Management of Oil Wealth Under the Permanent Income Hypothesis : The Case of São Tomé and Príncipe / Alonso Segura Vasi.

Format:

Book

Government document

Author/Creator:

Segura Vasi, Alonso.

Series:

IMF Working Papers; Working Paper ; No. 2006/183

IMF Working Papers

Language:

English

Subjects (All):

Income--Sao Tome and Principe.

Income.

Consumption (Economics)--Sao Tome and Principe.

Consumption (Economics).

Physical Description:

1 online resource (34 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2006.

Language Note:

English

Summary:

This paper documents the protracted process of shaping the rules governing oil operations in São Tomé and Príncipe. It analyzes the institutional framework for oil sector development, which applies Milton Friedman's permanent income hypothesis to the management of oil resources. São Tomé and Príncipe is the first country in Africa to adopt this rule. Finally, the paper offers a preliminary quantitative analysis of the impact of oil sector development on government consumption and savings. It shows that the country's oil wealth could be significant, which would enable sustainable government consumption and intergenerational equity through a gradual buildup of the Permanent Fund for Future Generations.

Contents:

""Contents""; ""I. INTRODUCTION""; ""II. GEOGRAPHICAL""; ""III. OIL SECTOR INSTITUTIONAL FRAMEWORK""; ""IV. LICENSING""; ""V. FISCAL RULES""; ""VI. APPLICATION""; ""VII. SENSITIVITY ANALYSIS""; ""VIII. SIMULATING PER CAPITA PIH""; ""IX. CONCLUSIONS""; ""APPENDIXES""; ""REFERENCES""

Notes:

"July 2006".

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613821874

9781462336685

146233668X

9781452711799

1452711798

9781282531284

128253128X

9781451989021

1451989024

OCLC:

698585654