Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. Fiscal Affairs Department, issuing body.
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| ISBN: | 1283512653
9781283512657
9781451907926
1451907923
1462391184
9781462391189
1452788502
9781452788500
9786613825100
6613825107
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| Notes: | Includes bibliographical references.
English.
Print version record.
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| Summary: | 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.
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| Other form: | Print version: Baldini, Alfredo. Fiscal policy and business cycles in an oil-producing economy. [Washington, D.C] : International Monetary Fund, Fiscal Affairs Dept., 2005
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