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Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

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  • Ugo Fasano-Filho
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    Abstract

    The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some preliminary conclusions on their contribution to enhance fiscal management. The outcome so far of their experience has been mixed, with differences among countries reflecting the variety of objectives attached to the funds, the challenges in adhering to established rules, the institutional set-up. and the soundness of the overall fiscal discipline in each country (or state).

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 00/112.

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    Length: 20
    Date of creation: 01 Jun 2000
    Date of revision:
    Handle: RePEc:imf:imfwpa:00/112

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    Related research

    Keywords: Oil; Oil exports; fiscal indicators; oil prices; central government fiscal; oil revenues; fiscal policy; oil market; fiscal surpluses; government revenue; fiscal management; oil sector; fiscal discipline; government expenditure; government spending; fiscal position; fiscal stance; fiscal deficit; oil production; fiscal surplus; fiscal policies; petroleum company; oil exporting countries; government budget; gasoline prices; petroleum products; budget surplus; fiscal developments; oil producing; capital expenditure; oil export revenues; fiscal outcome; expenditure increases; budget deficit; budget support; fiscal strategy; foreign capital; nonrenewable resources; fiscal accounts; budget deficits; fiscal revenue; world oil prices; budget process; fiscal revenues; fiscal balance; public debt; windfall oil revenues; oil producing countries; fiscal performance; budget revenues; social expenditure; oil company; oil exporter;

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    Cited by:
    1. Lorde, Troy & Jackman, Mahalia & Thomas, Chrystol, 2009. "The macroeconomic effects of oil price fluctuations on a small open oil-producing country: The case of Trinidad and Tobago," Energy Policy, Elsevier, vol. 37(7), pages 2708-2716, July.
    2. Eifert, Benn & Gelb, Alan & Borje Tallroth, Nils, 2002. "The political economy of fiscal policy and economic management in oil exporting countries," Policy Research Working Paper Series 2899, The World Bank.
    3. Stela Cani, 2009. "Resource Abundance, Mineral Funds and Institutional Quality," Economics & Management Discussion Papers em-dp2009-04, Henley Business School, Reading University.
    4. Nese Erbil, 2011. "Is Fiscal Policy Procyclical in Developing Oil-Producing Countries?," IMF Working Papers 11/171, International Monetary Fund.
    5. Clemens, Marius & Fuhrmann, Wilfried, 2008. "Rohstoffbasierte Staatsfonds: Theorie und Empirie
      [Resource-based sovereign wealth funds]
      ," MPRA Paper 16933, University Library of Munich, Germany.
    6. Gonzalez, Christian Y. & Paqueo, Vicente B., 2003. "Social sector expenditures and rainy-day funds," Policy Research Working Paper Series 3131, The World Bank.
    7. Roy Bahl & Bayar Tumennasan, 2002. "How Should Revenues From Natural Resources Be Shared?," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0214, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    8. Qing Wang & Ugo Fasano-Filho, 2002. "Testing the Relationship Between Government Spending and Revenue," IMF Working Papers 02/201, International Monetary Fund.
    9. Ghiath Shabsigh & Nadeem Ilahi, 2007. "Looking Beyond the Fiscal," IMF Working Papers 07/96, International Monetary Fund.
    10. Asfaha, Samuel, 2007. "National Revenue Funds: Their Efficacy for Fiscal Stability and Intergenerational Equity," MPRA Paper 7656, University Library of Munich, Germany.

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