UID:
edoccha_9958118805602883
Umfang:
1 online resource (88 p.)
ISBN:
1-4623-7893-5
,
1-4552-2948-2
,
1-283-56389-4
,
1-4552-1043-9
,
9786613876348
Serie:
IMF working papers ; WP/10/251
Inhalt:
This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.
Anmerkung:
"November 2010."
,
Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Background; 1. Selected Nonrenewable Resource Prices in Real Terms; 2. Oil Price Changes in Real Terms and Global Economic Growth; 1. Resource Sector Size and Revenue; 3. Growth Rates of Fiscal Revenue in Real Terms; III. Has Fiscal Policy Been Procyclical During the Recent Cycle?; 4. Changes in Primary Balances; 5. Changes in Nonresource Primary Balances; 6. NRECs: Fiscal Impulses and Nonresource Output Gaps, 2003-08; 2. Fiscal Impulses and Nonresource Output Gaps
,
7. NRECs: Fiscal Impulses and Nonresource Output Gaps, 2009IV. Short-Term Fiscal Vulnerability to Resource Price Shocks; 3. Fiscal Impact of a 15 Percent Fall in Resource Prices; 4. Evolution of Fiscal Vulnerability Indicators; V. Long-Term Fiscal Sustainability; 8. Fiscal Sustainability Ratios 2003 and 2010; VI. Fiscal Rules and Resource Funds During the Cycle; VII. Conclusions; 1. Fiscal Rules and Resource Funds in LAC Nonrenewable Resource Exporting Countries; 2. Subsidies on Fuel Products and the Fiscal Stance; 3. What Underlies the Evolution of Nonresource Primary Balances?
,
4. Calculation of a Long-Term Fiscal Benchmark: An ExampleReferences; Footnotes
,
English
Weitere Ausg.:
ISBN 1-4552-0951-1
Sprache:
Englisch
