IMF Working Papers Volume 2010 Issue 251: Riding the Roller Coaster: Fiscal Policies of Nonrenewable Resource Exporters in Latin America and the Caribbean (2010)

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Riding the Roller Coaster: Fiscal Policies of Nonrenewable Resource Exporters in Latin America and the Caribbean

Author:

Pablo Lopez Murphy

Pablo Lopez Murphy
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Mr. Mauricio Villafuerte

Mr. Mauricio Villafuerte
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Mr. Rolando Ossowski

Mr. Rolando Ossowski
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Series:: IMF Working Papers

Volume/Issue:: Volume 2010: Issue 251

Language:: English

Publication Date:: 01 Nov 2010

DOI:: https://doi.org/10.5089/9781455209514.001

ISBN:: 9781455209514

ISSN:: 1018-5941

Pages:: 45

Keywords:: WP; revenue; resource; price; resource revenue

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Series:: IMF Working Papers

Volume/Issue:: Volume 2010: Issue 251

Language:: English

Publication Date:: 01 Nov 2010

DOI:: https://doi.org/10.5089/9781455209514.001

ISBN:: 9781455209514

ISSN:: 1018-5941

Pages:: 45

Keywords:: WP; revenue; resource; price; resource revenue

Legal-disclaimer:: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

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This paper analyzes recent fiscal policies of nonrenewable resource exporting countries in Latin America and the Caribbean in the context of sharp swings in resource prices. Fiscal policies were predominantly procyclical during the boom period 2003-08 but to significantly differing degrees within the sample. Countries that pursued more conservative fiscal policies during the boom were then able to implement countercyclical fiscal policies during the downturn; moreover, they reduced or maintained their fiscal vulnerability to resource shocks, while their long-term fiscal sustainability positions improved or were broadly unchanged. However, these dimensions of fiscal policy did not seem to be linked to fiscal rules or resource funds, as countries with such institutions displayed a broad range of fiscal responses to the recent cycle.

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IMF Working Papers

ISSN:: 1018-5941

Publisher:: International Monetary Fund

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