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| Author: | Wijnbergen, S. van Budina, N. |
| Title: | Fiscal sustainability, volatility and oil wealth |
| Journal: | Economics of transition
2011 : OCT, VOL 19:4, p. 639-666 |
| Index terms: | Azerbaijan sustainable development fiscal policy public expenditure petroleum industry case studies volatility |
| Language: | eng |
| Abstract: | Whether fiscal policy is sustainable depends on a government's future revenue and expenditure balance, both of which are highly unclear. In commodity-rich countries, this problem is emphasized by volatile commodity prices. We show how spending rules for oil income and non-oil primary deficits relate, influence the future debt stocks' stochastic distribution and demonstrate the variance reducing effect of feedback rules for primary deficits in a case study about oil-and-gas exporter Azerbaijan. |
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