Managing the Oil Revenue Boom: The Role of Fiscal Institutions

Mauricio Villafuerte · Rolando Ossowski · Theo Thomas · Paulo A. Medas

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Natural Resources and Economic Development Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

iv Tables 3.1.Oil Funds: Gross Financial Assets 11 4.1.Dependent Variable: Non-Oil Primary Balance 17 4.2.Dependent Variable: Expenditures 18 4.3.Dependent Variable: Ratio of the Change in Expenditure to the Change in Oil Revenue 19 A1.1.Government Expenditures in Selected Oil-Producing Countries 25 A3.1.Features of Fiscal Responsibility Legislation and Fiscal Rules 28 A3.2.Features of Oil Funds 29 Figures 2.1.Cumulative Change in the Non-Oil Primary Deficit Relative to Additional Oil Revenue, 2000-05 4 2.2.Expenditure Growth and Sustainability Analysis 5 2.3.Oil Price Projections 6 3.1.Average Budget and Actual Oil Reference Prices for Selected Oil-Producing Countries 15The following conventions are used in this publication:• In tables, a blank cell indicates "not applicable," ellipsis points (. ..) indicate "not available," and 0 or 0.0 indicates "zero" or "negligible."Minor discrepancies between sums of constituent figures and totals are due to rounding.• An en dash (-) between years or months (for example, 2005-06 or January-June) indicates the years or months covered, including the beginning and ending years or months; a slash or virgule (/) between years or months (for example, 2005/06) indicates a fiscal or financial year, as does the abbreviation FY (for example, FY2006).• "Billion" means a thousand million; "trillion" means a thousand billion.• "Basis points" refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).As used in this publication, the term "country" does not in all cases refer to a territorial entity that is a state as understood by international law and practice.As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 2021Econometric Analysis of Panel Data 2006Institutions and the Resource Curse 2005Governance Matters IV : Governance Indicators For 1996-2004 2006The Social Cost of Foreign Exchange Reserves 2003Fiscal Policy Formulation and Implementation in Oil-Producing Countries 2002The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries 2002Operational Aspects of Fiscal Policy in Oil-Producing Countries

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2011A Solution to Fiscal Procyclicality: The Structural Budget Institutions Pioneered by Chile 2010Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease 2011Oil prices and the fiscal policy response in oil-exporting countries 2010Natural Resources in Latin America and the Caribbean 2008A Handbook of Primary Commodities in the Global Economy 2012

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