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Harnessing windfall revenues : optimal policies for resource-rich developing economies

Ploeg, Frederick van der; Venables, Anthony - 2009

, investment, and the distribution of funds for consumption, particularly if the windfall is both anticipated and temporary. We … show that the permanent income hypothesis prescription of an ever-lasting increase in consumption financed by borrowing … is large relative to initial foreign debt, is it optimal to build a SWF. The optimal time profile of consumption is …

Persistent link: https://www.econbiz.de/10003813611

Fiscal policy and Dutch disease

Ploeg, Frederick van der - 2011

In this paper we revisit the Dutch disease paying particular attention to the role of specific factors of production and capital stock dynamics. The main insight is that if the natural resource rich windfall is substantial but not large enough for the country to become a rentier, capital goods...

Persistent link: https://www.econbiz.de/10009011986

Saving Alberta's resource revenues : role of intergenerational and liquidity funds

Bremer, Ton S. van den; Ploeg, Frederick van der - 2016

We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation,...

Persistent link: https://www.econbiz.de/10011541123

The volatility curse : revisiting the paradox of plenty

Ploeg, Frederick van der; Poelhekke, Steven - 2009

The volatility of unanticipated output growth in income per capita is detrimental to long-run development, controlling for initial income per capita, population growth, human capital, investment, openness and natural resource dependence. This effect is significant and robust over a wide range of...

Persistent link: https://www.econbiz.de/10003832092

The pungent smell of "red herrings" : subsoil assets, rents, volatility and the resource curse

Ploeg, Frederick van der; Poelhekke, Steven - 2010

Brunnschweiler and Bulte (2008) provide cross-country evidence that the resource curse is a "red herring" once one corrects for endogeneity of resource exports and allows resource abundance affect growth. Their results show that resource exports are no longer significant while the value of...

Persistent link: https://www.econbiz.de/10003956035

Natural resources : curse or blessing?

Ploeg, Frederick van der - 2010

Are natural resources a "curse" or a "blessing"? The empirical evidence suggests either outcome is possible. The paper surveys a variety of hypotheses and supporting evidence for why some countries benefit and others lose from the presence of natural resources. These include that a resource...

Persistent link: https://www.econbiz.de/10003986863

Is Norway's bird-in-hand stabilization fund prudent enough? : fiscal reactions to hydrocarbon windfalls and graying populations

Harding, Torfinn; Ploeg, Frederick van der - 2009

We estimate fiscal reaction functions for non-hydrocarbon tax and public spending shares of national income and for debt management strategies adopted by Norway and compare these with rules that would prevail under the permanent income hypothesis and bird-in-hand rule. We conclude that the...

Persistent link: https://www.econbiz.de/10003897374

Effects of fiscal rules : 85 years' experience in Switzerland

Burret, Heiko T.; Feld, Lars P. - 2016

The paper investigates the fiscal effects of Swiss cantonal debt brakes by taking explicitly into account the rules' coverage. An in-depth analysis provides unique evidence that suggests the following: First, fiscal rules at the cantonal level have a negative effect on public deficits, which is...

Persistent link: https://www.econbiz.de/10011523766

Vertical effects of fiscal rules : the Swiss experience

Burret, Heiko T.; Feld, Lars P. - 2014

Formal fiscal rules have been introduced in many countries throughout the world. While most studies focus on intra-jurisdictional effects of fiscal rules, vertical impacts on the finances of other levels of governments have yet to be explored thoroughly. The paper investigates the influence of...

Persistent link: https://www.econbiz.de/10010424734

(Un-)Sustinability of public finances in German Laender : a panel time series approach

Burret, Heiko T.; Feld, Lars P.; Köhler, Ekkehard A. - 2015

This paper provides evidence that most German states (Laender) have unsustainable public finances by exploiting a newly compiled database covering the years 1950‐2011. Although the Laender are closely intertwined we are the first to apply “second generation” panel techniques that control...

Persistent link: https://www.econbiz.de/10011404634