A New Fiscal Framework for Resource-Rich Countries

By Luc Eyraud, William Gbohoui, Paulo A Medas

November 3, 2023

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Format: Chicago

Luc Eyraud, William Gbohoui, and Paulo A Medas. A New Fiscal Framework for Resource-Rich Countries, (USA: International Monetary Fund, 2023) accessed December 3, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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. 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.

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, Nonrenewable Resource Exporting Countries, Non-Renewable resources, Personal income hypothesis, Policy objective, Resource Funds, Resource revenue, Resource wealth

Publication Details

Pages:

68
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2023/230
Stock No:

WPIEA2023230
ISBN:

9798400259609
ISSN:

1018-5941

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