Business and Economics > Investments: Energy

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Mr. Andrew M. Warner
The global boom in hydrocarbon, metal and mineral prices since the year 2000 created huge economic rents - rents which, once invested, were widely expected to promote productivity growth in other parts of the booming economies, creating a lasting legacy of the boom years. This paper asks whether this has happened. To properly address this question the empirical strategy must look behind the veil of the booming sector because that, by definition, will boom in a boom. So the paper considers new data on GDP per person outside of the resource sector. Despite having vast sums to invest, GDP growth per-capita outside of the booming sectors appears on average to have been no faster during the boom years than before. The paper finds no country in which (non-resource) growth per-person has been statisticallysignificantly higher during the boom years. In some Gulf states, oil rents have financed a migration-facilitated economic expansion with small or negative productivity gains. Overall, there is little evidence the booms have left behind the anticipated productivity transformation in the domestic economies. It appears that current policies are, overall, prooving insufficient to spur lasting development outside resource intensive sectors.
Mr. James L. Smith
This paper provides a conceptual overview of economists’ attempts to learn about the effects of taxes on extractive resources. The emphasis is on research methods and techniques, with no attempt to provide a comprehensive tabulation of previous empirical results or policy conclusions regarding preferred tax instruments or systems. We argue, in fact, that the nature of such conclusions largely depends on the researcher’s choice of modeling framework. Many alternative frameworks and approaches have been developed in the literature. Our goal is to describe the differences among them and to note their strengths and limitations.
Mr. James L. Smith
We present a simple model of petroleum exploration and development that can be applied to study the performance of alternative tax systems and identify potential distortions. Although the model is a highly simplified, it incorporates many factors and some of the key tradeoffs that would influence an investor’s investment behavior. The model recognizes the role of enhanced oil recovery and treats the impact of taxation on exploration and development in an integrated manner consistent with an investor’s joint optimization of investments at both stages of the process. The model is simple and user-friendly, which facilitates application to a broad range of problems.
International Monetary Fund
We compile a historical dataset covering nearly 40 years of booms and busts in the commodity terms of trade of over 150 countries. We discuss the characteristics of these events and their effects on macroeconomic performance and, in particular, compare the most recent commodity-price cycle with its historical precedents.
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.