Natural-resource depletion, habit formation, and sustainable fiscal policy : lessons from Gabon /

While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") int...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autores principales: Leigh, Daniel (Autor), Olters, Jan-Peter (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: [Washington, D.C.] : International Monetary Fund, 2006.
Colección:IMF working paper ; WP/06/193.
Temas:
Natural resources > Gabon.
Fiscal policy > Gabon.
Ressources naturelles > Gabon.
Politique fiscale > Gabon.
Fiscal policy
Natural resources
Gabon
Acceso en línea:Texto completo

MARC

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100 1 |a Leigh, Daniel,  |e author. 
245 1 0 |a Natural-resource depletion, habit formation, and sustainable fiscal policy :  |b lessons from Gabon /  |c prepared by Daniel Leigh and Jan-Peter Olters. 
260 |a [Washington, D.C.] :  |b International Monetary Fund,  |c 2006. 
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490 1 |a IMF working paper ;  |v WP/06/193 
504 |a Includes bibliographical references. 
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520 |a While models based on Friedman's (1957) permanent-income hypothesis can provide oilproducing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting differential interest rates on sovereign debt and financial assets. The approach is applied to Gabon, where oil reserves are expected to be exhausted in 30 years. The results suggest that Gabon's current fiscal-policy stance cannot be maintained, while the presence of habits justifies smoothing the bulk of the adjustment toward the sustainable level over three to five years 
506 |3 Use copy  |f Restrictions unspecified  |2 star  |5 MiAaHDL 
533 |a Electronic reproduction.  |b [Place of publication not identified] :  |c HathiTrust Digital Library,  |d 2010.  |5 MiAaHDL 
538 |a Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.  |u http://purl.oclc.org/DLF/benchrepro0212  |5 MiAaHDL 
583 1 |a digitized  |c 2010  |h HathiTrust Digital Library  |l committed to preserve  |2 pda  |5 MiAaHDL 
505 0 |a Contents -- I. INTRODUCTION -- II. BACKGROUND -- III. THEORETICAL FRAMEWORK -- IV. RESULTS AND SENSITIVITY TESTS -- V. EXTENSIONS -- VI. CONCLUDING REMARKS AND FUTURE RESEARCH AGENDA -- References 
590 |a ProQuest Ebook Central  |b Ebook Central Academic Complete 
650 0 |a Natural resources  |z Gabon. 
650 0 |a Fiscal policy  |z Gabon. 
650 6 |a Ressources naturelles  |z Gabon. 
650 6 |a Politique fiscale  |z Gabon. 
650 7 |a Fiscal policy  |2 fast 
650 7 |a Natural resources  |2 fast 
651 7 |a Gabon  |2 fast  |1 https://id.oclc.org/worldcat/entity/E39PBJqFMWytWyb6DR3MjDPWjC 
700 1 |a Olters, Jan-Peter,  |e author. 
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776 0 8 |i Print version:  |a Leigh, Daniel.  |t Natural-resource depletion, habit formation, and sustainable fiscal policy.  |d [Washington, D.C.] : International Monetary Fund, Fiscal Affairs and African Depts., 2006  |w (OCoLC)181200668 
830 0 |a IMF working paper ;  |v WP/06/193. 
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