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Mr. Sanjeev Gupta, Mr. Alex Segura-Ubiergo, and Enrique Flores
Some scholars have argued that direct distribution of natural resource revenues to the population would help resource-rich countries escape the “resource curse.” This discussion note analyzes whether this proposal is a viable policy alternative for resource-rich countries. The first priority for policymakers is to establish fiscal policy objectives to support macroeconomic stability and development objectives. In this regard, the establishment of an adequate fiscal framework that informs decisions on how much to save and invest, or how to smooth out revenue volatility, and deal with exhaustibility issues should precede any discussion of direct distribution of resource wealth to the population.
Mr. Sanjeev Gupta, Mr. Alex Segura-Ubiergo, and Enrique Flores
Algunos académicos han sostenido que la distribución directa a la población de ingresos públicos provenientes de recursos naturales ayudaría a los países ricos en recursos naturales a escapar de la “maldición de los recursos naturales”. Este documento analiza si esta propuesta constituye una alternativa política viable para países ricos en recursos naturales. La primera prioridad para los responsables de la formulación de políticas en los países ricos en materias primas consiste en establecer los objetivos de política fiscal para promover la estabilidad macroeconómica y el desarrollo de las economías. En este sentido, el establecimiento de un marco fiscal adecuado que aporte información para tomar decisiones sobre cuánto ahorrar y cuánto invertir, cómo atenuar la volatilidad de los ingresos públicos, y cómo abordar los problemas relacionados con el agotamiento de los recursos naturales debe preceder cualquier análisis sobre distribución directa de recursos a la población.
International Monetary Fund
Papua New Guinea showed solid economic growth, supported by greater political stability, fiscal framework, and a healthy banking sector. Executive Directors encouraged the authorities to consider tighter macroeconomic policies in the face of rising inflation pressures and also stressed the need of a tight fiscal policy. They welcomed the Sovereign Wealth Funds (SWF), and considered it important to integrate the use of resources in the SWF into the budget and macroeconomic framework, supported by strong fiscal institutions. Directors observed that Liquefied Natural Gas (LNG) and other resource projects provide an opportunity to raise long-term growth and living standards.
International Monetary Fund. Research Dept.
In this issue, authors from the IMF and from Argentine institutions team up to review how different banks behaved and were hurt during the country's crisis. Atsushi Iimi looks at how countries can escape from the resource curse in a comparative analysis that focuses on Botswana. John Cady and Jesus Gonzalez-Garcia examine the relationship between exchange rate volatility and the transparency of reserves. The issue also includes a comprehensive index of all Volume 54 papers by author, title, subject, and JEL classification.
International Monetary Fund
This Selected Issues paper provides an overview of past growth performance and an assessment of the outlook for growth in Timor-Leste. It identifies impediments to growth and discusses policies that would contribute to the accelerated rates of growth needed to reduce poverty and unemployment and the other objectives of the National Development Plan. The paper reviews the macroeconomic challenges commonly faced by oil/gas exporters. It discusses Timor-Leste’s oil/gas revenue outlook, and plans for managing the oil/gas wealth through a natural resource (petroleum) fund and a saving policy.
International Monetary Fund
This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue stream, and highlights the common characteristics of policies leading to the mismanagement of natural resource wealth in natural resource-abundant countries. It also outlines a medium- and long-term policy strategy for oil wealth management in Azerbaijan.
International Monetary Fund

Abstract

This guide is designed to facilitate classroom use of The Fabric of Reform, a 30-minute educational video created by the International Monetary Fund. It is intended for use with students in economics and international relations courses at the secondary and postsecondary levels.

International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
International Monetary Fund. Research Dept.
The declines in economic activity experienced by Bulgaria, the Czech and Slovak Federal Republic, and Romania in the period since market-oriented reforms were initiated are analyzed. After reviewing developments in these three countries, the paper empirically investigates two questions that are central to an interpretation of the output decline. First, to what extent does the output fall reflect “structural change,” or a reallocation of resources across sectors, rather than a conventional macroeconomic recession? Second, to what extent have demand-side or supply-side forces been dominant in generating the output decline?
International Monetary Fund. External Relations Dept.
This paper discusses the appointment of Jacques de Larosière as Managing Director in the IMF. He assumed his duties at the IMF on June 17, 1978, succeeding Mr. H. Johannes Witteveen, of the Netherlands, whose service ended on June 16, 1978. Mr. de Larosière, 48, was Director of the French Treasury since 1974. He represented his government at many international conferences as well as on the boards of major industrial and financial concerns. Mr. de Larosière also participated in the work of the Committee of Twenty on International Monetary Reform and the Interim Committee.