Macroeconomic Policy Frameworks For Resource Rich Developing Countries Background Paper 1

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,World Bank
Publisher : International Monetary Fund
Page : 75 pages
File Size : 51,7 Mb
Release : 2012-08-24
Category : Business & Economics
ISBN : 9781498339988

Get Book

Macroeconomic Policy Frameworks for Resource-Rich Developing Countries - Background Paper 1 by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. European Dept.,International Monetary Fund. African Dept.,World Bank Pdf

This paper provides deeper insights on a few themes with regard to the experience with macroeconomic management in resource-rich developing countries (RRDCs). First, some stylized facts on the performance of these economies relative to their non-resource peers are provided. Second, the experience of Fund engagement in these economies with respect to surveillance, programs, and technical assistance is assessed. Third, the experience of selected countries with good practices in the management of the natural resource wealth is presented. Fourth, the experience of IMF advice in helping RRDCs set up resource funds is discussed. Finally, the main themes and messages from the IMF staff consultation with external stakeholders (CSOs, policy makers, academics) are presented.

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. European Dept.,World Bank
Publisher : International Monetary Fund
Page : 104 pages
File Size : 46,6 Mb
Release : 2012-08-24
Category : Business & Economics
ISBN : 9781498340007

Get Book

Macroeconomic Policy Frameworks for Resource-Rich Developing Countries--Analytic Frameworks and Applications by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.,International Monetary Fund. Monetary and Capital Markets Department,International Monetary Fund. Research Dept.,International Monetary Fund. Asia and Pacific Dept,International Monetary Fund. Western Hemisphere Dept.,International Monetary Fund. European Dept.,World Bank Pdf

This supplement presents the analytical frameworks underlying the IMF’s staff’s enhanced policy analysis and advice to resource-rich developing countries (RRDCs). The proposed macro-fiscal models, which are applied to selected country or regional cases, are aimed at addressing questions regarding how to deal with resource revenue uncertainty and how to scale up spending within relevant frameworks that ensure fiscal and external sustainability while addressing absorptive capacity constraints. The country applications confirm the importance attached by both IMF staff and country authorities of using the appropriate macro-fiscal frameworks to address the specific challenges faced by RRDCs.

Author : Marcos Poplawski-Ribeiro,Mr.Mauricio Villafuerte,Mr.Thomas Baunsgaard,Christine J. Richmond
Publisher : International Monetary Fund
Page : 29 pages
File Size : 41,8 Mb
Release : 2012-05-16
Category : Business & Economics
ISBN : 9781475572087

Get Book

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

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Author : Juliana Dutra Araujo,Ms.Bin Li,Marcos Poplawski-Ribeiro,Luis-Felipe Zanna
Publisher : International Monetary Fund
Page : 34 pages
File Size : 44,8 Mb
Release : 2013-03-27
Category : Business & Economics
ISBN : 9781484396032

Get Book

Current Account Norms in Natural Resource Rich and Capital Scarce Economies by Juliana Dutra Araujo,Ms.Bin Li,Marcos Poplawski-Ribeiro,Luis-Felipe Zanna Pdf

The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial development needs and tight external borrowing constraints. By relaxing these constraints and providing a key financing source for public investment in RRDCs, temporary resource revenues might then be associated with current account deficits, or at least low surpluses. This paper develops a neoclassical model with private and public investment and several frictions that capture pervasive features in RRDCs, including absorptive capacity constraints, inefficiencies in investment, and borrowing constraints that can be relaxed when natural resources lower the country risk premium. The model is used to study the role of investment and these frictions in shaping the current account dynamics under windfalls. Since consumption and investment decisions are optimal, the model also serves to provide current account benchmarks (norms). We apply the model to the Economic and Monetary Community of Central Africa and discuss how our results can be used to inform the current account norm analysis pursued at the International Monetary Fund.

Author : Mr. Luc Eyraud,William Gbohoui,Mr. Paolo Mauro
Publisher : International Monetary Fund
Page : 68 pages
File Size : 48,9 Mb
Release : 2023-11-03
Category : Business & Economics
ISBN : 9798400259609

Get Book

A New Fiscal Framework for Resource-Rich Countries by Mr. Luc Eyraud,William Gbohoui,Mr. Paolo Mauro Pdf

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. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 74 pages
File Size : 52,9 Mb
Release : 2015-10-23
Category : Business & Economics
ISBN : 9781498344067

Get Book

Evolving Monetary Policy Frameworks in Low-Income and Other Developing Countries by International Monetary Fund Pdf

Over the past two decades, many low- and lower-middle income countries (LLMICs) have improved control over fiscal policy, liberalized and deepened financial markets, and stabilized inflation at moderate levels. Monetary policy frameworks that have helped achieve these ends are being challenged by continued financial development and increased exposure to global capital markets. Many policymakers aspire to move beyond the basics of stability to implement monetary policy frameworks that better anchor inflation and promote macroeconomic stability and growth. Many of these LLMICs are thus considering and implementing improvements to their monetary policy frameworks. The recent successes of some LLMICs and the experiences of emerging and advanced economies, both early in their policy modernization process and following the global financial crisis, are valuable in identifying desirable features of such frameworks. This paper draws on those lessons to provide guidance on key elements of effective monetary policy frameworks for LLMICs.

Author : Raghbendra Jha
Publisher : Routledge
Page : 511 pages
File Size : 54,8 Mb
Release : 2003-03-13
Category : Business & Economics
ISBN : 9781134505449

Get Book

Macroeconomics for Developing Countries by Raghbendra Jha Pdf

Macroeconomics for Developing Countries presents a comprehensive study of the tools of macroeconomic analysis with particular emphasis on their application in Developing Countries. At the same time, it examines the debate over whether developing economies should have a completely different framework for dealing with macroeconomic problems. The book includes: * alternative macroeconomic models of developing countries; * theories of inflation and the balance of payments; * internal and external debt; * evaluations of IMF stabilization packages.

Author : Elva Bova,Paulo Medas,Tigran Poghosyan
Publisher : Unknown
Page : 128 pages
File Size : 53,8 Mb
Release : 2016
Category : Business cycles
ISBN : 1498377505

Get Book

Macroeconomic Stability in Resource-rich Countries by Elva Bova,Paulo Medas,Tigran Poghosyan Pdf

Author : Charlotte J. Lundgren,Mr.Alun H. Thomas,Mr.Robert C York
Publisher : International Monetary Fund
Page : 85 pages
File Size : 42,5 Mb
Release : 2013-08-27
Category : Nature
ISBN : 9781484369326

Get Book

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.

Author : Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle
Publisher : International Monetary Fund
Page : 33 pages
File Size : 46,5 Mb
Release : 2014-10-23
Category : Business & Economics
ISBN : 9781484346143

Get Book

Designing a Fiscal Framework for a Prospective Commodity Producer by Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle Pdf

Lebanon is expected to have gas resources in its Mediterranean basin, and these could turn the country into a natural gas producer over the next decade. Lebanon’s economy and institutions will thus need to adapt to the challenges and opportunities that such change will bring. In this paper, we address how Lebanon’s fiscal framework will need to be reformulated to take into account potential resource revenue. Designing a fiscal regime appropriately is an absolute prerequisite to make sure the government can receive a fair share of the resources while investors face appropriate incentives to invest and develop the sector. This step should be followed by setting macro-fiscal anchors and supporting institutions. The prospective framework should initially be focused on ensuring fiscal sustainability and intergenerational equity, given the estimated relatively short horizon of Lebanon’s gas resources. Strong institutional arrangements also need to underpin the prospective framework, to ensure that the pace of resource wealth’s use is set in line with Lebanon’s capacity constraints.

Author : Mr.Mario de Zamaroczy,Mr.Vincent Fleuriet,Mr.Jose G Gijon
Publisher : International Monetary Fund
Page : 73 pages
File Size : 52,6 Mb
Release : 2018-08-03
Category : Business & Economics
ISBN : 9781484350676

Get Book

Central African Economic and Monetary Community by Mr.Mario de Zamaroczy,Mr.Vincent Fleuriet,Mr.Jose G Gijon Pdf

This paper discusses possible reserve management approaches in the Central African Economic and Monetary Community (CEMAC). The paper looks beyond the region’s current oil crisis and proposes a new approach to international reserve management in the medium term.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 59 pages
File Size : 41,5 Mb
Release : 2016-04-08
Category : Business & Economics
ISBN : 9781484320457

Get Book

Nigeria by International Monetary Fund. African Dept. Pdf

This paper discusses a few selected issues of the Nigerian economy—options and strategies for a fiscal rule for oil wealth management, enhancing the effectiveness of monetary policy, and recent developments and prospects of capital flow. Despite its diversified economy, Nigeria’s fiscal policy is heavily dependent on the oil sector. This paper explores options for a formalized rule-based approach to setting a “depoliticized” budget oil price. Two boom-and-bust episodes since early 2000 have highlighted the challenges in the current monetary policy framework. Nigeria has also been characterized by sizable capital outflows, which have diminished recently.

Author : Peter D. Cameron,Michael C. Stanley
Publisher : World Bank Publications
Page : 377 pages
File Size : 53,7 Mb
Release : 2017-06-01
Category : Business & Economics
ISBN : 9780821399613

Get Book

Oil, Gas, and Mining by Peter D. Cameron,Michael C. Stanley Pdf

Oil, Gas, and Mining: A Sourcebook for Understanding the Extractive Industries provides developing countries with a technical understanding and practical options around oil, gas, and mining sector development issues. A central premise of the Sourcebook is that good technical knowledge can better inform political, economic, and social choices with respect to sector development and the related risks and opportunities. The guidance provided by the Sourcebook assumes a broad set of overarching principles, all centered on good governance and directed at achieving positive and broadly based sustainable development outcomes. This Sourcebook is rich in presenting options to challenges, on the understanding that contexts and needs vary, and that there is much to be gained from appreciating the lessons learned from a broad set of experiences.

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 59 pages
File Size : 47,5 Mb
Release : 2014-02-05
Category : Business & Economics
ISBN : 9781475525984

Get Book

Algeria by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This Selected Issues paper explores the monetary policy transmission channels in Algeria and analyzes available options to strengthen monetary policy effectiveness. High liquidity has been the hallmark of the Algerian monetary policy framework for most of the 2000s. The paper assesses the impact of monetary policy changes on its final targets—growth and inflation, and outlines policy options to strengthen the efficacy of monetary policy. It takes stock of Algeria’s current fiscal framework, and discusses options and strategies for a revised fiscal framework. Key principles for managing natural resource funds are also described.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 11 pages
File Size : 41,6 Mb
Release : 2014-12-03
Category : Business & Economics
ISBN : 9781498390552

Get Book

Papua New Guinea by International Monetary Fund. Asia and Pacific Dept Pdf

This Selected Issues paper analyzes the sustainability of Papua New Guinea’s current and medium-term fiscal policy and its consistency with government objectives. The Papua New Guinea government faces major challenges in shaping a fiscal policy that promotes stability, meets development needs, and adheres to its debt ceilings over the medium term. It could decide to continue with its current fiscal stance, which would see its resource wealth exhausted quickly through large development spending. This approach would likely require continued borrowing and leave little savings for future generations.