Fiscal policy and business cycles in an oil-producing economy : the case of Venezuela /
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| Author / Creator: | Baldini, Alfredo, author. |
|---|---|
| Imprint: | [Washington, D.C] : International Monetary Fund, Fiscal Affairs Department, ©2005. |
| Description: | 1 online resource (42 pages) : illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/05/237 IMF working paper ; WP/05/237. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498505 |
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| 050 | 4 | |a HD9560.5 |b .B353 2005eb | |
| 100 | 1 | |a Baldini, Alfredo, |e author. |0 http://id.loc.gov/authorities/names/no2006002489 | |
| 245 | 1 | 0 | |a Fiscal policy and business cycles in an oil-producing economy : |b the case of Venezuela / |c prepared by Alfredo Baldini. |
| 260 | |a [Washington, D.C] : |b International Monetary Fund, Fiscal Affairs Department, |c ©2005. | ||
| 300 | |a 1 online resource (42 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/05/237 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Print version record. | |
| 520 | |a This paper analyzes the fiscal policy in Venezuela during 1991-2003, by using a number of statistical approaches to analyze trends and cycles of economic output and fiscal outcomes. The business cycle features a strong dominance of short-term cyclical components-each cycle having an average duration of about two to three years. However, the cyclical volatility of non-oil sector GDP is more than two times as large as the volatility of oil sector GDP. On the fiscal side, while oil revenues are independent of the business cycle, all the other main fiscal variables exhibit strong procyclicality. In particular, fiscal procyclicality is higher during good times than bad times, which could be related to the existence of "voracity effects." The discretionary component of fiscal policy is as volatile as the component induced by the business cycle. | ||
| 505 | 0 | |a Contents -- I. INTRODUCTION -- II. STYLIZED FACTS ABOUT THE VOLATILITY OF REVENUES AND EXPENDITURES -- III. FISCAL TRENDS IN VENEZUELA -- IV. DETRENDING AND BUSINESS CYCLES: THE METHODOLOGY -- A. The Hodrick-Prescott Filter -- B. The ARIMA Model-Based Approach -- C. The Frequency-Domain Approach -- D. The Modified Hodrick and Prescott Filter -- V. BUSINESS CYCLE PROPERTIES OF FISCAL VARIABLES IN VENEZUELA -- A. Volatility -- B. Persistence -- C. Cyclicality of Fiscal Policy -- VI. FISCAL POLICY BEHAVIOR: DISCRETIONARY VERSUS CYCLICAL COMPONENT | |
| 505 | 8 | |a VII. CONCLUDING REMARKSDETRENDING METHODS -- REFERENCES | |
| 546 | |a English. | ||
| 650 | 0 | |a Petroleum industry and trade. |0 http://id.loc.gov/authorities/subjects/sh85100430 | |
| 650 | 0 | |a Fiscal policy |z Venezuela |x Econometric models. | |
| 650 | 0 | |a Petroleum industry and trade |z Venezuela |x Finance. | |
| 650 | 6 | |a Pétrole |x Industrie et commerce. | |
| 650 | 6 | |a Politique fiscale |z Venezuela |x Modèles économétriques. | |
| 650 | 6 | |a Pétrole |x Industrie et commerce |z Venezuela |x Finances. | |
| 650 | 7 | |a Fiscal policy |x Econometric models. |2 fast |0 (OCoLC)fst00925810 | |
| 650 | 7 | |a Petroleum industry and trade. |2 fast |0 (OCoLC)fst01059546 | |
| 650 | 7 | |a Petroleum industry and trade |x Finance. |2 fast |0 (OCoLC)fst01059589 | |
| 651 | 7 | |a Venezuela. |2 fast |0 (OCoLC)fst01204166 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund. |b Fiscal Affairs Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n81027435 | |
| 776 | 0 | 8 | |i Print version: |a Baldini, Alfredo. |t Fiscal policy and business cycles in an oil-producing economy. |d [Washington, D.C] : International Monetary Fund, Fiscal Affairs Dept., 2005 |w (OCoLC)65175743 |
| 830 | 0 | |a IMF working paper ; |v WP/05/237. |0 http://id.loc.gov/authorities/names/no89010263 | |
| 856 | 4 | 0 | |u http://elibrary.imf.org/view/journals/001/2005/237/001.2005.issue-237-en.xml |y INTERNATIONAL MONETARY FUND |
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| 928 | |t Library of Congress classification |a HD9560.5.B353 2005eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2005/237/001.2005.issue-237-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12142583 | ||