Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa / Jan-Peter Olters.

Format:

Book

Government document

Author/Creator:

Olters, Jan-Peter.

Series:

IMF Working Papers; Working Paper ; No. 2007/107

IMF Working Papers

Language:

English

Subjects (All):

Fiscal policy--Africa, Sub-Saharan.

Fiscal policy.

Petroleum industry and trade--Africa, Sub-Saharan.

Petroleum industry and trade.

Physical Description:

1 online resource (44 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2007.

Language Note:

English

Summary:

Buoyant oil prices have allowed oil-producing countries in sub-Saharan Africa (SSA OPCs) to increase oil exports and fiscal revenues, providing them with resources necessary to address the pressing social needs. To preclude another boom-bust cycle, this paper advocates the definition of a fiscal benchmark anchored in sustainability grounds, following Leigh- Olters (2006). The difference between current primary deficits and those that could be maintained after oil reserves are exhausted represent an indication of the degree to which fiscal positions will have to be adjusted-either gradually, while the overall balances remain in surplus, or abruptly, once oil revenues begin to dwindle.

Contents:

Contents; I. Introduction; A. Old Curses; Figures; 1. SSA OPCs: Development and Governance Indices, 2004-05; B. New Approaches; II. Literature Review; III. A Model of Permanent Income and Habit Formation; A. The Model; B. Background and Underlying Assumptions; 2. SSA OPCs: Oil Production, 1965-2006; Tables; 1. Sub-Saharan Africa: Estimates of Oil and Gas Reserves, 2005; 3. SSA OPCs: Oil and Gas Production, 2001-56; 2. Aggregate SSA OPC Economy: Selected Indicators, 2002-06; 3. SSA OPCs: Selected Macroeconomic Indicators, 2005-06; 4. SSA OPCs: Oil Price Assumptions, 2003-22

C. Model Calibration5. SSA OPCs: Permanently Sustainable Non-Oil Primary Deficits; 6. SSA OPCs: Permanently Sustainable Non-Oil Primary Deficits; 7. Aggregate SSA OPC Economy: Non-Oil Primary Balances, 2003-45; 4. SSA OPCs: Permanently Sustainable Non-Oil Primary Deficits Under Various Assumptions; 8. SSA OPCs: Real Growth and Sustainable Government Expenditure, 2003-55; 9. SSA OPCs: Non-Oil Tax Take and Sustainable Government Expenditure, 2003-55...; IV. Summary and Policy Implications; Appendix: Oil and Gas Production Profiles by Countries; References

Notes:

"May 2007."

Includes bibliographical references.

Description based on print version record.

ISBN:

9786613824752

9781462369959

1462369952

9781451997408

145199740X

9781283512305

1283512300

9781451911244

1451911246