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Ecuador: Fiscal Stabilization Funds and Prospects

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Abstract

Amongst a favorable economic environment, Ecuador’s exceptional oil revenues have bolstered fiscal accounts. Several legal changes have created or modified funds or accounts aimed at saving, earmarking, or using oil-related revenues. This paper discusses oil-related fiscal policies, stabilization funds, and options in Ecuador. It reviews existing schemes, describes fiscal trends and underlying vulnerabilities, and offers trends and prospects for the oil-related funds and fiscal accounts. Assessing the weaknesses of the fiscal stabilization framework, it offers suggestions for improving efficiency in the use of exceptional fiscal revenues. It calls for enforceable fiscal responsibility rules, an enhanced accountability for oil revenues and the budget process, market mechanisms to hedge against oil price volatility, and a strengthened planning and prioritization of public investment.

Suggested Citation

  • Simón Cueva, 2008. "Ecuador: Fiscal Stabilization Funds and Prospects," Research Department Publications 2004, Inter-American Development Bank, Research Department.
  • Handle: RePEc:idb:wpaper:2004
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    References listed on IDEAS

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    1. World Bank, 2004. "Ecuador - Creating Fiscal Space for Poverty Reduction : A Fiscal Management and Public Expenditure Review, Volume 2. Background Papers," World Bank Other Operational Studies 14520, The World Bank.
    2. Gordon, Roger & Li, Wei, 2009. "Tax structures in developing countries: Many puzzles and a possible explanation," Journal of Public Economics, Elsevier, vol. 93(7-8), pages 855-866, August.
    3. World Bank, 2004. "Ecuador - Creating Fiscal Space for Poverty Reduction : A Fiscal Management and Public Expenditure Review, Volume 1. Main Report," World Bank Other Operational Studies 14515, The World Bank.
    4. Andrés Mejía Acosta & María Caridad Araujo & Vicente Albornoz, 2007. "The Political Economy of the Budget Process: The Case of Ecuador," Research Department Publications 2000, Inter-American Development Bank, Research Department.
    5. repec:idb:brikps:72458 is not listed on IDEAS
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    Cited by:

    1. World Bank, 2010. "Ecuador : Diversification and Sustainable Growth in an Oil - Dependent Country," World Bank Other Operational Studies 18503, The World Bank.
    2. María Lorena Marí del Cristo & Marta Gómez-Puig, 2013. "“Fiscal sustainability and fiscal shocks in a dollarized and oil-exporting country: Ecuador”," IREA Working Papers 201306, University of Barcelona, Research Institute of Applied Economics, revised Apr 2013.

    More about this item

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • L71 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Mining, Extraction, and Refining: Hydrocarbon Fuels
    • L78 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Government Policy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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