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Constraints on the Design and Implementation of Monetary Policy in Oil Economies
Fund, International Monetary - 2008
By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this...
Persistent link: https://www.econbiz.de/10012677604
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Cross-Border Impacts of Climate Policy Packages in North America
Fournier, Jean-Marc - 2024
We quantify cross-border effects of the recent climate mitigation policies introduced in Canada and the U.S., using the … global general equilibrium model IMF-ENV. Notably, with the substantial emission reductions from Canada's carbon tax … triggered by policy heterogeneity is rather domestic, especially with U.S. subsidies increasing energy output while the Canada …
Persistent link: https://www.econbiz.de/10015058567
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An Oil and Gas Model
Krichene, Noureddine - International Monetary Fund (IMF) - 2007
This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets. The model described carefully the parameters of these markets and their vulnerability to business cycles. Estimates showed that short-run demand for oil and gas was price-...
Persistent link: https://www.econbiz.de/10005248317
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Emergence of the Gulf of Guinea in the Global Economy; Prospects and Challenges
Mañe, Damian Ondo - International Monetary Fund (IMF) - 2005
The Gulf of Guinea's tremendous potential is creating investment opportunities for the region. Some of its resources, such as oil, minerals, and forests, continue to attract significant investments whereas others, like natural gas, could be exploited to their full potential if necessary...
Persistent link: https://www.econbiz.de/10005605427
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Measuring Oil-Price Shocks Using Market-Based Information
Wu, Tao; Cavallo, Michele - International Monetary Fund (IMF) - 2012
We study the effects of oil-price shocks on the U.S. economy combining narrative and quantitative approaches. After examining daily oil-related events since 1984, we classify them into various event types. We then develop measures of exogenous shocks that avoid endogeneity and predictability...
Persistent link: https://www.econbiz.de/10009650637
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A Simultaneous Equation Model for World Crude Oil and Natural Gas Markets
Krichene, Noureddine - International Monetary Fund (IMF) - 2005
A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of demand for both crude oil and natural gas, which explains the market power of oil producers and price volatility following shocks. The paper establishes a relationship between...
Persistent link: https://www.econbiz.de/10005768887
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Management of Oil Wealth Under the Permanent Income Hypothesis; The Case of Sao tome and Principe
Segura, Alonso - International Monetary Fund (IMF) - 2006
This paper documents the protracted process of shaping the rules governing oil operations in São Tomé and Príncipe. It analyzes the institutional framework for oil sector development, which applies Milton Friedman's permanent income hypothesis to the management of oil resources. São Tomé...
Persistent link: https://www.econbiz.de/10005769328
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Evaluation of the Oil Fiscal Regime in Russia and Proposals for Reform
Goldsworthy, Brenton; Zakharova, Daria - International Monetary Fund (IMF) - 2010
Oil revenue plays a central role in Russia's economic development. Thus, the recent decline in oil production and investment, and the possible contribution of the current fiscal regime to these developments, have prompted a reassessment of the oil tax system in Russia. Some important changes...
Persistent link: https://www.econbiz.de/10008519515
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Imperfect Competition and the Design of VAT Regimes; The Case of Energy Trade Between Russia and Ukraine
Shiells, Clinton R. - International Monetary Fund (IMF) - 2002
Under imperfect competition, Russia and Ukraine may choose to deviate from optimal tax considerations which suggest use of a destination-based VAT regime. Oil and gas trade is a major source of Russian tax revenue, which is collected partly through an origin-based VAT on intra-CIS energy trade....
Persistent link: https://www.econbiz.de/10005599379
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Forecasting Accuracy of Crude Oil Futures Prices
Kumar, Manmohan S. - International Monetary Fund (IMF) - 1991
This paper undertakes an investigation into the efficiency of the crude oil futures market and the forecasting accuracy of futures prices. Efficiency of the market is analysed in terms of the expected excess returns to speculation in the futures market. Accuracy of futures prices is compared...
Persistent link: https://www.econbiz.de/10005599690