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The permanent income hypothesis implies that frictionless open economies with exhaustible natural resources should save abroad most of their resource windfalls and, therefore, feature current account surpluses. Resource-rich developing countries (RRDCs), on the other hand, face substantial...
Persistent link: https://www.econbiz.de/10014395297
This paper discusses the main challenges faced by resource-rich nations in promoting equity; describes policy tools available for managing exhaustible natural resources; and analyzes the relationship between resource wealth and state fragility. It is argued that human capital accumulation,...
Persistent link: https://www.econbiz.de/10012604778
To assess the feasibility of the national accounts treating as assets depletable resources extracted for sale, the paper examines three issues: 1. whether treating natural resources as assets when they are used requires symmetrical accounting when they enter economic reserves; 2. at what stage...
Persistent link: https://www.econbiz.de/10014396044
The paper models the incentives for a self-interested government to implement ""good policies"". While good policies lead to investment and growth, they reduce the government''s ability to increase supporters'' consumption. The model predicts that resource abundance is conductive to poor...
Persistent link: https://www.econbiz.de/10014400564
This paper deals with efficiency in the public sector. It argues that the habit of relating efficiency to public … could be used for several purposes including increasing public sector efficiency …
Persistent link: https://www.econbiz.de/10014400238
or may not improve economic efficiency …
Persistent link: https://www.econbiz.de/10014400822
economic growth and efficiency, using panel data for 40 countries which reformed their financial systems. Financial sector … reform is hypothesized to affect economic growth and efficiency through three main channels: the real interest rate … representing the interest cost of capital, the volume of intermediation, and financial sector efficiency. The results indicate that …
Persistent link: https://www.econbiz.de/10014395836
Properly designed wholesale payments system can make a significant contribution to enhancing market discipline in the financial sector, reducing the risk of systemic disturbance and permitting a less extensive safety net for financial institutions. The objective of these reforms has been to...
Persistent link: https://www.econbiz.de/10014403300
This note examines the efficiency gains that might result from market-based debt reduction and alternative uses of … government investment or consumption. Given considerable uncertainty about the efficiency returns of alternative uses of …
Persistent link: https://www.econbiz.de/10014396332
Persistent link: https://www.econbiz.de/10009419793