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Rethinking Fiscal Policy in Oil-Exporting Countries
by Tokhir N. Mirzoev and Ling Zhu

Series:Working Paper No. 19/108
ISBN 9781498314749
Code: #WPIEA2019108

Publication year: 2019

Cdn: $27.00; US: $25.00
Paperback
Language: English
41 pages
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We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece—the permanent income hypothesis (PIH)—is not consistent with either intergenerational equity or long-term sustainability in the presence of uncertainty. Policies to achieve these goals need to be more prudent and better anchored than the PIH. Second, we point out the presence of a volatility tradeoff between government spending and wealth and re-assess long-held views on the appropriate fiscal anchors, the vice of procyclicality, and the (im)possibility of simultaneously smoothing consumption and ensuring intergenerational equity and sustainability. Finally, we propose what we call a prudent wealth stabilization policy that would be more consistent with long-term fiscal policy goals, yet relatively simple to implement and communicate.
Rethinking Fiscal Policy in Oil-Exporting Countries
Cdn: $27.00; US: $25.00
International Monetary Fund (IMF) BookID: 125114 Added: 2019.6.14