance against shocks;\n  - reduce reliance on precise estimates of resource wealth.\n- Emphasis on country-specific characteristics in assessing and designing fiscal rules."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Commodity prices, Environment, Expenditure, Fiscal policy, Fiscal rules, Natural resources, Prices\n- 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\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2023/11/03/a-new-fiscal-framework-for-resource-rich-countries-541132"
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    "Authors: Luc Eyraud, William Gbohoui, Paulo A Medas",
    "Published: November 3, 2023",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400259609.001",
    "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.",
    "Proposes fiscal frameworks that:",
    "Emphasis on country-specific characteristics in assessing and designing fiscal rules.",
    "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",
    "**Working Paper**"
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