A Primer on Fiscal Analysis in Oil-Producing Countries

Daria Zakharova and Paulo A. Medas

No 09/56, IMF Working Papers from International Monetary Fund

Abstract: This paper proposes an integrated approach to fiscal policy analysis in oil producing countries (OPCs) geared towards addressing their unique and complex policy challenges. First, an accurate assessment of the fiscal stance in OPCs can be obscured by large and volatile oil revenue flows. Second, uncertain and volatile oil revenue flows can complicate the management of macroeconomic policies in these countries. Third, given the exhaustibility of oil reserves, OPCs need to address longer-term sustainability and intergenerational equity issues. The use of non-oil fiscal indicators, stress tests, medium-term frameworks, and permanent oil income models can greatly aid in addressing these challenges.

Keywords: Fiscal policy; Oil producing countries; Oil revenues; Commodity price fluctuations; Nonoil sector; Revenue sources; Cross country analysis (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ara, nep-cba, nep-ene and nep-mac
Date: 2009-03-19
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