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Fiscal Federalism and Petroleum Resources in Iraq

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Author Info

  • Grant Bishop

    (World Bank Institute)

  • Anwar Shah

    (World Bank Institute)

Abstract

With over 95% of Iraq’s government budget received from oil revenues, an agreeable inter-governmental framework for managing petroleum resources and for distributing revenues is aptly regarded as the lynchpin of federalism. Iraq has great potential to develop a fiscal framework, consistent with sound principles and best practices, that will distribute revenues equitably and efficiently, decentralize resource management where appropriate, and bind the country together as a stable federation. As in most resource-rich countries, Iraq’s petroleum deposits are unevenly spread and deposits differ in productive capacity, cost of extraction and processing, and quality of crude. Moreover, Iraq’s petroleum infrastructure requires extensive repair and reinvestment in order to maximize its production potential. Furthermore, large areas of Iraq remain unexplored, particularly Iraqi Kurdistan and the Western Desert, and preliminary assessments point to large potential reserves.

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Bibliographic Info

Paper provided by International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University in its series International Center for Public Policy Working Paper Series, at AYSPS, GSU with number paper0826.

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Length: 38 pages
Date of creation: 01 Dec 2008
Date of revision:
Handle: RePEc:ays:ispwps:paper0826

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Related research

Keywords: Decentralization; Fiscal Decentralization; iscal Policy; Intergovernmental Fiscal Relations; Fiscal Federalism; Iraq;

References

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  1. John Hartwick, 1976. "Intergenerational Equity and the Investing of Rents from Exhaustible Resources," Working Papers 220, Queen's University, Department of Economics.
  2. Boadway,Robin & Shah,Anwar, 2009. "Fiscal Federalism," Cambridge Books, Cambridge University Press, number 9780521518215, April.
  3. Eric Mottu & Ehtisham Ahmad, 2002. "Oil Revenue Assignments," IMF Working Papers 02/203, International Monetary Fund.
  4. International Monetary Fund, 2005. "Iraq," IMF Working Papers 05/69, International Monetary Fund.
  5. Paul Collier & Jan Willem Gunning, 2005. "Asset Policies During an Oil Windfall: Some Simple Analytics," The World Economy, Wiley Blackwell, vol. 28(10), pages 1401-1415, October.
  6. James Otto & Craig Andrews & Fred Cawood & Michael Doggett & Pietro Guj & Frank Stermole & John Stermole & John Tilton, 2006. "Mining Royalties : A Global Study of Their Impact on Investors, Government, and Civil Society," World Bank Publications, The World Bank, number 7105, August.
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