Publication:
Fiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy

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dc.contributor.authorRichaud, Christine
dc.contributor.authorGalego Mendes Galego, Arthur
dc.contributor.authorAyivodji, Firmin
dc.contributor.authorMatta, Samer
dc.contributor.authorEssl, Sebastian
dc.date.accessioned2019-08-06T14:45:48Z
dc.date.available2019-08-06T14:45:48Z
dc.date.issued2019-07
dc.description.abstractThe 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/407611563518367752/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy
dc.identifier.doi10.1596/32180
dc.identifier.urihttps://hdl.handle.net/10986/32180
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesMTI Discussion Paper;No. 15
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectFISCAL POLICY
dc.subjectCONTINGENT LIABILITY
dc.subjectDEBT MANAGEMENT
dc.subjectCOMMODITY PRICES
dc.subjectFISCAL TRENDS
dc.subjectBUSINESS CYCLE
dc.subjectVOLATILITY
dc.titleFiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policyen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleFiscal Vulnerabilities in Commodity Exporting Countries and the Role of Fiscal Policy
okr.date.disclosure2019-07-18
okr.doctypePublications & Research
okr.doctypePublications & Research::Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/407611563518367752/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy
okr.guid407611563518367752
okr.identifier.doi10.1596/32180
okr.identifier.externaldocumentum090224b086ee1c3d_1_0
okr.identifier.internaldocumentum31259779
okr.identifier.report139449
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/407611563518367752/pdf/Fiscal-Vulnerabilities-in-Commodity-Exporting-Countries-and-the-Role-of-Fiscal-Policy.pdfen
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Commodities
okr.topicMacroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitEFI - AFR2 - MTIC - 1 (EA2M1)
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