Download or read book Fiscal Sustainability with Non Renewable Resources written by Mr.Nigel Andrew Chalk and published by International Monetary Fund. This book was released on 1998-03-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This 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.
Download or read book Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources The Case of Gabon written by Joseph Ntamatungiro and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-02-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.
Download or read book Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources written by Joseph Ntamatungiro and published by . This book was released on 2014 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.
Download or read book Riding the Roller Coaster written by Pablo Lopez Murphy and published by International Monetary Fund. This book was released on 2010-11-01 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.
Download or read book Non Renewable Resources Fiscal Rules and Human Capital written by Paul Leslie Levine and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a multi-sector, small open economy Dynamic Stochastic General Equilibrium model, which includes the accumulation of human capital, built via public expenditures in education and health. Four possible fiscal rules are examined for total public investment in infrastructure, education, and health in the context of a sustainable resource fund: the spend-as-you-go, bird-in-hand spending; moderate front-loading, and permanent income hypothesis approaches. There are two dimensions to this exercise: the scaling effect, which describes the level of total investment, and the composition effect, which defines the structure of investment between infrastructure, education, and health. The model is applied to Kenya. For impacts on the non-resource economy, efficiency of spending, and sustainability of fiscal outcomes, the analysis finds that, although investment frontloading would bring high growth in the short term, the permanent income hypothesis approach is overall more desirable when fiscal sustainability concerns are taken into consideration. Finally, a balanced composition is the preferred structure of investment, given the permanent income hypothesis allocation of total investment over time.
Download or read book Green Fiscal Reform for a Sustainable Future written by Natalie P. Stoianoff and published by Edward Elgar Publishing. This book was released on 2016-08-26 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely book focuses on achieving a sustainable future through the reform of green fiscal policy. Green fiscal policies help not only provide the needed financing but may also serve the Sustainable Development Goals adopted by the United Nations in 2015. In this volume environmental tax experts review the development of fiscal carbon policy, consider the impact of green taxation on trade and competition, analyse the lessons learned from national experiences with fuel and energy pricing, and evaluate a variety of green economic instruments.
Download or read book Nonrenewable Resources written by Mr.Max Alier and published by International Monetary Fund. This book was released on 1999-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Non Renewable Resources Fiscal Rules and Human Capital written by Paul Levine and published by . This book was released on 2016 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a multi-sector, small open economy Dynamic Stochastic General Equilibrium model, which includes the accumulation of human capital, built via public expenditures in education and health. Four possible fiscal rules are examined for total public investment in infrastructure, education, and health in the context of a sustainable resource fund: the spend-as-you-go, bird-in-hand spending; moderate front-loading, and permanent income hypothesis approaches. There are two dimensions to this exercise: the scaling effect, which describes the level of total investment, and the composition effect, which defines the structure of investment between infrastructure, education, and health. The model is applied to Kenya. For impacts on the non-resource economy, efficiency of spending, and sustainability of fiscal outcomes, the analysis finds that, although investment frontloading would bring high growth in the short term, the permanent income hypothesis approach is overall more desirable when fiscal sustainability concerns are taken into consideration. Finally, a balanced composition is the preferred structure of investment, given the permanent income hypothesis allocation of total investment over time.
Download or read book Fiscal Sustainability written by Mr.Evan Tanner and published by International Monetary Fund. This book was released on 2013-04-22 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper critically reviews recent work regarding the sustainability of public debt. It argues that Debt Sustainability Analyses (DSAs) should be more than mere mechanical simulation exercises. Instead, a DSA should be linked to some objective regarding the distribution of fiscal burdens and distortions over time (in the tradition of Barro’s 1979 tax smoothing objective). The paper discusses objective functions that yield simple and transparent fiscal policy rules.
Download or read book Fiscal Policy Sustainability in Oil Producing Countries written by Ms.Sheila Bassett and published by International Monetary Fund. This book was released on 1994-11-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.
Download or read book Still Not Getting Energy Prices Right A Global and Country Update of Fossil Fuel Subsidies written by Ian Parry and published by International Monetary Fund. This book was released on 2021-09-24 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive global, regional, and country-level update of: (i) efficient fossil fuel prices to reflect their full private and social costs; and (ii) subsidies implied by mispricing fuels. The methodology improves over previous IMF analyses through more sophisticated estimation of costs and impacts of reform. Globally, fossil fuel subsidies were $5.9 trillion in 2020 or about 6.8 percent of GDP, and are expected to rise to 7.4 percent of GDP in 2025. Just 8 percent of the 2020 subsidy reflects undercharging for supply costs (explicit subsidies) and 92 percent for undercharging for environmental costs and foregone consumption taxes (implicit subsidies). Efficient fuel pricing in 2025 would reduce global carbon dioxide emissions 36 percent below baseline levels, which is in line with keeping global warming to 1.5 degrees, while raising revenues worth 3.8 percent of global GDP and preventing 0.9 million local air pollution deaths. Accompanying spreadsheets provide detailed results for 191 countries.
Download or read book Encyclopedia of Energy Natural Resource and Environmental Economics written by and published by Newnes. This book was released on 2013-03-29 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: Every decision about energy involves its price and cost. The price of gasoline and the cost of buying from foreign producers; the price of nuclear and hydroelectricity and the costs to our ecosystems; the price of electricity from coal-fired plants and the cost to the atmosphere. Giving life to inventions, lifestyle changes, geopolitical shifts, and things in-between, energy economics is of high interest to Academia, Corporations and Governments. For economists, energy economics is one of three subdisciplines which, taken together, compose an economic approach to the exploitation and preservation of natural resources: energy economics, which focuses on energy-related subjects such as renewable energy, hydropower, nuclear power, and the political economy of energy resource economics, which covers subjects in land and water use, such as mining, fisheries, agriculture, and forests environmental economics, which takes a broader view of natural resources through economic concepts such as risk, valuation, regulation, and distribution Although the three are closely related, they are not often presented as an integrated whole. This Encyclopedia has done just that by unifying these fields into a high-quality and unique overview. The only reference work that codifies the relationships among the three subdisciplines: energy economics, resource economics and environmental economics. Understanding these relationships just became simpler! Nobel Prize Winning Editor-in-Chief (joint recipient 2007 Peace Prize), Jason Shogren, has demonstrated excellent team work again, by coordinating and steering his Editorial Board to produce a cohesive work that guides the user seamlessly through the diverse topics This work contains in equal parts information from and about business, academic, and government perspectives and is intended to serve as a tool for unifying and systematizing research and analysis in business, universities, and government
Download or read book Calculating Sustainable Non mineral Balances as Benchmarks for Fiscal Policy The Case of Botswana written by Jens R. Clausen and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-05-01 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from revenues from these resources, which is held constant in terms of GDP. Botswana is an interesting case because current projections suggest that diamond resources could be largely exhausted within a generation.
Download or read book A New Fiscal Framework for Resource Rich Countries written by Mr. Luc Eyraud and published by International Monetary Fund. This book was released on 2023-11-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.
Download or read book Non renewable resources and the limits of economic Growth written by Gerrit Reeker and published by GRIN Verlag. This book was released on 2014-03-11 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2012 in the subject Economy - Environment economics, grade: 1,0, University of Bergen, language: English, abstract: In 1972 the Club of rome, a group of economists mainly represented by Donella H. Meadows, published The Limits to growth: The Club of Rome's project on the predicament of mankind, dealinh with a prediction of the world's future in terms of the ongoing exploitation of natural non-renewable resources and their impacts on man's living standards. The book made a deep impression on people's minds and initiated a still ongoing discussion among politicians, environmentalists and economists. limits to growth (Meadwos, 1972) is the center part of this term paper. The current discussion is not just about the impacts of the ongoing exploitation of non-renewable resources; it is about the methods used by meadows as well. the objective of this term paper is to show the main results of Meadows' book and analyze in a critical manner the methods used and their implementations, maily concerning the criticism by William Nordhaus (1992). In order to do so there is an initial need for some general remarks on vocabulary used in the manner of this issue. This means in particular the distiction of growth against development, as well as to answer the question of what is meant by the term sustainability. Afterwards the paper presents some main results of Meadows (1972) concerning predicted pathways of certain indicators representing man's future living standards. following the criticism of Nordhaus (1992) the paper continues with a comparable empirical analysis of resource price development. Afterwards the simple economic growth model by Robert Solow will be examined with respect to fixed amount of land, to show the effect-relationship between economic groth and finite land. Finally there is a summary and conclusion of the elaborated results of this term paper.
Download or read book The Economics of Nonrenewable Resources written by Robert Halvorsen and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of nonrenewable resources addresses some of the most problematic issues concerning the sustainability of the world economy. This comprehensive one volume collection contains forty-six of the most important and influential journal articles by some of the leading scholars in the field. Subjects included are: an introduction to the economics of nonrenewable resources; theoretical foundations for the field; nonhomogeneous resources; exploration and uncertainty; market structure; taxation and global climate change. The collection concludes with a discussion of the empirical research and the extent to which nonrenewable resources constrain economic growth as well as the consistency of the theoretical predictions of Hotelling-type models with actual economic outcomes. With an original introduction by the editor, this collection will be an important resource for students, academics and practitioners.
Download or read book Finance Policy for Renewable Energy and a Sustainable Environment written by Michael Curley and published by CRC Press. This book was released on 2014-03-18 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Environmental finance is about creating the greatest environmental benefit for the largest number of people at the lowest possible cost. That is the first and most important principle listed in Finance Policy for Renewable Energy and a Sustainable Environment. Focusing on what the author considers to be the 23 principles of environmental finance, this text examines the key financial principles necessary to build strategies and adopt policies to deal effectively with environmental challenges. The text encourages making financial decisions based on science, not politics, and considers what it takes to design and execute environmental finance programs in the most cost-effective way possible. Providing a historical overview of how we got to where we are now, and outlining the 23 principles needed to establish a stronger foundation for the future, this text presents the basic financial tools required to understand the concepts presented. It discusses the proper roles of grants, loans and guaranties, the concept and proper use of affordability, understanding leverage, and generating revenue streams for environmental programs. It also examines subsidies, financial risk reduction strategies, and the challenges posed by alternative energy as well as the next generation of environmental programs. As it relates to how environmental projects and improvements are achieved, Finance Policy for Renewable Energy and a Sustainable Environment outlines the greatest benefits at the lowest possible cost to the public. This text is an ideal resource for upper-level undergraduate students in environmental engineering and business courses, as well as practicing environmental engineers.
