TY - BOOK ID - 11281385 TI - Fiscal Policy Rules for Oil-Producing Countries : A Welfare-Based Assessment PY - 2009 SN - 1451917023 1282843400 9786612843402 1451872739 1451992319 1462346693 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Business & Economics KW - Industries KW - Petroleum industry and trade KW - Fiscal policy. KW - Economic aspects. KW - Tax policy KW - Taxation KW - Government policy KW - Economic policy KW - Finance, Public KW - Energy industries KW - Oil industries KW - Investments: Energy KW - Macroeconomics KW - Fiscal Policy KW - Energy: General KW - Macroeconomics: Consumption KW - Saving KW - Wealth KW - Aggregate Factor Income Distribution KW - Business Taxes and Subsidies KW - Energy: Demand and Supply KW - Prices KW - Investment & securities KW - Public finance & taxation KW - Oil KW - Government consumption KW - Income KW - Oil, gas and mining taxes KW - Oil prices KW - Commodities KW - National accounts KW - Taxes KW - Consumption KW - Economics KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:11281385 AB - The paper presents numerical simulations of various fiscal rules for oil-producing countries. Welfare implications are sensitive to the choice of the social welfare function, initial conditions, and non-oil growth prospects. The distribution of non-oil wealth is important for countries with relatively low oil reserves. Corrections for adjustment costs and uncertainty with respect to oil prices should be applied carefully. While avoiding sharp changes in the fiscal policy stance may be appealing, it is not necessarily optimal if the initial position is unsustainable. Ad hoc rules are shown to perform poorly. The analysis abstracts from several issues critical for developing a practical policy advice and should not be treated as a complete framework. ER -