Do Resource-Rich Countries Suffer from a Lack of Fiscal Discipline?

Fiscal indicators for resource-rich and resource-poor low- and middle-income countries are compared using annual data from 1996 to 2012. Resource richness is defined by export composition: fuel greater than a 25 percent share and/or ores and metals greater than a 10 percent share. Fuel exporters have a significantly better general government fiscal balance than the rest of the sample, and higher revenues and expenditures, which are approximately evenly split between extra consumption expenditure and extra capital expenditure. Only about a quarter of their extra revenue goes into extra consumption expenditure, and this proportion has been lower since 2005. Fuel exporters' expenditure reacts with a lag to oil price fluctuations. There are no significant differences between ores and metals exporters and resource-poor countries, or between new and old resource exporters, in aggregate expenditures and revenues. Ores and metals exporters spend more on investment and less on government consumption. Some individual country cases are briefly discussed.

Detalhes bibliográficos

Principais autores:	Bleaney, Michael, Halland, Havard
Formato:	Working Paper biblioteca
Idioma:	English en_US
Publicado em:	World Bank, Washington, DC 2016-02
Assuntos:	DEFICIT, MONETARY POLICY, RISKS, UNCERTAINTIES, ECONOMIC GROWTH, OIL PRICE, FISCAL BALANCES, RELATIVE PRICE, HARD PEG, FINANCIAL MANAGEMENT, STOCK, FOREIGN INVESTORS, FISCAL DEFICITS, COUNTRY FIXED EFFECTS, INTEREST, DUMMY VARIABLES, SEIGNIORAGE, REGIME CLASSIFICATION, EXCHANGE, GOVERNMENT REVENUES, MACROECONOMIC POLICY, DEVELOPING COUNTRIES, CURRENCY UNION, EXPORTERS, PEG DUMMY, REVENUES, POSITIVE COEFFICIENT, INFLATION TARGETING, FISCAL POLICY, HIGH INFLATION, PEGS, TAX, DUMMY VARIABLE, HARD PEGS, INFLATION, INTERNATIONAL BANK, POLITICAL RISKS, BUDGET, GOVERNMENT SAVING, AMOUNT OF CAPITAL, STANDARD DEVIATION, OIL PRICES, CURRENCY, PRICE DYNAMICS, PRICE VOLATILITY, SURPLUS, GLOBALIZATION, MONETARY FUND, DEBT, MARKETS, SEIGNIORAGE REVENUE, RETURN, DEFICITS, INTERNATIONAL DEVELOPMENT, CONSUMPTION EXPENDITURE, BUDGET DEFICIT, EXPENDITURE INCREASE, RESERVES, NATURAL RESOURCES, GROSS DOMESTIC PRODUCT, SERIAL CORRELATION, FINANCE, PEG, PUBLIC INVESTMENT, TAXES, FISCAL DEFICIT, INVESTMENT DECISIONS, EXPENDITURE, EXCHANGE-RATE, INVESTORS, CONSUMPTION, SURPLUSES, GOOD, TOTAL EXPORTS, COUNTRY RISK, SLOW GROWTH, BUDGET SURPLUS, FUTURE, HARD PEG DUMMY, LEGAL TENDER, EXPROPRIATION RISK, DEPENDENT VARIABLE, RETURNS, PRICE OF OIL, FOREIGN INVESTMENT, DEMAND, GOVERNMENT EXPENDITURE, EXPORT SHARES, INVESTMENT PROJECTS, DEPENDENT VARIABLES, PRICE CHANGES, GOVERNMENT REVENUE, EXPENDITURES, PRICE FLUCTUATIONS, PROPERTIES, ZERO WEIGHT, SHARES, ASSETS, MARKET, INVESTMENT CHOICES, PRICE INCREASE, PUBLIC DEBT, EXPORTER, REGRESSION ANALYSIS, FIXED EFFECTS, PERMANENT INCOME HYPOTHESIS, EXPROPRIATION, GOVERNMENT POLICIES, WEIGHT, BILL, CONSUMPTION SMOOTHING, GOODS, INVESTOR, CURRENCY BOARD, INVESTMENT, NATURAL RESOURCE, RISK, RANDOM WALK, SHARE, FINANCIAL MARKETS, SUPPLY, POLITICAL STABILITY, FISCAL BALANCE, UNCERTAINTY, REVENUE, INVESTMENTS, COMMODITY MARKET, RAPID GROWTH, EXCHANGE RATE, FISCAL DISCIPLINE, GOVERNMENT INVESTMENT, PIH, PUBLIC SPENDING, COMMODITY PRICES, MACROECONOMIC PERFORMANCE, WEIGHTS, INVESTMENT BOOM, EXPORT SHARE, WORLD MARKET, POLITICAL INSTABILITY, EXCHANGE RATE REGIMES, FISCAL POSITION, POLITICAL RISK, ECONOMIES, DEBT RELIEF,
Acesso em linha:	http://documents.worldbank.org/curated/en/2016/02/25860947/resource-rich-countries-suffer-lack-fiscal-discipline http://hdl.handle.net/10986/23727
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