Ruzzante: Northwestern University, 2211 Campus Dr, Evanston, IL 60208, United States. Sobrinho: International Monetary Fund, 700 19th Street NW, Washington, DC 20431, United States.
We thank the valuable feedback from participants of the AFR Fiscal Network seminar and referees of the African Department’s Research Advisory Group at the IMF. Our special thanks to Tim Willems for very useful suggestions and guidance, and to the office of the IMF’s Executive Director for Saudi Arabia and all IMF country teams who reviewed the paper (especially the Chile, Ghana, Guyana, Mozambique, Nigeria, and Uganda teams) for valuable suggestions and corrections. We also thank Cian Allen, Julie Bousquet, Xiangming Fang, Pranav Gupta, Jonas Guthoff, Metodij Hadzi-Vaskov, Nir Klein, Oana Luca, Amine Mati, Monique Newiak, and Mahvash Qureshi for their comments on earlier versions of the paper. All remaining errors are ours.