Constraints on the design and implementation of monetary policy in oil economies : the case of Venezuela /

Constraints on the design and implementation of monetary policy in oil economies : the case of Venezuela /

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Bibliographic Details
Author / Creator:Costa, Mercedes da.
Corporate author / creator:International Monetary Fund, Corporate Author.
Imprint:Washington : International Monetary Fund, June 2008.
[Washington, District of Columbia] : International Monetary Fund, 2008.
©2008
Description:1 online resource (49 pages).
Language:English
Series:IMF Working Papers
IMF Working Papers.
Subject:
Petroleum industry and trade -- Venezuela -- Econometric models.
Fiscal policy -- Venezuela -- Econometric models.
Monetary policy -- Venezuela -- Econometric models.
Fiscal policy -- Econometric models.
Monetary policy -- Econometric models.
Petroleum industry and trade -- Econometric models.
Venezuela.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/12508655
Hidden Bibliographic Details
Varying Form of Title:IMF Working Papers
Other authors / contributors:Olivo, Víctor.
ISBN:1462382037
9781462382033
1452711755
9781452711751
9786612840937
6612840935
1282840932
9781282840935
1451870000
9781451870008
Notes:Includes bibliographical references.
English.
Print version record.
Online resource; title from PDF front page (ebrary, viewed February 25, 2014).
Summary:By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil.
Other form:1451914539
Table of Contents:
  • 5. Oil Prices (/B- Venezuelan Basket), and Ratio Xo/XT, 960-20056. Venezuela: Oil in the Economy; 2. Venezuela: Selected Indicators; 7. Venezuela: Rates of Growth of Real GDP, CPI, and Oil Prices; 3. Venezuela: Exchange Rate System, 1964-2007; 8. Venezuela: Ratios of Central Bank Instruments of Monetary Control (CBIMC); A. Oil Dominance/Fiscal Dominance: Simple Correlations; B. Oil Dominance/Fiscal Dominance Hypothesis for Venezuela; V. Conclusions; Appendices; I. Oil Exporting Countries-Selected Indicators; Appendix Tables.
  • A.I.1. Classification and Evluation of Oil Exporting Countries, based on the Ratio of Oil Exports to GDPA. I.2. Oil Exporting Countries: Selected Indicators; A.I.3. Oil Exporting Countries: Selected Indicators; A.I.4. Oil Exporting Countries: Selected Indicators; II. Management of Oil Resources: Oil Funds and International Reserves; A. II. 1. Venezuela: Macroeconomic Stabilization Fund (FEM and Investment Fund for Macroeconomic Stabilization (FIEM); A. II. 2. Central Bank of Venezuela-Balance Sheet; III. Descriptive Statistics and Pair-Wise Correlations for Selected Economic Indicators.
  • Appendix FiguresA. III. 1. Venezuela: Changes in Oil Prices, Oil Exports, Fiscal Revenue, and Primary Expenditures, 1960-2005; A. III. 2. Venezuela: Change in Primary Fiscal Expenditure, Non-Oil GDP Inflation, and Monetary Base, 1960-2005; A. III. 3. Venezuela: Five-Year Moving Variences of Rates of Growth of Selected Indicators, 1965-2005; A. III. 4. Venezuela: Overall Fiscal Balance and Domestic Primary Deficit (Percentage of GDP); References.

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