Listing 1 - 10 of 99 | << page >> |
Sort by
|
Choose an application
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.
Fiscal policy --- Revenue --- Botswana --- Economic conditions --- Government revenue --- Public revenue --- Tax policy --- Taxation --- Government policy --- Finance, Public --- Economic policy --- Macroeconomics --- Public Finance --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Fiscal Policy --- Personal Income, Wealth, and Their Distributions --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Environmental management --- Non-renewable resources --- Fiscal stance --- Personal income --- Natural resources --- Income
Choose an application
This paper analyzes and tests the influence of political instability on economic vulnerability in the context of the 1994 and 1997 crises episodes. It constructs four political variables that aim at quantifying political instability. The paper finds that for countries with weak economic fundamentals and low reserves, political instability has a strong impact on economic vulnerability. The estimation results suggest that including political variables in economic models does improve their power to explain and predict economic crises. The paper concludes that countries are more economically vulnerable during and especially following election periods, and when election results are less stable than at other times.
Financial Risk Management --- Foreign Exchange --- Natural Resources --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Financial Crises --- Nonrenewable Resources and Conservation: General --- Currency --- Foreign exchange --- Economic & financial crises & disasters --- Environmental management --- Real exchange rates --- Exchange rate arrangements --- Financial crises --- Exchange rates --- Non-renewable resources --- Environment --- Natural resources --- Mexico
Choose an application
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.
Macroeconomics --- Public Finance --- Taxation --- Natural Resources --- Fiscal Policy --- Nonrenewable Resources and Conservation: Government Policy --- Nonrenewable Resources and Conservation: General --- National Government Expenditures and Related Policies: General --- Taxation, Subsidies, and Revenue: General --- Environmental management --- Public finance & taxation --- Non-renewable resources --- Fiscal stance --- Expenditure --- Fiscal policy --- Tax incidence --- Environment --- Tax policy --- Natural resources --- Expenditures, Public --- Tax administration and procedure --- Chile
Choose an application
This Selected Issues paper examines recent economic developments in Sierra Leone. The paper highlights that the economic recovery in Sierra Leone has benefited especially from the extensive rehabilitation and humanitarian activities in liberated areas. Real GDP growth rose by 4 percent in 2000 and accelerated further in 2001 and 2002. The paper lays out some conceptual issues for the analysis of government debt sustainability, and discusses key issues related to long-term fiscal sustainability. The challenges ahead for rehabilitating Sierra Leone’s mining sector are also examined.
Macroeconomics --- Public Finance --- Natural Resource Extraction --- Natural Resources --- Industry Studies: Primary Products and Construction: General --- Debt --- Debt Management --- Sovereign Debt --- Nonrenewable Resources and Conservation: General --- Fiscal Policy --- Extractive industries --- Public finance & taxation --- Environmental management --- Mining sector --- Public debt --- Non-renewable resources --- Fiscal stance --- Domestic debt --- Economic sectors --- Environment --- Fiscal policy --- Mineral industries --- Debts, Public --- Natural resources --- Sierra Leone
Choose an application
This paper suggests that it is essential to save a substantial portion of mineral revenues now to ensure fiscal sustainability for a post-diamond period. Taking the non-mineral primary balance into account can help clarify desirable fiscal policies. Botswana’s real effective exchange rate is broadly in line with economic fundamentals and consistent with external sustainability, indicating no threat to external stability. Export performance and other indicators suggest a number of structural competitiveness obstacles that could explain the low labor productivity and poor export and export diversification outcomes.
Exports and Imports --- Foreign Exchange --- Insurance --- Macroeconomics --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Current Account Adjustment --- Short-term Capital Movements --- Insurance Companies --- Actuarial Studies --- Trade: General --- Currency --- Foreign exchange --- International economics --- Environmental management --- Insurance & actuarial studies --- Non-renewable resources --- Current account --- Real effective exchange rates --- Real exchange rates --- Environment --- Balance of payments --- Financial institutions --- Natural resources --- Exports --- Botswana
Choose an application
This paper analyzes Solomon Islands’ ongoing reforms concerning of the mineral taxation regime and the fiscal impact of mineral resources. The analysis shows that mineral revenue could be substantial, provided that mineral prices remain strong in the medium term. Enforcing the tax agreement with, a Gold Ridge company, and implementing the new resource taxation regime are critical to ensure that the forthcoming mineral wealth spills over to the rest of the economy. Solomon Islands should adopt new fiscal rules and fiscal responsibility provisions to manage large but volatile resource revenue.
Foreign Exchange --- Inflation --- Macroeconomics --- Natural Resource Extraction --- Natural Resources --- Price Level --- Deflation --- Industry Studies: Primary Products and Construction: General --- Nonrenewable Resources and Conservation: General --- Monetary Policy --- Extractive industries --- Environmental management --- Currency --- Foreign exchange --- Monetary economics --- Mining sector --- Non-renewable resources --- Exchange rates --- Consumer price indexes --- Economic sectors --- Prices --- Environment --- Mineral industries --- Natural resources --- Price indexes --- Solomon Islands
Choose an application
Exporters of exhaustible resources have historically exhibited higher income volatility than other economies, suggesting a heightened role for precautionary savings. This paper uses a parameterized small open economy model to quantify the role of precautionary savings in economies with exhaustible resources, when the only source of uncertainty is the price of the exhaustible resource. Results show that the precautionary motive can generate sizable external sector savings. When aggregated over the sample countries, precautionary savings in 2006 add up to 3.2 percent of GDP. The quantitative importance of the precautionary motive varies considerably across the sample countries and is driven primarily by the weight of exhaustible resource revenues in future income. The parameterized model fares well at capturing current account balances in both cross-section and time-series data.
Business & Economics --- Economic History --- Saving and investment --- Nonrenewable natural resources --- Mathematical models. --- Econometric models. --- Non-renewable natural resources --- Exhaustible resources --- Natural resources, Nonrenewable --- Economic aspects --- Natural resources --- Exports and Imports --- Macroeconomics --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Current Account Adjustment --- Short-term Capital Movements --- Environmental management --- International economics --- Non-renewable resources --- Precautionary savings --- Current account --- Consumption --- Current account balance --- Balance of payments --- Economics --- Norway
Choose an application
Recent technological developments and past technology transitions suggest that the world could be on the verge of a profound shift in transportation technology. The return of the electric car and its adoption, like that of the motor vehicle in place of horses in early 20th century, could cut oil consumption substantially in the coming decades. Our analysis suggests that oil as the main fuel for transportation could have a much shorter life span left than commonly assumed. In the fast adoption scenario, oil prices could converge to the level of coal prices, about $15 per barrel in 2015 prices by the early 2040s. In this possible future, oil could become the new coal.
Investments: Energy --- Infrastructure --- Macroeconomics --- Natural Resources --- Commodity Markets --- Energy: General --- Technological Change: Choices and Consequences --- Diffusion Processes --- Nonrenewable Resources and Conservation: General --- Energy: Demand and Supply --- Prices --- Industry Studies: Transportation and Utilities: General --- Renewable Resources and Conservation: General --- Investment & securities --- Environmental management --- Oil --- Non-renewable resources --- Oil prices --- Transportation --- Renewable resources --- Commodities --- Environment --- National accounts --- Petroleum industry and trade --- Natural resources --- Saving and investment --- United States
Choose an application
The paper discusses options available to tax mineral extraction projects particularly in developing countries. A desirable government share of the economic rent generated from mineral extraction can be achieved through different tax and non-tax instruments. This gives some room to design a fiscal regime that will be attractive to investors while providing the government with a fair share of the economic rent. However, achieving this will require a careful assessment of the appropriate distribution of risk and reward between the investor and the government. Moreover, there is growing pressure on countries to provide increasingly lenient fiscal terms so as to remain competitive as global investment destinations.
Taxation --- Corporate Taxation --- Natural Resources --- Business Taxes and Subsidies --- Mining, Extraction, and Refining: Hydrocarbon Fuels --- Mining, Extraction, and Refining: Other Nonrenewable Resources --- Nonrenewable Resources and Conservation: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Public finance & taxation --- Environmental management --- Corporate & business tax --- Resource rent tax --- Non-renewable resources --- Production sharing --- Income and capital gains taxes --- Corporate income tax --- Taxes --- Environment --- Natural resources --- Oil and gas leases --- Income tax --- Corporations --- United States
Choose an application
Some natural resources-oil and minerals in particular-exert a negative and nonlinear impact on growth via their deleterious impact on institutional quality. We show this result to be very robust. The Nigerian experience provides telling confirmation of this aspect of natural resources. Waste and poor institutional quality stemming from oil appear to have been primarily responsible for Nigeria's poor long-run economic performance. We propose a solution for addressing this resource curse which involves directly distributing the oil revenues to the public. Even with all the difficulties that will no doubt plague its actual implementation, our proposal will, at the least, be vastly superior to the status quo. At best, however, it could fundamentally improve the quality of public institutions and, as a result, durably raise long-run growth performance.
Investments: Energy --- Macroeconomics --- Taxation --- Natural Resources --- Economic Development, Innovation, Technological Change, and Growth --- Economywide Country Studies: Africa --- Comparative Studies of Countries --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Energy: General --- Business Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- Nonrenewable Resources and Conservation: General --- Environmental management --- Investment & securities --- Public finance & taxation --- Natural resources --- Oil --- Oil, gas and mining taxes --- Oil prices --- Non-renewable resources --- Environment --- Commodities --- Taxes --- Petroleum industry and trade --- Nigeria
Listing 1 - 10 of 99 | << page >> |
Sort by
|