Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy
The paper updates the analysis of the fiscal policy response over the recent commodity cycle, contributes to the analysis of key drivers of fiscal policy procyclicality, and provides a stock-tacking of current fiscal vulnerabilities. Countercyclical fiscal policy during good times has been a key factor affecting the ability of commodity exporters to sustainably support economic activity when prices started declining. Fiscal space to withstand the next shock has narrowed in many emerging and developing economies (EMDEs) and may also be constrained by contingent liabilities stemming from exposure of state-owned enterprises and public and systemic banks to the commodity-sector. Fiscal consolidation is still necessary in many commodity-exporting EMDEs to reduce debt risks, rebuild fiscal and external buffers, and facilitate access to affordable financing. Fiscal policy should particularly aim at reducing the high volatility of public investment spending in commodity-exporting countries, both in good and bad times.
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Format: | Working Paper biblioteca |
Language: | English |
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World Bank, Washington, DC
2019-07
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Subjects: | EMERGING MARKET ECONOMIES, FISCAL POLICY, CONTINGENT LIABILITY, DEBT MANAGEMENT, COMMODITY PRICES, FISCAL TRENDS, BUSINESS CYCLE, VOLATILITY, |
Online Access: | http://documents.worldbank.org/curated/en/407611563518367752/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy https://hdl.handle.net/10986/32180 |
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dig-okr-10986321802024-08-07T19:05:51Z Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy Richaud, Christine Galego Mendes Galego, Arthur Ayivodji, Firmin Matta, Samer Essl, Sebastian EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY The paper updates the analysis of the fiscal policy response over the recent commodity cycle, contributes to the analysis of key drivers of fiscal policy procyclicality, and provides a stock-tacking of current fiscal vulnerabilities. Countercyclical fiscal policy during good times has been a key factor affecting the ability of commodity exporters to sustainably support economic activity when prices started declining. Fiscal space to withstand the next shock has narrowed in many emerging and developing economies (EMDEs) and may also be constrained by contingent liabilities stemming from exposure of state-owned enterprises and public and systemic banks to the commodity-sector. Fiscal consolidation is still necessary in many commodity-exporting EMDEs to reduce debt risks, rebuild fiscal and external buffers, and facilitate access to affordable financing. Fiscal policy should particularly aim at reducing the high volatility of public investment spending in commodity-exporting countries, both in good and bad times. 2019-08-06T14:45:48Z 2019-08-06T14:45:48Z 2019-07 Working Paper Document de travail Documento de trabajo http://documents.worldbank.org/curated/en/407611563518367752/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy https://hdl.handle.net/10986/32180 English MTI Discussion Paper;No. 15 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain World Bank, Washington, DC |
institution |
Banco Mundial |
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Estados Unidos |
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Bibliográfico |
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biblioteca |
region |
America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
English |
topic |
EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY |
spellingShingle |
EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY Richaud, Christine Galego Mendes Galego, Arthur Ayivodji, Firmin Matta, Samer Essl, Sebastian Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
description |
The paper updates the analysis of the
fiscal policy response over the recent commodity cycle,
contributes to the analysis of key drivers of fiscal policy
procyclicality, and provides a stock-tacking of current
fiscal vulnerabilities. Countercyclical fiscal policy during
good times has been a key factor affecting the ability of
commodity exporters to sustainably support economic activity
when prices started declining. Fiscal space to withstand the
next shock has narrowed in many emerging and developing
economies (EMDEs) and may also be constrained by contingent
liabilities stemming from exposure of state-owned
enterprises and public and systemic banks to the
commodity-sector. Fiscal consolidation is still necessary in
many commodity-exporting EMDEs to reduce debt risks, rebuild
fiscal and external buffers, and facilitate access to
affordable financing. Fiscal policy should particularly aim
at reducing the high volatility of public investment
spending in commodity-exporting countries, both in good and
bad times. |
format |
Working Paper |
topic_facet |
EMERGING MARKET ECONOMIES FISCAL POLICY CONTINGENT LIABILITY DEBT MANAGEMENT COMMODITY PRICES FISCAL TRENDS BUSINESS CYCLE VOLATILITY |
author |
Richaud, Christine Galego Mendes Galego, Arthur Ayivodji, Firmin Matta, Samer Essl, Sebastian |
author_facet |
Richaud, Christine Galego Mendes Galego, Arthur Ayivodji, Firmin Matta, Samer Essl, Sebastian |
author_sort |
Richaud, Christine |
title |
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
title_short |
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
title_full |
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
title_fullStr |
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
title_full_unstemmed |
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy |
title_sort |
fiscal vulnerabilities in commodity exporting countries and the role of fiscal policy |
publisher |
World Bank, Washington, DC |
publishDate |
2019-07 |
url |
http://documents.worldbank.org/curated/en/407611563518367752/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy https://hdl.handle.net/10986/32180 |
work_keys_str_mv |
AT richaudchristine fiscalvulnerabilitiesincommodityexportingcountriesandtheroleoffiscalpolicy AT galegomendesgalegoarthur fiscalvulnerabilitiesincommodityexportingcountriesandtheroleoffiscalpolicy AT ayivodjifirmin fiscalvulnerabilitiesincommodityexportingcountriesandtheroleoffiscalpolicy AT mattasamer fiscalvulnerabilitiesincommodityexportingcountriesandtheroleoffiscalpolicy AT esslsebastian fiscalvulnerabilitiesincommodityexportingcountriesandtheroleoffiscalpolicy |
_version_ |
1807155687935967232 |