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This How to Note provides operational guidance for policymakers and IMF staff teams on designing-or revising-a fiscal strategy in resource-rich countries (RRC). Properly managed, resource revenue can support fiscal sustainability and development and equity objectives. Resource revenues also create significant stabilization challenges for fiscal policy because of their size, uncertainty, volatility, and finite nature. The guidance in this note is intended to be general and applicable to RRCs with a range of income levels, resource endowments, and macroeconomic contexts. It is designed primarily to help policymakers analyze the trade-offs associated with alternative fiscal paths and select the right fiscal strategy, given country-specific circumstances.

Economic development.

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This How to Note provides operational guidance for policymakers and IMF staff teams on designing-or revising-a fiscal strategy in resource-rich countries (RRC). Properly managed, resource revenue can support fiscal sustainability and development and equity objectives. Resource revenues also create significant stabilization challenges for fiscal policy because of their size, uncertainty, volatility, and finite nature. The guidance in this note is intended to be general and applicable to RRCs with a range of income levels, resource endowments, and macroeconomic contexts. It is designed primarily to help policymakers analyze the trade-offs associated with alternative fiscal paths and select the right fiscal strategy, given country-specific circumstances.

Economic development.

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We study the channels that theoretically transmit the effects of inequality to economic growth, unlike much of the existing literature that focuses on the direct linkage. The role of inequality in these transmission channels is difficult to pin down and varies with the particular inequality indicator chosen. We run our analyses with six methodologically distinct inequality measures (Gini coefficients and Top10 income shares). Methodological differences within the set of Gini coefficients and the Top10 income shares exert a first-order impact on the estimated relationships, which is generally larger than the effect of switching between Gini and Top10 income shares. For a given inequality indicator, we find that the transmission channels can react in opposite directions, with the net effect on growth difficult to determine. Finally, we emphasize two additional but so far underappreciated empirical complications: (i) estimated relationships change over time; and (ii) fragile countries create significant but counterintuitive empirical associations that may obscure structural relationships.

United States --- Labor --- Macroeconomics --- Personal Income, Wealth, and Their Distributions --- Socialist Institutions and Their Transitions: Consumer Economics --- Health, Education and Training, Welfare, and Poverty --- Political Economy --- Economic Development: Human Resources --- Human Development --- Income Distribution --- Migration --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Aggregate Factor Income Distribution --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Labour --- income economics --- Income inequality --- Personal income --- Income distribution --- Human capital --- Disposable income --- National accounts --- Income --- National income

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Empirical investigation of the factors underlying the growing usage of crypto-assets is in its infancy, owing to data limitations. In this paper, we present a simple cross-country analysis drawing on recently released survey-based data. We explore the correlation of crypto-asset usage with indicators of corruption, capital controls, a history of high inflation, and other factors. We find that crypto-asset usage is significantly and positively associated with higher perception of corruption and more intensive capital controls. Notwithstanding the data limitations, the results support the case for regulating crypto-assets, including know-your-customer approaches, as opposed to taking a laissez-faire stance.

Macroeconomics --- Economics: General --- Exports and Imports --- Industries: Financial Services --- Criminology --- Single Equation Models --- Single Variables: Cross-Sectional Models --- Spatial Models --- Treatment Effect Models --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- International Investment --- Long-term Capital Movements --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Bureaucracy --- Administrative Processes in Public Organizations --- Corruption --- Economic & financial crises & disasters --- Economics of specific sectors --- International economics --- Distributed ledgers --- Corporate crime --- white-collar crime --- Capital controls --- Balance of payments --- Virtual currencies --- Technology --- Crime --- Currency crises --- Informal sector --- Economics --- Capital movements --- Financial services industry --- Technological innovations