Fiscal Sustainability With Non Renewable Resources
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Fiscal Sustainability with Non-Renewable Resources
Author | : Mr.Nigel Andrew Chalk |
Publisher | : International Monetary Fund |
Total Pages | : 37 |
Release | : 1998-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844352 |
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This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.
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