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International Monetary Fund

hydrocarbons and/or mineral resources on the basis of the following criteria: (i) an average share of hydrocarbon and/or mineral fiscal revenues in total fiscal revenue of at least 25 percent during the period 2000-05 or (ii) an average share of hydrocarbon and/or mineral export proceeds in total export proceeds of at least 25 percent. 3 Revenues including grants. 4 World Bank World Development Indicators definition. Energy depletion is equal to the product of unit resource rents and the physical quantities of energy extracted. It covers coal, crude oil, and

Mr. Kazim Kazimov, Mr. Kirk Hamilton, and Mr. Rabah Arezki
We use a new dataset on non-resource GDP to examine the performance of commodity-exporting countries in terms of macroeconomic stability and economic growth in a panel of up to 129 countries during the period 1970-2007. Our main findings are threefold. First, we find that overall government spending in commodity-exporting countries has been procyclical. Second, we find that resource windfalls initially crowd out non-resource GDP which then increases as a result of the fiscal expansion. Third, we find that in the long run resource windfalls have negative effects on non-resource sector GDP growth. Yet, the effects turn out to be statistically insignificant when controlling for government spending. Both the effects of resource windfalls on macroeconomic stability and economic growth are moderated by the quality of political institutions.
Mr. Alan H. Gelb, Mr. Arnaud Dupuy, and Mr. Rabah Arezki
This paper studies the optimal public investment decisions in countries experiencing a resource windfall. To do so, we use an augmented version of the Permanent Income framework with public investment faced with adjustment costs capturing the associated administrative capacity as well as government direct transfers. A key assumption is that those adjustment costs rise with the size of the resource windfall. The main results from the analytical model are threefold. First, a larger resource windfall commands a lower level of public capital but a higher level of redistribution through transfers. Second, weaker administrative capacity lowers the increase in optimal public capital following a resource windfall. Third, higher total factor productivity in the non-resource sector reduces the degree of des-investment in public capital commanded by weaker administrative capacity. We further extend our basic model to allow for "investing in investing" - that is public investment in administrative capacity - by endogenizing the adjustment cost in public investment. Results from the numerical simulations suggest, among other things, that a higher initial stock of public administrative "know how" leads to a higher level of optimal public investment following a resource windfall. Implications for policy are discussed.
International Monetary Fund

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

International Monetary Fund

Abstract

Le guide sur la transparence des recettes des ressources naturelles applique les principes du code de bonnes pratiques en matière de transparence des finances publiques (« le code ») à l'ensemble spécifique de problèmes auxquels sont confrontés les pays dont une part substantielle des revenus provient de telles ressources, ainsi qu'à la nécessité de faire face à la complexité technique et à la volatilité des flux de transactions. Il présente un panorama des bonnes pratiques ou des pratiques optimales généralement admises en matière de gestion transparente des recettes dégagées des ressources naturelles. Il sert de complément au manuel du FMI sur la transparence des finances publiques. Le guide a été revu pour incorporer les changements apportés au code et pour fournir des exemples récents de bonnes pratiques appliquées dans certains pays. Il offre un cadre d'évaluation des questions soulevées plus spécialement par les ressources naturelles dans les évaluations générales de la transparence des finances publiques (y compris les RONC). Ce guide est utilisé par les administrations des pays riches en ressources naturelles, la société civile, les prestataires d'appui technique et les chercheurs et observateurs intéressés par ces questions.

International Monetary Fund

Abstract

La Guía sobre la transparencia del ingreso proveniente de los recursos naturales aplica los principios de la edición revisada del Código del FMI de buenas prácticas de transparencia fiscal ("el Código") al conjunto singular de problemas de transparencia que se les plantean a los países que obtienen una proporción considerable de sus ingresos públicos de los recursos naturales y que deben hacer frente a flujos de transacciones complejos y volátiles. En la Guía se identifican y explican buenas prácticas, o prácticas óptimas, de aceptación general en materia de transparencia en la gestión de los ingresos derivados de los recursos naturales. Esta Guía complementa el Manual de transparencia fiscal del FMI. La Guía se ha revisado para adaptarla al nuevo Código y proporciona ejemplos más recientes de buenas prácticas seguidas por países específicos. Se ha diseñado con el propósito de ofrecer un marco para evaluar cuestiones específicas relacionadas con los recursos naturales en el contexto de las evaluaciones generales de la transparencia fiscal (incluidos los "módulos fiscales" de los informes sobre la observancia de códigos y normas). La Guía es utilizada por autoridades del poder ejecutivo y legislativo de países ricos en recursos naturales, organizaciones de la sociedad civil, entidades que proporcionan respaldo técnico, profesionales del ámbito académico y otros observadores interesados.

International Monetary Fund

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

International Monetary Fund

Abstract

This series contains practical "how-to" information for economists and includes topics such as tax policy, balance of payments statistics, external debt statistics, foreign exchange reserve management, and financial sector assessment.

International Monetary Fund

Abstract

20. Much of resource revenue management hinges on the relationships between the government, national resource companies (NRCs), and international companies. These relationships must be clearly defined for all stages of resource development. Extractive industries can affect the economy or environment at any stage from exploration through to abandonment. Exploration is usually the highest-risk element of any extractive industry project, though there is a difference in this respect between mining and petroleum,22 and substantial expenditure is generally required before a discovery is confirmed. Any government policies intended to encourage investment by international companies or using NRCs at various stages of development should be clear. In the petroleum industry, particular emphasis needs to be placed on clarifying the role of the national oil companies (NOCs). These still produce much of the world’s oil and often play a strong policy role relative to the rest of government. This chapter of the Guide examines the legal framework governing these relationships, the special nature of the fiscal regime for resource companies, the broad role of NRCs, including their noncommercial activities, and the clarity of revenue sharing arrangements with lower levels of government.

International Monetary Fund

Abstract

72. Similar principles of transparency to those recommended for other parts of the government budget should apply to the processes for planning, allocating, spending, and reporting resource revenues. The special features of resource revenue, however, require that governments give particular emphasis to policy clarity with regard to explicit treatment of risks arising from the resource base, transparency of accounting, and control of receipts and spending. In particular, the government should clearly explain to the public its policies toward smoothing the impact of volatile revenue flows and ensuring long-term fiscal sustainability. If savings or stabilization funds have been established, they should be fully integrated into the overall fiscal policy framework. All resource-related asset holdings should be fully disclosed and asset management policies open. This section covers these and other good transparency practices that will lead toward an effective application of fiscal policy in resource-rich countries.