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Managing Resource Revenues in Developing Economies.

Abstract:

This paper addresses the efficient management of natural resource revenues in capital-scarce developing economies. We depart from usual prescriptions based on the permanent income hypothesis, since for capital-scarce countries it is preferable to invest domestically. Since revenue streams are highly volatile, governments should protect consumption from shocks by increasing it only cautiously. Volatility in domestic investment can to an extent be moderated by a buffer of international liquidit...

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Publisher copy:
10.1057/imfsp.2009.16

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Journal:
IMF Staff Papers
Volume:
57
Issue:
1
Publication date:
2010-07-21
DOI:
URN:
uuid:d19014be-3c76-4188-9ef2-f40e45ac9ef8
Local pid:
oai:economics.ouls.ox.ac.uk:14311
Language:
English

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