Managing oil booms and busts in developing countries

Managing Economic Volatility and Crises: A Practitioner's Guide

Volumn , Issue , 2005, Pages 186-212

  Devlin, Julia ^a   Lewin, Michael ^a  

^a WORLD BANK   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 67349282085     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1017/CBO9780511510755.008     Document Type: Chapter

References (69)

1. Aizenman, Joshua, and Nancy Marion. 1993. "Policy Uncertainty, Persistence, and Growth." Review of International Economics 1 (June):145-63.
2. Alier, Max, and Martin Kaufman. 1999. "Nonrenewable Resources: A Case for Persistent Surpluses." International Monetary Fund, Washington, DC.
3. Arrau, Patricio, and Stijn Claessens. 2001. "Commodity Stabilization Funds." World Bank, Washington, DC.
4. Auty, Richard. 1997. "Natural Resources, the State and Development Strategy." Journal of International Development 9:651-63.
5. Auty, Richard. 2001. Resource Abundance and Economic Development. New York: World Institute for Development Economics Research of the United Nations University and Oxford University Press.
6. Auty, Richard, and Raymond Mikesell. 1998. Sustainable Development in Mineral Economies. New York: Oxford University Press.
7. Barnett, Steven, and Rolando Ossowski. 2003. "Operational Aspects of Fiscal Policy in Oil Producing Countries." In Jeffrey Davis, Rolando Ossowski, and Annalisa Fedelino, eds., Fiscal Policy Formulation and Implementation in Oil-Producing Countries. Washington, DC: International Monetary Fund.
8. Barnett, Steven, and Alvaro Vivanco. 2003. "Statistical Properties of Oil Price: Implications for Calculating Government Wealth." In Jeffrey Davis, Rolando Ossowski, and Annalisa Fedelino, eds., Fiscal Policy Formulation and Implementation in Oil-Producing Countries. Washington, DC: International Monetary Fund.
9. Bates, R. 1997. Open-Economy Politics. The Political Economy of the World Coffee Trade. Princeton, NJ: Princeton University Press.
10. Bell, Brian. 2001. "Trust Funds for Improved Governance and Economic Performance in Developing Countries." Paper presented at the AARES 45th Annual Conference, January 23-25, Adelaide, South Australia.
11. Bevan, David, Paul Collier, and Jan Willem Gunning. 1992. Nigeria, Policy Responses to Shocks, 1970-90. San Francisco: ICS Press.
12. Bjerkholt, Olav. 2002. "Fiscal Rule Suggestions for Economies with Nonrenewable Resources." Paper presented at the IMF/World Bank Conference on Rules-Based Fiscal Policy in Emerging Market Economies in Oaxaca, Mexico, February 14-16, 2002.
13. Blake, David. 1990. Financial Market Analysis. Berkshire, UK: McGraw-Hill.
14. Buttimer, Richard, Ron Shaw, and Steve Swidler. 1999. "Government Risk Management: Motivation, Implementation." Public Budgeting and Finance 19 (4):75-90.
15. Cashin, Paul, and C. John McDermott. 2002. "The Long-Run Behavior of Commodity Prices: Small Trends and Big Variability." IMF Staff Papers 49 (2):175-99.
16. Chalk, Nigel. 1998. "Fiscal Sustainability with Nonrenewable Resources." Working Paper 98/26. International Monetary Fund, Washington, DC.
17. Claessens, Stijn, and Ronald C. Duncan, eds. 1993. Managing Commodity Price Risk in Developing Countries. Baltimore: Johns Hopkins University Press (for the World Bank).
18. Claessens, Stijn, and Panos Varangis. 1993. "A Mineral Import Risk Management Program in Costa Rica." In Stijn Claessens and Ronald Duncan, eds., Managing Commodity Price Risk. in Developing Countries. Baltimore: John Hopkins University Press (for the World Bank)
19. Collier, Paul, and Jan Willem Gunning. 1996. "Policy towards Commodity Shocks in Developing Countries." Working Paper 96/84. International Monetary Fund, Washington, DC.
20. Corden, W. Max. 1984. "Booming Sector and Dutch Disease Economics: Survey and Consolidation." Oxford Economic Papers 36 (3):359.
21. Corden, W. Max. 1995. Economic Policy, Exchange Rates, and the International System. New York: Oxford University Press.
22. Corden, Max, and Peter Neary. 1982. "Booming Sector and De-industrialisation in a Small Open Economy," Oxford: Economics Journal, 92:825-848.
23. Crain, Mark, and Julia Devlin. 2002. "Nonrenewable Resource Funds: A Red Herring for Fiscal Stability?" World Bank, Washington DC. Draft working paper.
24. Dalmazzo, Alberto, and Guido de Blasio. 2001. "Resources and Incentives to Reform: A Model and Some Evidence on Sub-Saharan African Countries." Working Paper 01/88. International Monetary Fund, Washington, DC.
25. Daniel, James. 2001. "Hedging Government Oil Price Risk." IMF Working Paper 01/185. International Monetary Fund, Washington, DC.
26. Davis, Jeffrey, Rolando Ossowski, and Annalisa Fedelino. 2003. Fiscal Policy Formulation and Implementation in Oil-Producing Countries.Washington, DC: International Monetary Fund.
27. Davis, Jeffrey, Rolando Ossowski, James Daniel, and Steven Barnett. 2001. "Stabilizationand Savings Funds for Nonrenewable Resources: Experience and Fiscal Policy Implications." IMF Occasional Paper 205. International Monetary Fund, Washington, DC.
28. Deaton, Angus, and Guy Laroque. 1992. "On the Behavior of Commodity Prices." Review of Economic Studies 59(198):1-24.
29. Devlin, Julia, and Michael Lewin. 2002. "Issues in Oil Revenue Management." Presentation for theWorld Bank/ESMAPWorkshop on Petroleum Revenue Management, October 23- 24, Washington, DC.
30. Eifert, Ben, Alan Gelb, and Nils Borje Tallroth. 2003. "The Political Economy of Fiscal Policy and Economic Management in Mineral Exporting Countries." In Jeffrey Davis, Rolando Ossowski, and Annalisa Fedelino, eds., Fiscal Policy Formulation and Implementation in Oil-Producing Countries. Washington, DC: International Monetary Fund.
31. Engel, Eduardo, and Patricio Meller, eds. 1993. External Shocks and Stabilization Mechanisms. Washington, DC: Inter-American Development Bank.
32. Engel, Eduardo, and Rodrigo Valdés. 2000. "Optimal Fiscal Strategy for Mineral Exporting Countries." Working Paper 00/118. International Monetary Fund, Washington, DC.
33. Fasano-Filho, Ugo. 2000. "Review of the Experience with Mineral Stabilization and Savings Funds in Selected Countries." Working Paper 00/112. International Monetary Fund, Washington, DC.
34. Fatas, A., and I. Mihov. 2002. "The Case of Restricting Fiscal Policy Discretion." INSEAD draft report. Fontainbleu, France.
35. Fiess, N. 2002. "Chile's New Fiscal Rule." World Bank, Washington, DC. Draft report.
36. Gavin, Michael. 1997. "A Decade of Reform in Latin America: Has It Delivered Lower Volatility?" IADB Working Paper Green Series, No. 349. Inter-American Development Bank, Washington, DC.
37. Gelb, Alan. 2002. "Economic and Export Diversification in Mineral Countries." Presentation to the World Bank Managing Volatility Thematic Group on Best Practice in Diversification Strategies for Mineral Exporting Countries. Washington, DC, January 7, 2002. Available at http://www wbweb.worldbank.org/prem/prmep/economicpolicy/documents/mv/20020107 02.doc.
38. Gelb, Alan, and associates. 1988. Mineral Windfalls: Blessing or Curse? New York: Oxford University Press.
39. Hannesson, Rögnvaldur. 2001. Investing for Sustainability: The Management of Mineral Wealth. Boston: Kluwer Academic Press.
40. Hausmann Ricardo. 1995. "OvercomingVolatility in Latin America." International Monetary Fund Seminar Series (international) August 1995 (34):1-86.
41. Hausmann Ricardo. 1999. "Managing Terms of Trade Volatility." PREM Notes No. 18. World Bank, Poverty Reduction and Economic Policy Group, Washington, DC.
42. Hausmann, Ricardo, and Roberto Rigobon. 2003. "An Alternative Explanation of the Resource Curse." In Jeffrey Davis, Rolando Ossowski, and Annalisa Fedelino, eds., Fiscal Policy Formulation and Implementation in Oil-Producing Countries.Washington, DC: International Monetary Fund.
43. Hausmann, Ricardo, Andrew Powell, and Roberto Rigobon. 1993. "An Optimal Spending Rule Facing Mineral Income Uncertainty (Venezuela)." In Eduardo Engel and Patricio Meller, eds., External Shocks and Stabilization Mechanisms. Washington, DC: Inter- American Development Bank.
44. Heilbrunn, John R. 2002. "Governance and Mineral Funds." Colorado School of Mines, Golden, Colorado.
45. Hill, Catherine. 1991. "Managing Commodity Booms in Botswana." World Development 19(9):1185-96.
46. Karl, Terry Lynn. 1997. The Paradox of Plenty: Mineral Booms and Petro-States. Berkeley: University of California Press.
47. Kessler, Alan. 2002. "A View from the Market." Presentation for the IMF Conference on Fiscal Policy Formation and Implementation in Oil Producing Countries, Washington, DC, June 2002.
48. Lewin, Michael. 2003. "Modeling Oil Windfalls." Draft Working Paper, World Bank, Washington, DC.
49. Lindahl, Mary. 1996a. "A Risk Management Strategy for Alaska: Learning from the Texas Experience?" Journal of Energy, Finance, and Development 1(1):1-8.
50. Liuksila, Claire, Alejandro García, and Sheila Bassett. 1994. "Fiscal Policy Sustainability in Oil-Producing Countries." Working Paper 94/137. International Monetary Fund, Washington, DC.
51. Myers, Robert, and Stanley Thompson. 1993. "Managing Mineral Import Price Risk in Costa Rica: Strategies and Benefits." In Stijn Claessens and Ronald Duncan, eds., Managing Commodity Price Risk in Developing Countries. Baltimore: John Hopkins University Press (for the World Bank).
52. Neary, Peter, and SwederVanWijnbergen. 1986. Natural Resources and the Macro Economy. Cambridge, MA: MIT Press.
53. Occhiolini, Michael. 1993. "Regulatory Aspects of Commodity-Linked Finance: Implications for Developing Countries." In Stijn Claessens and Ronald Duncan, eds., Managing Commodity Price Risk in Developing Countries. Baltimore: John Hopkins University Press (for the World Bank).
54. Patterson, Linda. 2001. "The State of Texas Risk Management Program: A Long Position and Long Perspective." Presentation for theWorld Bank Managing Volatility Thematic Group, June 25, Washington, DC.
55. Perry, Guillermo. 1999. "Measuring Mineral's Role in Latin American Growth." PowerPoint presentation. World Bank, Latin American and Caribbean Region, Office of the Chief Economist, Washington, DC.
56. Perry, Guillermo. 2002. "Fiscal Rules." World Bank, Washington, DC.
57. Pindyck R. 1999. "The Long-Run Evolution of Energy Prices." Energy Journal 20(2): 1-27.
58. Pinto, Brian. 1987. "Nigeria During and after the Oil Boom: A Policy Comparison with Indonesia." World Bank Economic Review 1(3):419-45.
59. Ramey, Garey, and Valerie Ramey. 1995. "Cross-Country Evidence on the Link between Volatility and Growth." NBER Working Paper 4959. National Bureau of Economic Research, Cambridge, MA.
60. Ranis, G. 1991. "Towards a Model of Development." In L. B. Krause and K. Kihwan, eds., Liberalization in the Process of Economic Development. Berkeley, CA: University of California Press.
61. Sachs, J., and A. Warner. 1995. "Economic Convergence and Economic Policy." NBER Working Paper 5039. National Bureau of Economic Research, Cambridge, MA.
62. Schick, Allen. 1998. "Why Most Developing Countries Should Not Try New Zealand Reforms." World Bank Research Observer 13(1):123-31.
63. Schwartz, Eduardo, and James Smith. 2000. "Short-TermVariations and Long-TermDynamics in Commodity Prices." Management Science 46: 893-911.
64. Shimko, David. 1995. "Long Term Energy Risk Management in the Alaskan Context." Paper prepared for the Risk Management Workshop, October, University of Alaska-Anchorage, Anchorage, AK.
65. Skancke, Martin. 2002. "Fiscal Policy and Petroleum Fund Management in Norway." Paper presented at the IMF Conference on Fiscal Policy Formulation and Implementation in Mineral-Producing Countries, June 5-6.
66. Varangis, Panayotis, and Don Larson. 1996. "Dealing with Commodity Price Uncertainty." Policy Research Working Paper 1667. World Bank, Policy Research Department, Washington, DC.
67. Verleger, Philip. 1995. "Risk Management Mineral Revenues: The Dilemma for Producers." Paper prepared for the Risk Management Workshop, October, University of Alaska- Anchorage, Anchorage, AK.
68. Weiner, Robert. 1995. "Petroleum Fiscal Dependence: Revenue Forecasting and Oil Price Volatility." Paper prepared for the Risk Management Workshop, October, University of Alaska-Anchorage, Anchorage, AK.
69. World Bank. 1999. "Commodity Risk Management in Developing Countries: Proposal for a Market-Based Approach." International Task Force on Commodity Risk Management in Developing Countries, Washington, DC.