TY - BOOK ID - 84542536 TI - Public Debt and Fiscal Vulnerability in the Middle East AU - Söderling, Ludvig. AU - Fouad, Manal. AU - Hommes, Martin. AU - Maliszewski, Wojciech. AU - Morsy, Hanan. AU - Petri, Martin. AU - International Monetary Fund. PY - 2007 SN - 1462313469 1451999437 128351527X 9786613827722 1451910290 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Debts, Public -- Middle East -- Econometric models. KW - Debts, Public -- Middle East. KW - Fiscal policy -- Middle East -- Econometric models. KW - Fiscal policy -- Middle East. KW - Investments: Energy KW - Macroeconomics KW - Public Finance KW - Taxation KW - Debt KW - Debt Management KW - Sovereign Debt KW - Fiscal Policy KW - Energy: General KW - Energy: Demand and Supply KW - Prices KW - Business Taxes and Subsidies KW - Public finance & taxation KW - Investment & securities KW - Public debt KW - Fiscal stance KW - Oil KW - Oil prices KW - Oil, gas and mining taxes KW - Debts, Public KW - Fiscal policy KW - Petroleum industry and trade KW - Lebanon KW - Petroleum industry and trade. UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542536 AB - Public debt in the Middle East increased during the mid-1990s mainly because of fiscal expansions. It decreased in recent years, thanks to high oil revenue, economic growth, some primary non-oil fiscal adjustment, and debt relief. While countries in the Middle East appear to have adequately reacted to high indebtedness in the past, public debt levels remain uncomfortably high in many, particularly non-oil producing countries and middle income oil producers. Non-oil countries adjust mainly by increasing revenues, whereas oil countries adjust expenditure. For non-oil producing countries, substantial fiscal adjustment would be needed to bring debt down to below 50 percent of GDP. Oil producers as a group appear to follow sustainable, though procyclical, fiscal policies. Middle-income (but not high-income) oil producing countries would need to adjust somewhat to bring their policies in line with the permanent oil income benchmark. ER -