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Mr. Simon Black, Ian Parry, Mr. James Roaf, and Karlygash Zhunussova
Achieving the Paris Agreement’s temperature goals requires cutting global CO2 emissions 25 to 50 percent this decade, followed by a rapid transition to net zero emissions. The world is currently not yet on track so there is an urgent need to narrow gaps in climate mitigation ambition and policy. Current mitigation pledges for 2030 would achieve just one to two thirds of the emissions reductions needed for limiting warming to 1.5 to 2oC. And additional measures equivalent to a global carbon price exceeding $75 per ton by 2030 are needed. This IMF Staff Climate Note presents extensive quantitative analyses to inform dialogue on closing mitigation ambition and policy gaps. It shows purely illustrative pathways to achieve the needed global emissions reductions while respecting international equity. The Note also presents country-level analyses of the emissions, fiscal, economic, and distributional impacts of carbon pricing and the trade-offs with other instruments—comprehensive mitigation strategies will be key.
Ms. Oana Luca and Diego Mesa Puyo
This manual introduces key concepts and methodology used by the Fiscal Affairs Department (FAD) in its fiscal analysis of resource industries (FARI) framework. Proper evaluation of fiscal regimes for extractive industries (EI) requires economic and financial analysis at the project level, and FARI is an analytical tool that allows such fiscal regime design and evaluation. The FARI framework has been primarily used in FAD’s advisory work on fiscal regime design: it supports calibration of fiscal parameters, sensitivity analysis, and international comparisons. In parallel to that, FARI has also evolved into a revenue forecasting tool, allowing IMF economists and government officials to estimate the composition and timing of expected revenue streams from the EI sector, analyze revenue management issues (including quantification of fiscal rules), and better integrate the EI sector in the country macroeconomic frameworks. Looking forward, the model presents a useful tool for revenue administration practitioners, allowing them to compare actual, realized revenues with model results in tax gap analysis.
Mr. Aasim M. Husain, Mr. Rabah Arezki, Mr. Peter Breuer, Mr. V. Haksar, Mr. Thomas Helbling, Mr. Paulo A Medas, and Mr. Martin Sommer
The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a somewhat larger role than demand factors in driving the oil price drop, (ii) a substantial part of the price decline is expected to persist into the medium term, although there is large uncertainty, (iii) lower oil prices will support global growth, (iv) the sharp oil price drop could still trigger financial strains, and (v) policy responses should depend on the terms-of-trade impact, fiscal and external vulnerabilities, and domestic cyclical position.
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

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

The Guide on Resource Revenue Transparency applies the principles of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’) to the unique set of transparency problems faced by countries that derive a significant share of their revenues from natural resources and need to address complex and volatile transaction flows. The Guide identifies and explains generally recognized good or best practices for transparency of resource revenue management. It supplements the IMF Manual on Fiscal Transparency. The Guide has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. It is designed to give a framework for assessing resource-specific issues within broader fiscal transparency assessments (including so-called ‘fiscal ROSCs’). The Guide has been used by the governments and legislatures of resource-rich countries, civil societies, providers of technical support, and interested academics and observers.