Investing volatile oil revenues in capital-scarce economies: an application to Angola
Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al....
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| Hauptverfasser: | , , |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, DC
IMF
2013
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| Schriftenreihe: | IMF working paper
13/147 |
| Schlagworte: | |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al. (forthcoming) that incorporates investment inefficiency and absorptive capacity constraints, often encountered in developing countries. The sustainable investing approach, which combines a stable fiscal regime with external savings, can convert resource wealth to development gains while maintaining economic stability. Stochastic simulations demonstrate how the framework can be used to inform allocations between capital spending and external savings when facing uncertain oil revenues. An overly aggressive investment scaling-up path could result in insufficient fiscal buffers when faced with negative oil price shocks. Consequently, investment progress can be interrupted, driving up the capital depreciation rate, undermining economic stability, and lowering the growth benefits of public investment |
| Beschreibung: | Description based upon print version of record |
| Beschreibung: | 1 Online-Ressource (33 Seiten) graph. Darst |
| Format: | Systemvoraussetzungen: Acrobat Reader |
| ISBN: | 9781484393000 |
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| 100 | 1 | |a Richmond, Christine |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Investing volatile oil revenues in capital-scarce economies |b an application to Angola |c Christine Richmond, Irene Yackovlev, and Shu-Chun S. Yang |
| 264 | 1 | |a Washington, DC |b IMF |c 2013 | |
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| 505 | 8 | |a 2. Alternative Scenario3. Conservative vs. Aggressive Investing Scaling-up I; 4. Conservative vs. Aggressive Investing Scaling-up II; Appendices; I. Implementing the Gradual Scaling-Up Approach; II. Optimality Conditions; References | |
| 505 | 8 | |a Cover; Contents; I. Introduction; II. A Brief Literature Review; III. Model Description; A. Households; B. Firms; C. The Government; D. Fiscal Policy; E. Some Market Clearing Conditions and Identities; IV. Equilibrium, Solution Method, and Calibration; V. Spend-As-You-Go vs. Gradual Scaling-Up; A. Baseline Scenario; B. Alternative Scenario; C. Stabilization Effect of the Gradual Scaling-Up Approach; VI. Determining a Sustainable Investing Path; VII. Conclusion; Tables; 1. Parameter Calibration; 2. Stabilization Effects with Gradual Scaling-up; Figures; 1. Baseline Scenario | |
| 520 | 3 | |a Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al. (forthcoming) that incorporates investment inefficiency and absorptive capacity constraints, often encountered in developing countries. The sustainable investing approach, which combines a stable fiscal regime with external savings, can convert resource wealth to development gains while maintaining economic stability. Stochastic simulations demonstrate how the framework can be used to inform allocations between capital spending and external savings when facing uncertain oil revenues. An overly aggressive investment scaling-up path could result in insufficient fiscal buffers when faced with negative oil price shocks. Consequently, investment progress can be interrupted, driving up the capital depreciation rate, undermining economic stability, and lowering the growth benefits of public investment | |
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Datensatz im Suchindex
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| author | Richmond, Christine Yackovlev, Irene Yang, Shu-Chun S. 1971- |
| author_GND | (DE-588)130658359 |
| author_facet | Richmond, Christine Yackovlev, Irene Yang, Shu-Chun S. 1971- |
| author_role | aut aut aut |
| author_sort | Richmond, Christine |
| author_variant | c r cr i y iy s c s y scs scsy |
| building | Verbundindex |
| bvnumber | BV048341457 |
| collection | ZDB-1-IMF |
| contents | 2. Alternative Scenario3. Conservative vs. Aggressive Investing Scaling-up I; 4. Conservative vs. Aggressive Investing Scaling-up II; Appendices; I. Implementing the Gradual Scaling-Up Approach; II. Optimality Conditions; References Cover; Contents; I. Introduction; II. A Brief Literature Review; III. Model Description; A. Households; B. Firms; C. The Government; D. Fiscal Policy; E. Some Market Clearing Conditions and Identities; IV. Equilibrium, Solution Method, and Calibration; V. Spend-As-You-Go vs. Gradual Scaling-Up; A. Baseline Scenario; B. Alternative Scenario; C. Stabilization Effect of the Gradual Scaling-Up Approach; VI. Determining a Sustainable Investing Path; VII. Conclusion; Tables; 1. Parameter Calibration; 2. Stabilization Effects with Gradual Scaling-up; Figures; 1. Baseline Scenario |
| ctrlnum | (ZDB-1-IMF)768412684 (OCoLC)867928202 (DE-599)GBV768412684 |
| format | Electronic eBook |
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| id | DE-604.BV048341457 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:13Z |
| indexdate | 2024-07-10T09:35:20Z |
| institution | BVB |
| isbn | 9781484393000 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033720724 |
| oclc_num | 867928202 |
| open_access_boolean | |
| owner | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| owner_facet | DE-20 DE-824 DE-70 DE-155 DE-BY-UBR DE-29 DE-22 DE-BY-UBG DE-473 DE-BY-UBG DE-1102 DE-703 DE-859 DE-706 DE-384 DE-860 DE-19 DE-BY-UBM DE-739 DE-355 DE-BY-UBR DE-Aug4 DE-1049 DE-12 DE-91 DE-BY-TUM |
| physical | 1 Online-Ressource (33 Seiten) graph. Darst |
| psigel | ZDB-1-IMF |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | IMF |
| record_format | marc |
| series2 | IMF working paper |
| spelling | Richmond, Christine Verfasser aut Investing volatile oil revenues in capital-scarce economies an application to Angola Christine Richmond, Irene Yackovlev, and Shu-Chun S. Yang Washington, DC IMF 2013 1 Online-Ressource (33 Seiten) graph. Darst txt rdacontent c rdamedia cr rdacarrier IMF working paper 13/147 Description based upon print version of record 2. Alternative Scenario3. Conservative vs. Aggressive Investing Scaling-up I; 4. Conservative vs. Aggressive Investing Scaling-up II; Appendices; I. Implementing the Gradual Scaling-Up Approach; II. Optimality Conditions; References Cover; Contents; I. Introduction; II. A Brief Literature Review; III. Model Description; A. Households; B. Firms; C. The Government; D. Fiscal Policy; E. Some Market Clearing Conditions and Identities; IV. Equilibrium, Solution Method, and Calibration; V. Spend-As-You-Go vs. Gradual Scaling-Up; A. Baseline Scenario; B. Alternative Scenario; C. Stabilization Effect of the Gradual Scaling-Up Approach; VI. Determining a Sustainable Investing Path; VII. Conclusion; Tables; 1. Parameter Calibration; 2. Stabilization Effects with Gradual Scaling-up; Figures; 1. Baseline Scenario Natural resource revenues are an increasingly important financing source for public investment in many developing economies. Investing volatile resource revenues, however, may subject an economy to macroeconomic instability. This paper applies to Angola the fiscal framework developed in Berg et al. (forthcoming) that incorporates investment inefficiency and absorptive capacity constraints, often encountered in developing countries. The sustainable investing approach, which combines a stable fiscal regime with external savings, can convert resource wealth to development gains while maintaining economic stability. Stochastic simulations demonstrate how the framework can be used to inform allocations between capital spending and external savings when facing uncertain oil revenues. An overly aggressive investment scaling-up path could result in insufficient fiscal buffers when faced with negative oil price shocks. Consequently, investment progress can be interrupted, driving up the capital depreciation rate, undermining economic stability, and lowering the growth benefits of public investment Systemvoraussetzungen: Acrobat Reader Electronic books Yackovlev, Irene Verfasser aut Yang, Shu-Chun S. 1971- Verfasser (DE-588)130658359 aut http://elibrary.imf.org/view/IMF001/20589-9781484393000/20589-9781484393000/20589-9781484393000.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Richmond, Christine Yackovlev, Irene Yang, Shu-Chun S. 1971- Investing volatile oil revenues in capital-scarce economies an application to Angola 2. Alternative Scenario3. Conservative vs. Aggressive Investing Scaling-up I; 4. Conservative vs. Aggressive Investing Scaling-up II; Appendices; I. Implementing the Gradual Scaling-Up Approach; II. Optimality Conditions; References Cover; Contents; I. Introduction; II. A Brief Literature Review; III. Model Description; A. Households; B. Firms; C. The Government; D. Fiscal Policy; E. Some Market Clearing Conditions and Identities; IV. Equilibrium, Solution Method, and Calibration; V. Spend-As-You-Go vs. Gradual Scaling-Up; A. Baseline Scenario; B. Alternative Scenario; C. Stabilization Effect of the Gradual Scaling-Up Approach; VI. Determining a Sustainable Investing Path; VII. Conclusion; Tables; 1. Parameter Calibration; 2. Stabilization Effects with Gradual Scaling-up; Figures; 1. Baseline Scenario |
| title | Investing volatile oil revenues in capital-scarce economies an application to Angola |
| title_auth | Investing volatile oil revenues in capital-scarce economies an application to Angola |
| title_exact_search | Investing volatile oil revenues in capital-scarce economies an application to Angola |
| title_exact_search_txtP | Investing volatile oil revenues in capital-scarce economies an application to Angola |
| title_full | Investing volatile oil revenues in capital-scarce economies an application to Angola Christine Richmond, Irene Yackovlev, and Shu-Chun S. Yang |
| title_fullStr | Investing volatile oil revenues in capital-scarce economies an application to Angola Christine Richmond, Irene Yackovlev, and Shu-Chun S. Yang |
| title_full_unstemmed | Investing volatile oil revenues in capital-scarce economies an application to Angola Christine Richmond, Irene Yackovlev, and Shu-Chun S. Yang |
| title_short | Investing volatile oil revenues in capital-scarce economies |
| title_sort | investing volatile oil revenues in capital scarce economies an application to angola |
| title_sub | an application to Angola |
| url | http://elibrary.imf.org/view/IMF001/20589-9781484393000/20589-9781484393000/20589-9781484393000.xml |
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