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Trinidad and tobago

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  • International Monetary Fund

Abstract

Trinidad and Tobago is experiencing an energy boom stronger than the ones in 1970s and 1980s. The main fiscal policy challenge is to ensure that the increased revenues from the ultimately exhaustible resources are used in a way that protects the competitiveness of the nonenergy sector, builds assets to ensure intergenerational equity, and provides a cushion for stabilization. This paper derives estimates of a sustainable level of primary fiscal balance using Friedman''s permanent income hypothesis. These estimates can be used as a guide for the formulation of medium- and long-term fiscal policy frameworks.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/197.

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Length: 25
Date of creation: 01 Oct 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/197

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References

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  1. Sheila Bassett & Claire Liuksila & Alejandro García, 1994. "Fiscal Policy Sustainability in Oil-Producing Countries," IMF Working Papers, International Monetary Fund 94/137, International Monetary Fund.
  2. International Monetary Fund, 2003. "Trinidad and Tobago," IMF Staff Country Reports 03/233, International Monetary Fund.
  3. Solow, Robert M, 1986. " On the Intergenerational Allocation of Natural Resources," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 88(1), pages 141-49.
  4. International Monetary Fund, 2005. "Trinidad and tobago," IMF Working Papers, International Monetary Fund 05/197, International Monetary Fund.
  5. International Monetary Fund, 2002. "Republic of Kazakhstan," IMF Staff Country Reports 02/64, International Monetary Fund.
  6. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc.
  7. Nigel Andrew Chalk, 1998. "Fiscal Sustainability with Non-Renewable Resources," IMF Working Papers, International Monetary Fund 98/26, International Monetary Fund.
  8. International Monetary Fund, 1995. "Trinidad and Tobago," IMF Staff Country Reports 95/16, International Monetary Fund.
  9. Eduardo M.R.A. Engel & Rodrigo Valdés, 2000. "Optimal Fiscal Strategy for Oil Exporting Countries," Documentos de Trabajo, Centro de Economía Aplicada, Universidad de Chile 78, Centro de Economía Aplicada, Universidad de Chile.
  10. Marijn Verhoeven & Sanjeev Gupta & Erwin Tiongson, 1999. "Does Higher Government Spending Buy Better Results in Education and Health Care?," IMF Working Papers, International Monetary Fund 99/21, International Monetary Fund.
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Citations

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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, Elsevier, vol. 37(7), pages 2708-2716, July.
  2. International Monetary Fund, 2005. "Trinidad and tobago," IMF Working Papers, International Monetary Fund 05/197, International Monetary Fund.
  3. Jean-Luc Hélis & Teresa Dabán Sánchez, 2010. "A Public Financial Management Framework for Resources-Producing Countries," IMF Working Papers, International Monetary Fund 10/72, International Monetary Fund.
  4. Alonso Segura, 2006. "Management of Oil Wealth Under the Permanent Income Hypothesis," IMF Working Papers, International Monetary Fund 06/183, International Monetary Fund.

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