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Nonrenewable Resources

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  • M. Alier
  • Martin David Kaufman
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    Abstract

    This paper examines whether there is a case for temporary but persistent fiscal surpluses in economies heavily endowed with nonrenewable resources. It finds that there generally is a case. Fiscal surpluses permit replacing nonfinancial wealth with financial assets, the return on which increases public consumption possibilities of future generations for a constant across-generation tax burden. The more biased are a government’s preferences toward present generations, the lower will be the initial surpluses; the larger the finite endowment, the larger the initial surpluses. In a more general framework, including public investment, the proposition could be rephrased by replacing surpluses with stronger initial fiscal positions.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=2931
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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/44.

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    Length: 29
    Date of creation: 01 Mar 1999
    Date of revision:
    Handle: RePEc:imf:imfwpa:99/44

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    Cited by:
    1. World Bank, 2003. "Azerbaijan : Public Expenditure Review," World Bank Other Operational Studies 13825, The World Bank.
    2. Thomas Baunsgaard, 2003. "Fiscal Policy in Nigeria," IMF Working Papers 03/155, International Monetary Fund.
    3. Joseph Ntamatungiro, 2004. "Fiscal Sustainability in Heavily Indebted Countries Dependenton Nonrenewable Resources," IMF Working Papers 04/30, International Monetary Fund.
    4. World Bank, 2003. "A Medium-Term Macroeconomic Strategy for Algeria : Sustaining Faster Growth with Economic and Social Stability, Volume 1. Main Report," World Bank Other Operational Studies 14999, The World Bank.

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