Publication:
Management of Oil Windfalls in Mexico : Historical Experience and Policy Options for the Future

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dc.contributor.authorEverhart, Stephen
dc.contributor.authorDuval-Hernandez, Robert
dc.date.accessioned2014-08-26T15:35:18Z
dc.date.available2014-08-26T15:35:18Z
dc.date.issued2001-04
dc.description.abstractThe macroeconomic impact of commodity windfalls has provided fertile ground for research since the 1970s. Particularly affected are developing countries that rely heavily on commodity exports. in the case of oil windfalls, cross-country experience is vast: Indonesia, Kazakhstan, Mexico, Nigeria, the Russian Federation, and Republica Bolivariana de Venezuela have all been buffered by such windfalls. The authors investigate Mexico's experience. They provide an overview of oil's impact on the Mexican economy and of the management of oil rents engineered by the government from the 1970s to date. A third of government revenues come from the hydrocarbon sector--especially oil exports. The reliance of public finance on a single commodity means that shocks threaten the economy's fiscal balance and stability. Policy options for protecting the economy from volatility in oil revenues without eliminating the benefits from rising prices include a stabilization fund and hedging strategies on international markets, which the authors discuss. The stabilization fund smoooths consumption and reduces the costs associated volatile spending. The fund and hedging strategies can complement each other--the fund working as the main recipient of revenues, and the hedging strategies managing short-lived movements in prices. This joint strategy would also reduce the size of the fund and the probability of its going bankrupt.en
dc.identifierhttp://documents.worldbank.org/curated/en/2001/04/1089582/management-oil-windfalls-mexico-historical-experience-policy-options-future
dc.identifier.doi10.1596/1813-9450-2592
dc.identifier.urihttps://hdl.handle.net/10986/19677
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2592
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADJUSTMENT POLICIES
dc.subjectAGRICULTURE
dc.subjectALLOCATION OF RESOURCES
dc.subjectALTERNATIVE USE
dc.subjectBALANCE OF PAYMENTS
dc.subjectBARRELS PER DAY
dc.subjectBENCHMARK
dc.subjectBENCHMARKING
dc.subjectBONDS
dc.subjectCAPITAL FLIGHT
dc.subjectCAPITAL MARKETS
dc.subjectCERTAIN EXTENT
dc.subjectCOMMERCIAL BANKS
dc.subjectCONSUMERS
dc.subjectCONSUMPTION EXPENDITURES
dc.subjectCROWDING OUT
dc.subjectCURRENCY APPRECIATION
dc.subjectDEBT
dc.subjectDEMAND FOR OIL
dc.subjectDEVALUATION
dc.subjectECONOMIC GROWTH
dc.subjectELECTRICITY
dc.subjectEMPLOYMENT
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectEXPLOITATION
dc.subjectEXPORTS
dc.subjectEXTRACTION
dc.subjectFISCAL POLICIES
dc.subjectFORECASTS
dc.subjectGASOLINE
dc.subjectGDP
dc.subjectGROWTH RATE
dc.subjectHYDROCARBON SECTOR
dc.subjectHYDROCARBONS
dc.subjectIMPORTS
dc.subjectINCOME
dc.subjectINDUSTRIALIZATION
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINTEREST RATE
dc.subjectINTERMEDIATE GOODS
dc.subjectMACROECONOMIC CONDITIONS
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMONETARY POLICY
dc.subjectNATIONAL INCOME
dc.subjectNATURAL GAS
dc.subjectNATURAL GAS INDUSTRY
dc.subjectOIL
dc.subjectOIL EXPORTS
dc.subjectOIL INDUSTRY
dc.subjectOIL INFRASTRUCTURE
dc.subjectOIL MARKET
dc.subjectOIL PRICE
dc.subjectOIL PRICES
dc.subjectOIL PRODUCERS
dc.subjectOIL PRODUCING
dc.subjectOIL PRODUCTION
dc.subjectOIL RESERVES
dc.subjectOIL REVENUES
dc.subjectOIL SECTOR
dc.subjectOIL SHOCK
dc.subjectOIL SUPPLY
dc.subjectOIL] PRICES
dc.subjectOPEC
dc.subjectOPEC COUNTRIES
dc.subjectOPPORTUNITY COST
dc.subjectOVERVALUATION
dc.subjectPERMANENT INCOME
dc.subjectPETROLEUM
dc.subjectPETROLEUM RESERVES
dc.subjectPOLICY MAKERS
dc.subjectPRESENT VALUE
dc.subjectPRICE INCREASES
dc.subjectPRICE LEVELS
dc.subjectPRICE OF OIL
dc.subjectPRICE PER BARREL
dc.subjectPRICE SUBSIDIES
dc.subjectPRICE VOLATILITY
dc.subjectPRIVATE CONSUMPTION
dc.subjectPRODUCERS
dc.subjectPRODUCTION CAPACITY
dc.subjectPRODUCTIVITY
dc.subjectPRODUCTIVITY GROWTH
dc.subjectREAL WAGES
dc.subjectSAVINGS
dc.subjectSTRUCTURAL ADJUSTMENT
dc.subjectTAX REVENUES
dc.subjectTERMS OF TRADE
dc.subjectTOTAL CONSUMPTION
dc.subjectTRADE DEFICIT
dc.subjectTRANSACTIONS COSTS
dc.subjectWAGES
dc.subjectWEALTH
dc.titleManagement of Oil Windfalls in Mexico : Historical Experience and Policy Options for the Futureen
dspace.entity.typePublication
okr.crosscuttingsolutionareaJobs
okr.crossref.titleManagement of Oil Windfalls in Mexico: Historical Experience and Policy Options for the Future
okr.date.disclosure2001-04-30
okr.date.doiregistration2025-04-10T09:42:47.974629Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2001/04/1089582/management-oil-windfalls-mexico-historical-experience-policy-options-future
okr.globalpracticeSocial Protection and Labor
okr.globalpracticeFinance and Markets
okr.globalpracticeEnergy and Extractives
okr.guid272851468757215031
okr.identifier.doi10.1596/1813-9450-2592
okr.identifier.externaldocumentum000094946_01042806383527
okr.identifier.internaldocumentum1089582
okr.identifier.reportWPS2592
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2001/05/11/000094946_01042806383527/Rendered/PDF/multi0page.pdfen
okr.region.administrativeLatin America & Caribbean
okr.region.countryMexico
okr.sectorEnergy and mining :: Oil and gas
okr.topicEnergy::Energy Demand
okr.topicEconomic Theory and Research
okr.topicEnergy::Energy and Environment
okr.topicOil Refining and Gas Industry
okr.topicFinance and Financial Sector Development::Financial Intermediation
okr.topicEnvironmental Economics and Policies
okr.topicSocial Protections and Labor::Labor Policies
okr.topicPayment Systems and Infrastructure
okr.unitOff of Sr VP Dev Econ/Chief Econ (DECVP)
okr.volume1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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