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Management of Oil Wealth Under the Permanent Income Hypothesis; The Case of Sao tome and Principe

  • Alonso Segura
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    This paper documents the protracted process of shaping the rules governing oil operations in São Tomé and Príncipe. It analyzes the institutional framework for oil sector development, which applies Milton Friedman's permanent income hypothesis to the management of oil resources. São Tomé and Príncipe is the first country in Africa to adopt this rule. Finally, the paper offers a preliminary quantitative analysis of the impact of oil sector development on government consumption and savings. It shows that the country's oil wealth could be significant, which would enable sustainable government consumption and intergenerational equity through a gradual buildup of the Permanent Fund for Future Generations.

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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=19283
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    Paper provided by International Monetary Fund in its series IMF Working Papers with number 06/183.

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    Length: 34
    Date of creation: 01 Jul 2006
    Date of revision:
    Handle: RePEc:imf:imfwpa:06/183
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    1. International Monetary Fund, 2005. "Trinidad and tobago; The Energy Boom and Proposals for a Sustainable Fiscal Policy," IMF Working Papers 05/197, International Monetary Fund.
    2. Luis Serven & César Calderon, 2004. "The Effects of Infrastructure Development on Growth and income," Econometric Society 2004 Latin American Meetings 173, Econometric Society.
    3. H. Takizawa & E. H. Gardner & Kenichi Ueda, 2004. "Are Developing Countries Better off Spending their Oil Wealth Upfront?," IMF Working Papers 04/141, International Monetary Fund.
    4. Eduardo M.R.A. Engel & Rodrigo Valdés, 2000. "Optimal Fiscal Strategy for Oil Exporting Countries," Documentos de Trabajo 78, Centro de Economía Aplicada, Universidad de Chile.
    5. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
    6. Jan-Peter Olters & Daniel Leigh, 2006. "Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy; Lessons From Gabon," IMF Working Papers 06/193, International Monetary Fund.
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