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|z 9781451866445
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|a 1018-5941
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|a BD-DhAAL
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|a Carcillo, Stephane.
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|a Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy :
|b Lessons from the Republic of Congo /
|c Stephane Carcillo, Mauricio Villafuerte, Daniel Leigh.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2007.
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|a 1 online resource (28 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a In a number of oil producing countries, oil revenue accounts for the majority of government revenue, but is expected to be depleted in a relatively short time frame. Ensuring that fiscal policy is on a sustainable path is thus a high priority, but political and social adjustment costs create incentives to delay fiscal consolidation. This paper estimates how the permanently sustainable non-oil primary deficit (PSNOPD) depends on the speed of consolidation, using an optimization model with habit formation. Realism is added by allowing for negative growth-adjusted interest rates during a temporary period of catch-up growth. Applied to the Republic of Congo, this approach leads to the following conclusions: (i) the current fiscalpolicy stance is unsustainable; (ii) social adjustment costs justify spreading the bulk of the adjustment over five years; and (iii) the slower the adjustment, the lower the PSNOPD level.
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|a Mode of access: Internet
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|a Leigh, Daniel.
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|a Villafuerte, Mauricio.
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|a IMF Working Papers; Working Paper ;
|v No. 2007/080
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2007/080/001.2007.issue-080-en.xml
|z IMF e-Library
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