Samaké, Issouf; Spatafora, Nicola - International Monetary Fund (IMF) - 2012
The experience of developing countries over 1990-2010 indicates that commodity prices have a significant impact on … fiscal outcomes. Both revenue and expenditure rise in response to commodity (import or export) price increases; the response …-exchange reserves do not dampen the effects. Hence, there is a strong case for fiscal hedging against commodity price shocks. Hedging …