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While models based on Friedman's (1957) permanent-income hypothesis can provide oil producing countries with long-run fiscal targets, they usually abstract from short-run costs associated with consolidation. This paper proposes a model that takes such adjustment costs (or "habits") into account. Further operational realism is added by permitting differential interest rates on sovereign debt and financial assets. The approach is applied to Gabon, where oil reserves are expected to be exhausted in 30 years. The results suggest that Gabon's current fiscal-policy stance cannot be maintained, while the presence of habits justifies smoothing the bulk of the adjustment toward the sustainable level over three to five years.
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1
Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon
2006, International Monetary Fund
in English
1452748128 9781452748122
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2
Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon
2006, International Monetary Fund
in English
1451864531 9781451864533
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3
Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon
2006, International Monetary Fund
in English
1451991134 9781451991130
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4
Natural-resource depletion, habit formation, and sustainable fiscal policy: lessons from Gabon
2006, International Monetary Fund, Fiscal Affairs and African Depts.
in English
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Book Details
Edition Notes
Caption title.
"August 2006."
Includes bibliographical references (p. 25-28).
Also available on the World Wide Web.
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Feedback?December 4, 2010 | Edited by Open Library Bot | Added subjects from MARC records. |
December 11, 2009 | Created by WorkBot | add works page |