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|z 9781498314749
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|a Mirzoev, Tokhir.
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|a Rethinking Fiscal Policy in Oil-Exporting Countries /
|c Tokhir Mirzoev, Ling Zhu.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (41 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 We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistent with either intergenerational equity or long-term sustainability in the presence of uncertainty. Policies to achieve these goals need to be more prudent and better anchored than the PIH. Second, we point out the presence of a volatility tradeoff between government spending and wealth and re-assess long-held views on the appropriate fiscal anchors, the vice of procyclicality, and the (im)possibility of simultaneously smoothing consumption and ensuring intergenerational equity and sustainability. Finally, we propose what we call a prudent wealth stabilization policy that would be more consistent with long-term fiscal policy goals, yet relatively simple to implement and communicate.
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|a Mode of access: Internet
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|a Zhu, Ling.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/108
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/108/001.2019.issue-108-en.xml
|z IMF e-Library
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