Fiscal Policy And The Natural Resources Curse

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Fiscal Policy and the Natural Resources Curse

Paul Mosley
Fiscal Policy and the Natural Resources Curse Book PDF

Author : Paul Mosley
Publisher : Taylor & Francis
Page : 246 pages
File Size : 42,8 Mb
Release : 2017-02-17
Category : Business & Economics
ISBN : 9781317370154

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Fiscal Policy and the Natural Resources Curse by Paul Mosley Pdf

It is widely accepted that natural resource wealth, especially in the form of oil and minerals, can be a key factor in inhibiting economic development. Many of the countries that are richest in natural resources – including oil, metals and diamonds – are amongst the world’s poorest. Why? Fiscal Policy and the Natural Resources Curse re-examines this ancient, unsolved puzzle, asking why many governments of natural resource-intensive countries are incapable, in a globalised world, of dealing with the natural-resource curse. This book offers a detailed analysis of the power-relationships which underpin the natural resource curse, using both statistical analysis and country case studies from Africa and Latin America to pinpoint the strategies that have enable developing countries to break out of the poverty trap. The book differs from other works on this subject, as it not only identifies the issues at stake but also offers solutions in the form of a series of suggested policy measures. The work focusses in particular on fiscal escape routes, namely measures to develop and diversify the tax system, and to reallocate and target public expenditure. This volume will be of great interest to scholars of economic development, the economics of natural resources and economic growth as well as all those with an interest in development, global politics and anti-poverty policies.

Fiscal Policy and the Natural Resources Curse

Paul Mosley
Fiscal Policy and the Natural Resources Curse Book PDF

Author : Paul Mosley
Publisher : Routledge
Page : 246 pages
File Size : 50,7 Mb
Release : 2017-02-17
Category : Business & Economics
ISBN : 9781317370147

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Fiscal Policy and the Natural Resources Curse by Paul Mosley Pdf

It is widely accepted that natural resource wealth, especially in the form of oil and minerals, can be a key factor in inhibiting economic development. Many of the countries that are richest in natural resources – including oil, metals and diamonds – are amongst the world’s poorest. Why? Fiscal Policy and the Natural Resources Curse re-examines this ancient, unsolved puzzle, asking why many governments of natural resource-intensive countries are incapable, in a globalised world, of dealing with the natural-resource curse. This book offers a detailed analysis of the power-relationships which underpin the natural resource curse, using both statistical analysis and country case studies from Africa and Latin America to pinpoint the strategies that have enable developing countries to break out of the poverty trap. The book differs from other works on this subject, as it not only identifies the issues at stake but also offers solutions in the form of a series of suggested policy measures. The work focusses in particular on fiscal escape routes, namely measures to develop and diversify the tax system, and to reallocate and target public expenditure. This volume will be of great interest to scholars of economic development, the economics of natural resources and economic growth as well as all those with an interest in development, global politics and anti-poverty policies.

Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth

Daniel Wilde
Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth Book PDF

Author : Daniel Wilde
Publisher : Commonwealth Secretariat
Page : 49 pages
File Size : 52,9 Mb
Release : 2016-10-11
Category : Commonwealth countries
ISBN : 9781849291606

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Key Issues in Natural Resource Taxation and Revenue Management in the Commonwealth by Daniel Wilde Pdf

Public policies in taxation and revenue management are key to ensuring natural resource wealth results in economic development. Tax policy and systems should ensure that whenever natural resources are extracted, the host state receives a fair share of revenue. Revenue management policies are required to ensure that government revenues from natural resources are wisely used to finance sustainable economic development. This Economic Paper analyses key issues in natural resource taxation and revenue management and recommends policies that can improve countries’ economic performance. The discussion draws on economic theory, empirical evidence and the work of the Commonwealth Secretariat.

Confronting the Curse

Cullen S. Hendrix,Marcus Noland
Confronting the Curse Book PDF

Author : Cullen S. Hendrix,Marcus Noland
Publisher : Peterson Institute for International Economics
Page : 221 pages
File Size : 40,7 Mb
Release : 2014
Category : Business & Economics
ISBN : 9780881326765

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Confronting the Curse by Cullen S. Hendrix,Marcus Noland Pdf

The political economy of natural resource wealth poses two interrelated challenges for American foreign policy, both involving governance issues in countries that are abundantly endowed with natural resources. The potentially negative impact of natural resources on development is captured in the phrase "the resource curse". The implications are the greatest for the commodity producers themselves, ranging from complications for macroeconomic management to political authoritarianism and, in the extreme, the precipitation of violent civil conflict. For US policy, the resource curse presents challenges with respect to coping with state failure and associated transborder phenomena. The issues extend to broader geopolitics. Resource abundance confers financial and political power on producers. China's emergence as a major importer and investor in extraction, willing to accommodate authoritarian producers, exacerbates the challenge, potentially undercutting international efforts to encourage greater transparency and improved management of natural resource wealth. This issue is of particular importance for US policy toward Africa

Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy

Daniel Leigh,Jan-Peter Olters
Natural Resource Depletion Habit Formation and Sustainable Fiscal Policy Book PDF

Author : Daniel Leigh,Jan-Peter Olters
Publisher : International Monetary Fund
Page : 34 pages
File Size : 44,7 Mb
Release : 2006-08
Category : Business & Economics
ISBN : UCSD:31822030111835

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Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy by Daniel Leigh,Jan-Peter Olters Pdf

While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting differential interest rates on sovereign debt and financial assets. The approach is applied to Gabon, where oil reserves are expected to be exhausted in 30 years. The results suggest that Gabon's current fiscal-policy stance cannot be maintained, while the presence of habits justifies smoothing the bulk of the adjustment toward the sustainable level over three to five years.

The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability

Matteo Ruzzante,Nelson Sobrinho
The Fiscal Presource Curse Giant Discoveries and Debt Sustainability Book PDF

Author : Matteo Ruzzante,Nelson Sobrinho
Publisher : International Monetary Fund
Page : 77 pages
File Size : 41,6 Mb
Release : 2022-01-21
Category : Electronic
ISBN : 9781616358990

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The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability by Matteo Ruzzante,Nelson Sobrinho Pdf

This paper investigates the dynamic impact of natural resource discoveries on government debt sustainability. We use a 'natural experiment' framework in which the timing of discoveries is treated as an exogenous source of within-country variation. We combine data on government debt, fiscal stress and debt distress episodes on a large panel of countries over 1970-2012, with a global repository of giant oil, gas, and mineral discoveries. We find strong and robust evidence of a 'fiscal presource curse', i.e., natural resources can jeopardize fiscal sustainability even before 'the first drop of oil is pumped'. Specifically, we find that giant discoveries, mostly of oil and gas, lead to permanently higher government debt and, eventually, debt distress episodes, specially in countries with weaker political institutions and governance. This evidence suggest that the curse can be mitigated and even prevented by pursuing prudent fiscal policies and borrowing strategies, strengthening fiscal governance, and implementing transparent and robust fiscal frameworks for resource management.

Direct Distribution of Resource Revenues

Mr.Sanjeev Gupta,Mr.Alex Segura-Ubiergo,Enrique Flores
Direct Distribution of Resource Revenues Book PDF

Author : Mr.Sanjeev Gupta,Mr.Alex Segura-Ubiergo,Enrique Flores
Publisher : International Monetary Fund
Page : 26 pages
File Size : 55,9 Mb
Release : 2014-06-10
Category : Nature
ISBN : 9781498326179

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Direct Distribution of Resource Revenues by Mr.Sanjeev Gupta,Mr.Alex Segura-Ubiergo,Enrique Flores Pdf

Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.” This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first priority for policymakers is to establish fiscal policy objectives to support macroeconomic stability and development objectives. In this regard, the establishment of an adequate fiscal framework that informs decisions on how much to save and invest, or how to smooth out revenue volatility, and deal with exhaustibility issues should precede any discussion of direct distribution of resource wealth to the population.

Boom, Bust or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth

Charlotte J. Lundgren,Mr.Alun H. Thomas,Mr.Robert C York
Boom Bust or Prosperity Managing Sub Saharan Africa s Natural Resource Wealth Book PDF

Author : Charlotte J. Lundgren,Mr.Alun H. Thomas,Mr.Robert C York
Publisher : International Monetary Fund
Page : 91 pages
File Size : 49,9 Mb
Release : 2013-10-07
Category : Nature
ISBN : 9781484397466

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Boom, Bust or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth by Charlotte J. Lundgren,Mr.Alun H. Thomas,Mr.Robert C York Pdf

Sizeable natural resource endowments and potentially large financial inflows from their extraction provide an unparalleled opportunity for economic growth and development in a growing number of sub-Saharan African countries. Empirical evidence suggests, however, that translating this resource wealth into stronger economic performance and a higher standard of living has proven challenging. Much has been written about the resource curse. This publication focuses on solutions to the challenges and outlines the main policy considerations and options in managing natural resource wealth, drawing on experience within and outside sub-Saharan Africa and referring closely to the latest analysis and policy advice in this area by the IMF, the World Bank, and leading academic research. A key feature of each chapter is a recommended reading list for those who wish additional, more in-depth material on these issues to further inform policymakers and other stakeholders on the theoretical and analytical underpinnings of the policy advice.

Fiscal Frameworks for Resource Rich Developing Countries (EPub)

Marcos Poplawski-Ribeiro,Mr. Mauricio Villafuerte,Mr. Thomas Baunsgaard,Christine J. Richmond
Fiscal Frameworks for Resource Rich Developing Countries EPub Book PDF

Author : Marcos Poplawski-Ribeiro,Mr. Mauricio Villafuerte,Mr. Thomas Baunsgaard,Christine J. Richmond
Publisher : INTERNATIONAL MONETARY FUND
Page : 29 pages
File Size : 40,6 Mb
Release : 2012-05-16
Category : Business & Economics
ISBN : 9781475572087

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Fiscal Frameworks for Resource Rich Developing Countries (EPub) by Marcos Poplawski-Ribeiro,Mr. Mauricio Villafuerte,Mr. Thomas Baunsgaard,Christine J. Richmond Pdf

This note will provide guidance from a practitioner’s or policymaker’s perspective on how to design fiscal frameworks in natural resource intensive countries. It will lay out principles that should help countries to meet development needs while dealing with the resource revenue volatility, uncertainty, and exhaustibility (intergenerational equity).

Rents to Riches?

Naazneen Barma,Kai Kaiser,Tuan Minh Le,Lorena Viñuela
Rents to Riches Book PDF

Author : Naazneen Barma,Kai Kaiser,Tuan Minh Le,Lorena Viñuela
Publisher : World Bank Publications
Page : 303 pages
File Size : 52,8 Mb
Release : 2011-12-08
Category : Business & Economics
ISBN : 9780821387160

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Rents to Riches? by Naazneen Barma,Kai Kaiser,Tuan Minh Le,Lorena Viñuela Pdf

This volume focuses on the political economy surrounding the detailed decisions that governments make at each step of the value chain for natural resource management. From the perspective of public interest or good governance, many resource-dependent developing countries pursue apparently short-sighted and sub-optimal policies in relation to the extraction and capture of resource rents, and to spending and savings from their resource endowments. This work contextualizes these micro-level choices and outcomes.

Resource Abundance and Economic Development

R. M. Auty
Resource Abundance and Economic Development Book PDF

Author : R. M. Auty
Publisher : Oxford University Press
Page : 357 pages
File Size : 48,6 Mb
Release : 2001-06-28
Category : Business & Economics
ISBN : 9780199246885

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Resource Abundance and Economic Development by R. M. Auty Pdf

Since the 1960s the per capita incomes of the resource-poor countries have grown significantly faster than those of the resource-abundant countries. In fact, in recent years economic growth has been inversely proportional to the share of natural resource rents in GDP, so that the small mineral-driven economies have performed least well and the oil-driven economies worst of all. Yet the mineral-driven resource-rich economies have high growth potential because the mineral exportsboost their capacity to invest and to import."Resource Abundance and Economic Development" explains the disappointing performance of resource-abundant countries by extending the growth accounting framework to include natural and social capital. The resulting synthesis identifies two contrasting development trajectories: the competitive industrialization of the resource-poor countries and the staple trap of many resource-abundant countries. The resource-poor countries are less prone to policy failure than the resource-abundant countriesbecause social pressures force the political state to align its interests with the majority poor and follow relatively prudent policies. Resource-abundant countries are more likely to engender political states in which vested interests vie to capture resource surpluses (rents) at the expense of policycoherence. A longer dependence on primary product exports also delays industrialization, heightens income inequality, and retards skill accumulation. Fears of 'Dutch disease' encourage efforts to force industrialization through trade policy to protect infant industry. The resulting slow-maturing manufacturing sector demands transfers from the primary sector that outstrip the natural resource rents and sap the competitiveness of the economy.The chapters in this collection draw upon historical analysis and models to show that a growth collapse is not the inevitable outcome of resource abundance and that policy counts. Malaysia, a rare example of successful resource-abundant development, is contrasted with Ghana, Bolivia, Saudi Arabia, Mexico, and Argentina, which all experienced a growth collapse. The book also explores policies for reviving collapsed economies with reference to Costa Rica, South Africa, Russia and Central Asia. Itdemonstrates the importance of initial conditions to successful economic reform.

Beyond the Curse

Rabah Arezki,Thorvaldur Gylfason,International Monetary Fund
Beyond the Curse Book PDF

Author : Rabah Arezki,Thorvaldur Gylfason,International Monetary Fund
Publisher : Unknown
Page : 275 pages
File Size : 47,5 Mb
Release : 2011
Category : Law
ISBN : 1616351454

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Beyond the Curse by Rabah Arezki,Thorvaldur Gylfason,International Monetary Fund Pdf

Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial stability, and governance. The ideas in this book were first presented at a seminar in November 2010 that was aimed primarily at policymakers in sub-Saharan Africa and brought together ministers, central bank governors, other senior policymakers, and well-known academics.

Natural Resource Abundance, Growth, and Diversification in the Middle East and North Africa

Ndiame' Diop,Daniela Marotta,Jaime de Melo
Natural Resource Abundance Growth and Diversification in the Middle East and North Africa Book PDF

Author : Ndiame' Diop,Daniela Marotta,Jaime de Melo
Publisher : World Bank Publications
Page : 229 pages
File Size : 49,5 Mb
Release : 2012-10-01
Category : Business & Economics
ISBN : 9780821395929

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Natural Resource Abundance, Growth, and Diversification in the Middle East and North Africa by Ndiame' Diop,Daniela Marotta,Jaime de Melo Pdf

MENA holds more than 60% of oil and nearly 50% of gas reserves, making its economy very vulnerable to price fluctuations. This volume investigates the effect of natural resources and the role of policies on achieving higher and sustained growth through economic diversification.

Natural Resources and Divergence

Cristián Ducoing,José Peres-Cajías
Natural Resources and Divergence Book PDF

Author : Cristián Ducoing,José Peres-Cajías
Publisher : Springer Nature
Page : 324 pages
File Size : 51,6 Mb
Release : 2021-07-01
Category : Business & Economics
ISBN : 9783030710446

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Natural Resources and Divergence by Cristián Ducoing,José Peres-Cajías Pdf

Is the 'natural resource curse' destiny? Are different ways to link natural resources and economic development? Using two particular regions as case studies, this edited collection examines the divergent development paths of natural resource rich countries over the past two centuries. Bolivia, Chile and Peru are neighbour states with a common history and are globally known by their mining endowments. Norway and Sweden have also a strong common history, and different natural resource endowments (forestry, mining and fishing) are essential to understand their current economic success. By comparing natural resource management in the long run in these two divergent regions, this book can help rethink how developing countries can better take advantage of their natural resource endowments. Specifically, the book examines the interaction between natural resources and different key determinants of long-term development: trade, fiscal policy, sustainability, human capital accumulation and business strategies.

DAC Guidelines and Reference Series Natural Resources and Pro-Poor Growth The Economics and Politics

OECD
DAC Guidelines and Reference Series Natural Resources and Pro Poor Growth The Economics and Politics Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 170 pages
File Size : 48,7 Mb
Release : 2009-01-27
Category : Electronic
ISBN : 9789264060258

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DAC Guidelines and Reference Series Natural Resources and Pro-Poor Growth The Economics and Politics by OECD Pdf

Natural capital constitutes a quarter of total wealth in low-income countries. This publication demonstrates that natural resources can contribute to growth, employment, exports and fiscal revenues and highlights the importance of policies encouraging the sustainable management of these resources.