hedging their oil price risk. …Many governments are heavily exposed to oil price risk, especially those dependent on revenue derived from oil … stabilization funds, are inherently flawed. Oil risk markets could be a solution. These markets have matured greatly in the last …

rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii …) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil …

16 MENA countries. In GCC countries, where oil revenues are significant, large governments appear to have been a key …

recent years, thanks to high oil revenue, economic growth, some primary non-oil fiscal adjustment, and debt relief. While … uncomfortably high in many, particularly non-oil producing countries and middle income oil producers. Non-oil countries adjust … mainly by increasing revenues, whereas oil countries adjust expenditure. For non-oil producing countries, substantial fiscal …

Oil funds have become increasingly popular in oil exporting countries during the recent surge in oil prices. However … redundant of such funds-in other words, that well designed fiscal management and policy are adequate substitutes for oil funds …. This paper argues that a broader focus is needed in judging the effectiveness of such funds. We test whether oil funds help …

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place …

In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to … the permanently sustainable non-oil primary deficit (PSNOPD) depends on the speed of consolidation, using an optimization …

(CEMAC), most of which depend heavily on oil exports. At present, the CEMAC's macroeconomic surveillance exercise sets as … in oil prices and, hence, oil receipts obscure the underlying fiscal stance. Second, oil resources are limited, which … suggests that some of today's oil receipts should be saved to finance future consumption. The paper develops easy …

Oil-producing countries face challenges arising from the fact that oil revenue is exhaustible, volatile, and uncertain … guidelines: the non-oil balance should feature prominently in the formulation of fiscal policy; it should generally be adjusted … gradually; the government should strive to accumulate substantial financial assets over the period of oil production; and, where …

variables, while oil exports and spillovers from oil exporting neighbors were not found to have any significance. The credit …