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Fiscal Sustainability with Non-Renewable Resources

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  • Nigel Andrew Chalk
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    Abstract

    This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/26.

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    Length: 36
    Date of creation: 01 Mar 1998
    Date of revision:
    Handle: RePEc:imf:imfwpa:98/26

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    Cited by:
    1. Albu, Lucian-Liviu & Pelinescu, Elena, 2000. "Sustainability of public debt: a theoretical and empirical investigation," MPRA Paper 14364, University Library of Munich, Germany.
    2. Joseph Ntamatungiro, 2004. "Fiscal Sustainability in Heavily Indebted Countries Dependenton Nonrenewable Resources," IMF Working Papers 04/30, International Monetary Fund.
    3. Iza Padilla, María Amaya & Agnani, Betty, 2005. "Growth in an oil abundant economy: The case of Venezuela," DFAEII Working Papers 2005-15, University of the Basque Country - Department of Foundations of Economic Analysis II.
    4. El Anshasy, Amany A. & Bradley, Michael D., 2012. "Oil prices and the fiscal policy response in oil-exporting countries," Journal of Policy Modeling, Elsevier, vol. 34(5), pages 605-620.
    5. International Monetary Fund, 2005. "Trinidad and tobago," IMF Working Papers 05/197, International Monetary Fund.
    6. World Bank, 2003. "Azerbaijan : Public Expenditure Review," World Bank Other Operational Studies 13825, The World Bank.
    7. Reyes-Loya, Manuel Lorenzo & Blanco, Lorenzo, 2008. "Measuring the importance of oil-related revenues in total fiscal income for Mexico," Energy Economics, Elsevier, vol. 30(5), pages 2552-2568, September.

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