Fiscal Sustainability with Non-Renewable Resources
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 98/26.
Date of creation: 01 Mar 1998
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