UID:
almafu_9958135377702883
Format:
1 online resource (164 pages)
Edition:
1st ed.
ISBN:
1-4648-0496-6
Series Statement:
World Bank Studies
Content:
The extractive industries (EI) sector occupies an outsize space in the economies of many developing countries. Policy makers, economists, and public finance professionals working in such countries are frequently confronted with issues that require an in-depth understanding of the sector, its economics, governance, and policy challenges, as well as the implications of natural resource wealth for fiscal and public financial management. The objective of the two-volume Essentials for Economists, Public Finance Professionals, and Policy Makers, published in the World Bank Studies series, is to provide a concise overview of the EI-related topics these professionals are likely to encounter. This second volume, Fiscal Management in Resource-Rich Countries, addresses critical fiscal challenges typically associated with large revenue flows from the EI sector. The volume discusses fiscal policy across four related dimensions: short-run stabilization, the management of fiscal risks and vulnerabilities, the promotion of long-term sustainability, and the importance of good public financial management and public investment management systems. The volume subsequently examines several institutional mechanisms used to aid fiscal management, including medium-term expenditure frameworks, resource funds, fiscal rules, and fiscal councils. The volume also discusses the earmarking of revenue, resource revenue projections as applied to the government budget, and fiscal transparency, and outlines several fiscal indicators used to assess the fiscal stance of resource-rich countries. The authors hope that economists, public finance professionals, and policy makers working in resource-rich countries-including decision makers in ministries of finance, international organizations, and other relevant entities-will find the volume useful to their understanding and analysis of fiscal management in resource-rich countries.
Note:
Description based upon print version of record.
,
Front Cover; Contents; Acknowledgments; About the Authors; Overview; Abbreviations; Introduction; PART I The Challenges Posed by Resource Revenues; Chapter 1 What Complicates Fiscal Management in Resource-Rich Countries?; Notes; PART II Fiscal Policy, Stabilization, Sustainability, and Growth; Chapter 2 Fiscal Policy and Short-Run Stabilization; Macroeconomic and Fiscal Stability; Cyclicality of Fiscal Policy in Resource-Rich Countries; Coordination with Monetary Policy and the Dilemmas of Sterilization; Resource Revenues and Fiscal Federalism; Notes
,
Chapter 3 Managing Fiscal Risks and VulnerabilitiesFiscal Risks; Resource Revenue Dependence and General Fiscal Risks; Prudent Fiscal Policies as a Pro-Poor Strategy; Resource Dependence and Specific Fiscal Risks; Notes; Chapter 4 Promoting Sustainability; Fiscal Sustainability Analysis in Resource-Rich Countries; Adjusted Net Saving Models; Notes; Chapter 5 Public Financial Management, Public Investment Management, and Fiscal Transparency; Public Financial Management Systems and Governance; Public Investment Management Systems; Capacity Issues in New and Prospective Resource Producers
,
Fiscal TransparencyNotes; PART 3 Special Fiscal Institutions in Resource-Rich Countries; Chapter 6 Medium-Term Expenditure Frameworks; Medium-Term Expenditure Frameworks and Fiscal Risks; Medium-Term Expenditure Frameworks and Long-Term Perspectives for Fiscal Policy; Factors for the Success of Medium-Term Expenditure Frameworks; Note; Chapter 7 Fiscal Rules and Fiscal Councils; Fiscal Rules; Suggestions for Fiscal Rules; Fiscal Councils and Independent Fiscal Institutions; Some Prerequisites for Fiscal Councils in Resource-Rich Countries; Notes; Chapter 8 Resource Funds
,
Stabilization Funds, Savings Funds, and Financing FundsDomestic Operations of Resource Funds; Institutional Arrangements for the Fund; Governance, Transparency, and Accountability; Suggestions for Resource Fund Design; Notes; Chapter 9 Revenue Earmarking; Chapter 10 The Resource Price, or Revenue, in the Budget; Suggestions for the Resource Price or Revenue Used in Budgets; Appendix A Indicators for Fiscal Analysis in Resource-Rich Countries; Notes; Appendix B Methodological Issues in the Assessment of Fiscal Policy Cyclicality in Resource-Rich Countries; Notes
,
Appendix C Chile's Structural Balance Fiscal GuidelineNotes; Appendix D Direct Distribution of Resource Rents to Citizens; Notes; Appendix E Generally Accepted Principles and Practices of a Sovereign Wealth Fund: The Santiago Principles; Note; Appendix F The International Monetary Fund's Guide to Resource Revenue Transparency: Summary of Good Fiscal Transparency Practices for Resource Revenue Management; Clarity of Roles and Responsibilities; Open Budget Processes; Public Availability of Information; Assurances of Integrity; Note; References; Boxes
,
3.1 Fiscal Risk Analysis in Resource-Rich Countries
Additional Edition:
ISBN 1-4648-0495-8
Language:
English
Bookmarklink
