Do Resource-Rich Countries Suffer from a Lack of Fiscal Discipline?

Fiscal indicators for resource-rich and resource-poor low- and middle-income countries are compared using annual data from 1996 to 2012. Resource richness is defined by export composition: fuel greater than a 25 percent share and/or ores and metals...

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Bibliographic Details
Main Authors:	Bleaney, Michael, Halland, Havard
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	DEFICIT MONETARY POLICY RISKS UNCERTAINTIES ECONOMIC GROWTH OIL PRICE FISCAL BALANCES RELATIVE PRICE HARD PEG FINANCIAL MANAGEMENT STOCK FOREIGN INVESTORS FISCAL DEFICITS COUNTRY FIXED EFFECTS INTEREST DUMMY VARIABLES SEIGNIORAGE REGIME CLASSIFICATION EXCHANGE GOVERNMENT REVENUES MACROECONOMIC POLICY DEVELOPING COUNTRIES CURRENCY UNION EXPORTERS PEG DUMMY REVENUES POSITIVE COEFFICIENT INFLATION TARGETING FISCAL POLICY HIGH INFLATION PEGS TAX DUMMY VARIABLE HARD PEGS INFLATION INTERNATIONAL BANK POLITICAL RISKS BUDGET GOVERNMENT SAVING AMOUNT OF CAPITAL STANDARD DEVIATION OIL PRICES CURRENCY PRICE DYNAMICS PRICE VOLATILITY SURPLUS GLOBALIZATION MONETARY FUND DEBT MARKETS SEIGNIORAGE REVENUE RETURN DEFICITS INTERNATIONAL DEVELOPMENT CONSUMPTION EXPENDITURE BUDGET DEFICIT EXPENDITURE INCREASE RESERVES NATURAL RESOURCES GROSS DOMESTIC PRODUCT SERIAL CORRELATION FINANCE PEG PUBLIC INVESTMENT TAXES FISCAL DEFICIT INVESTMENT DECISIONS EXPENDITURE EXCHANGE-RATE INVESTORS CONSUMPTION SURPLUSES GOOD TOTAL EXPORTS COUNTRY RISK SLOW GROWTH BUDGET SURPLUS FUTURE HARD PEG DUMMY LEGAL TENDER EXPROPRIATION RISK DEPENDENT VARIABLE RETURNS PRICE OF OIL FOREIGN INVESTMENT DEMAND GOVERNMENT EXPENDITURE EXPORT SHARES INVESTMENT PROJECTS DEPENDENT VARIABLES PRICE CHANGES GOVERNMENT REVENUE EXPENDITURES PRICE FLUCTUATIONS PROPERTIES ZERO WEIGHT SHARES ASSETS MARKET INVESTMENT CHOICES PRICE INCREASE PUBLIC DEBT EXPORTER REGRESSION ANALYSIS FIXED EFFECTS PERMANENT INCOME HYPOTHESIS EXPROPRIATION GOVERNMENT POLICIES WEIGHT BILL CONSUMPTION SMOOTHING GOODS INVESTOR CURRENCY BOARD INVESTMENT NATURAL RESOURCE RISK RANDOM WALK SHARE FINANCIAL MARKETS SUPPLY POLITICAL STABILITY FISCAL BALANCE UNCERTAINTY REVENUE INVESTMENTS COMMODITY MARKET RAPID GROWTH EXCHANGE RATE FISCAL DISCIPLINE GOVERNMENT INVESTMENT PIH PUBLIC SPENDING COMMODITY PRICES MACROECONOMIC PERFORMANCE WEIGHTS INVESTMENT BOOM EXPORT SHARE WORLD MARKET POLITICAL INSTABILITY EXCHANGE RATE REGIMES FISCAL POSITION POLITICAL RISK ECONOMIES DEBT RELIEF
Online Access:	http://documents.worldbank.org/curated/en/2016/02/25860947/resource-rich-countries-suffer-lack-fiscal-discipline http://hdl.handle.net/10986/23727

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http://documents.worldbank.org/curated/en/2016/02/25860947/resource-rich-countries-suffer-lack-fiscal-discipline
http://hdl.handle.net/10986/23727

Do Resource-Rich Countries Suffer from a Lack of Fiscal Discipline?

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