Fiscal Management in Resource-Rich Countries ─ Essentials for Economists, Public Finance Professionals, and Policy Makers

This book Macro-fiscal Management addresses critical macroeconomic and macro-fiscal challenges that are typically associated with large revenue flows from extractives. The volume sets out indicators to assess the fiscal stance in resource rich countries, then discusses fiscal policy in three related dimensions: short-run stabilization; the management of fiscal risks and vulnerabilities; and the promotion of long-run sustainability. The volume subsequently addresses institutional mechanisms put in place in some resource rich countries to help fiscal management, and the role that medium-term expenditure frameworks can play in enhancing fiscal policy formulation. These mechanisms include resource funds, as well as fiscal rules and fiscal councils. The volume also includes a discussion of revenue earmarking in resource rich countries, and the resource price or revenue used in budgets, and covers briefly the topic of fiscal transparency.