A New Fiscal Framework for Resource-Rich Countries

A New Fiscal Framework for Resource-Rich Countries
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Volume/Issue: Volume 2023 Issue 230
Publication date: November 2023
ISBN: 9798400259609
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Summary

This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics. One of the contributions of the paper is to propose fiscal frameworks that are centered around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.