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Cyclical Fiscal Rules for Oil-Exporting Countries

Snudden, Stephen - 2013

Structural budget-balance rules with countercyclical elements appear well suited to stabilize the macroeconomic volatility of oil-exporting countries and have been used successfully by other commodity exporters. Using a global DSGE model, the efficient design of such rules is found to depend on...

Persistent link: https://www.econbiz.de/10013071925

Rethinking Fiscal Policy in Oil-Exporting Countries

Mirzoev, Tokhir - 2019

We examine the existing fiscal policy paradigm in commodity-exporting countries. First,we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistentwith either intergenerational equity or long-term sustainability in the presence ofuncertainty. Policies to achieve these...

Persistent link: https://www.econbiz.de/10012868470

An Analysis of OPEC's Strategic Actions, US Shale Growth and the 2014 Oil Price Crash

Behar, Alberto - 2016

In November 2014, OPEC announced a new strategy geared towards improving its market share. Oil-market analysts … explains the fundamental market factors that can rationalize such a "regime switch" by OPEC. These include: (i) the growth of … US shale oil production; (ii) the slowdown of global oil demand; (iii) reduced cohesiveness of the OPEC cartel; (iv …

Persistent link: https://www.econbiz.de/10012977842

External Adjustment in Oil Exporters : The Role of Fiscal Policy and the Exchange Rate

Behar, Alberto - 2016

After the decline in oil prices, many oil exporters face the need to improve their externalbalances. Special characteristics of oil exporters make the exchange rate an ineffectiveinstrument for this purpose and give fiscal policy a sizeable role. These conclusions aresupported by regression...

Persistent link: https://www.econbiz.de/10012977864

Oil Price Shocks and Economic Growth in Oil-Exporting Countries : Does the Size of Government Matter?

Emamgholi, Amir S. Sadeghi - 2018

This paper examines the impact of government size on how output and government expenditurerespond to oil price shocks in 28 oil-exporting countries between 1990 and 2016. Results suggestthat if the size of government (measured by government expenditure-to-(non-oil) GDP ratio) islarger, non-oil...

Persistent link: https://www.econbiz.de/10012929923

OPEC and the Oil Market

Nazer, Yousef; Pescatori, Andreas - 2022

This paper studies the historical importance of OPEC for oil price fluctuations. An event-study approach is used to … identify the effects of OPEC announcements on oil price fluctuations. Results show that price volatility is higher than typical … around OPEC meetings. Also, members' compliance, a proxy for credibility, has strongly fluctuated over time. An ordered …

Persistent link: https://www.econbiz.de/10014244439

Oil Exporters’ Dilemma : How Much to Save and How Much to Invest

Hasanov, Fuad - 2012

Policymakers in oil-exporting countries confront the question of how to allocate oil revenues among consumption, saving, and investment in the face of high income volatility. We study this allocation problem in a precautionary saving and investment model under uncertainty. Consistent with data...

Persistent link: https://www.econbiz.de/10013111412