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analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed … brings forward oil extraction and induces a bigger government surplus. With prudence, the government depletes oil reserves …
Persistent link: https://www.econbiz.de/10010270525
debt policies are analyzed when demand for oil is linear and preferences quadratic. Without prudence, optimal oil … extraction is governed by the Hotelling rule and optimal budgetary policies by the tax smoothing principle. With prudence, the … level, prudence implies a tendency to over-predict future oil prices and reserves which induces more aggressive oil …
Persistent link: https://www.econbiz.de/10008670344
analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed … brings forward oil extraction and induces a bigger government surplus. With prudence, the government depletes oil reserves … rule ; tax smoothing ; prudence ; vigorous oil extraction ; precautionary saving ; taxation and under-spending ; oil price …
Persistent link: https://www.econbiz.de/10003966514
analyzed when the oil demand schedule is linear and preferences quadratic. Without prudence, optimal oil extraction is governed … brings forward oil extraction and induces a bigger government surplus. With prudence, the government depletes oil reserves …
Persistent link: https://www.econbiz.de/10013094761
This paper studies how capital-scarce countries should manage volatile resource income. Existing literature recommends that capital-scarce countries invest domestically, but that volatile resource income should be saved in a foreign sovereign wealth fund. I reconcile these by combining a...
Persistent link: https://www.econbiz.de/10011276414
This paper studies how capital-scarce countries should manage volatile resource income.  Existing literature recommends that capital-scarce countries invest domestically, but that volatile resource income should be saved in a foreign sovereign wealth fund.  I reconcile these by combining a...
Persistent link: https://www.econbiz.de/10011164423
The sustainability of the Nigerian fiscal deficit along with the role of the dynamics of government revenues and spending in adjusting the size of the deficit is examined using annual data from 1961 to 2014. After allowing for structural breaks, the study finds evidence of a cointegration...
Persistent link: https://www.econbiz.de/10011559215
The sustainability of the Nigerian fiscal deficit along with the role of the dynamics of government revenues and spending in adjusting the size of the deficit is examined using annual data from 1961 to 2014. After allowing for structural breaks, the study finds evidence of a cointegration...
Persistent link: https://www.econbiz.de/10011487675
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/10011555544
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