Hidden Bibliographic Details
| Other authors / contributors: | Ilahi, Nadeem, author.
International Monetary Fund. Middle East and Central Asia Department.
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| ISBN: | 1283518465
9781283518468
1451911130
9781451911138
9781451866605
1451866607
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| ISSN: | 2227-8885
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| Notes: | Includes bibliographical references.
Restrictions unspecified
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Oil funds have become increasingly popular in oil exporting countries during the recent surge in oil prices. However, the literature on the contribution is small, tends to focus narrowly on their fiscal benefits, and concludes that they are redundant of such funds-in other words, that well designed fiscal management and policy are adequate substitutes for oil funds. This paper argues that a broader focus is needed in judging the effectiveness of such funds. We test whether oil funds help reduce macroeconomic volatility. The econometric estimation results from a 30-year panel data set of 15 countries with and without oil funds suggest that oil funds are associated with reduced volatility of broad money and prices and lower inflation. However, there is a statistically weak negative association between the presence of an oil fund and volatility of the real exchange rate.
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| Other form: | Print version: Shabsigh, Ghiath. Looking beyond the fiscal. [Washington, D.C.] : International Monetary Fund, Middle East and Central Asia Dept., ©2007
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| Standard no.: | 10.5089/9781451911138.001
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