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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.

Nonrenewable natural resources --- Fiscal policy --- Finance. --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Non-renewable natural resources --- Exhaustible resources --- Natural resources, Nonrenewable --- Natural resources --- Government policy --- Economic aspects --- Macroeconomics --- Public Finance --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Fiscal rules --- Fiscal stance --- Fiscal sustainability --- Expenditure --- Expenditures, Public --- Trinidad and Tobago

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In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to be depleted in a relatively short time frame. Ensuring that fiscal policy is on a sustainable path is thus a high priority, but political and social adjustment costs create incentives to delay fiscal consolidation. This paper estimates how the permanently sustainable non-oil primary deficit (PSNOPD) depends on the speed of consolidation, using an optimization model with habit formation. Realism is added by allowing for negative growth-adjusted interest rates during a temporary period of catch-up growth. Applied to the Republic of Congo, this approach leads to the following conclusions: (i) the current fiscalpolicy stance is unsustainable; (ii) social adjustment costs justify spreading the bulk of the adjustment over five years; and (iii) the slower the adjustment, the lower the PSNOPD level.

Congo (Democratic Republic) -- Economic policy. --- Investments: Energy --- Macroeconomics --- Public Finance --- Taxation --- National Government Expenditures and Related Policies: General --- Energy: General --- Business Taxes and Subsidies --- Fiscal Policy --- Energy: Demand and Supply --- Prices --- Public finance & taxation --- Investment & securities --- Expenditure --- Oil --- Oil, gas and mining taxes --- Fiscal policy --- Oil prices --- Expenditures, Public --- Petroleum industry and trade --- Congo, Democratic Republic of the --- Natural resources --- Sustainable development --- Congo (Brazzaville) --- Economic conditions.

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Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Natural resources --- Permanent income theory --- Fiscal policy --- Income --- E-books --- Macroeconomics --- Public Finance --- Economic Development: Agriculture --- Natural Resources --- Energy --- Environment --- Other Primary Products --- Fiscal Policy --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- National Budget --- Budget Systems --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Fiscal governance --- Fiscal stance --- Expenditure --- Fiscal sustainability --- Expenditures, Public --- Chile

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Cross-border payment inefficiencies are a significant barrier to trade both within Latin America and the Caribbean (LAC) and between LAC and other regions. This paper provides a comprehensive review of historical efforts undertaken by various countries within the LAC region to address these challenges. We also explore the potential of recent financial innovations, such as digital currencies and blockchain technology, to enhance cross-border payments. While new technologies do not substitute for prudent and credible macroeconomic policies, leveraging these technologies can help LAC countries reduce transaction costs and times, thus enhancing economic efficiency and fostering deeper regional and global trade relationships.

Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Banking --- Clearinghouses --- Corporate crime --- Crime --- Criminology --- Currencies --- Currency crises --- Development Planning and Policy: Trade Policy --- Economic & financial crises & disasters --- Economic Integration --- Economic integration --- Economics of specific sectors --- Economics --- Economics: General --- Exports and Imports --- Factor Movement --- Finance --- Finance: General --- Financial Aspects of Economic Integration --- Financial inclusion --- Financial Instruments --- Financial Markets and the Macroeconomy --- Financial markets --- Financial services industry --- Foreign Exchange Policy --- Government and the Monetary System --- Illegal Behavior and the Enforcement of Law --- Informal sector --- Institutional Investors --- International economic integration --- International economics --- International Financial Markets --- International Monetary Arrangements and Institutions --- Macroeconomics --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money laundering --- Money --- Non-bank Financial Institutions --- Payment Systems --- Payment systems --- Pension Funds --- Regimes --- Standards --- White-collar crime

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Oil-producing countries have benefited from rising oil prices in recent years. The increase in oil exports and oil revenues has had major implications for these countries. These developments have revealed how governments manage their fiscal policies in light of changing oil-market conditions and the role of special fiscal institutions (SFIs). In this Occasional Paper, IMF experts examine the fiscal response of oil-producing countries to the recent oil boom and the role of SFIs in fiscal management, they review the experiences of selected countries, and they draw general lessons. In doing so, they link findings on best practice in the design of SFIs with broader fiscal management advice.

Petroleum Industry And Trade --- Fiscal Policy --- Technology & Engineering --- Political Science --- Budgeting --- Investments: Energy --- Macroeconomics --- Public Finance --- Taxation --- Business Taxes and Subsidies --- Energy: Demand and Supply --- Prices --- National Government Expenditures and Related Policies: General --- Energy: General --- Public finance & taxation --- Investment & securities --- Budgeting & financial management --- Oil, gas and mining taxes --- Oil prices --- Oil --- Budget planning and preparation --- Fiscal policy --- Taxes --- Commodities --- Public financial management (PFM) --- Petroleum industry and trade --- Budget --- Norway