Managing Commodity Booms--and Busts
World Bank Discussion Paper No. 314. In 1994, Colombia replaced its state-run, pay-as-you-go pension system with a privately run, fully-funded scheme. This study analyzes prospective fiscal and macroeconomic implications of the reform. It compares the features of the country's old and new pension systems, puts them in a broader international context, and examines the reform transition
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accumulated adjustment adopted agreements agricultural appreciation avoid benefits bonds booming commodity booming sector booms and busts capital cause central cocoa coffee coffee prices Colombia commodity booms commodity prices consider controls copper costs cotton currency debt decline depending developing countries difference difficulties diversification domestic Dutch disease earnings economies effects exchange rate experience export revenues export taxes external farmers fiscal policies fluctuations followed foreign exchange futures gains growth hedging instruments higher import income increase inflows International investment late lead less liberalization long-term lower manage manage booms markets ments Metals and minerals million monetary options past percent policymakers primary commodity private sector problems procyclical production profitability programs projects prudent recent reduced reserves restrictions risk rubber savings sector spending stabilization fund stocks supply Table tax revenues tend trade uncertainty Unit windfall windfall revenues World World Bank
Page 7 - Pacific Europe and Central Asia Latin America and the Caribbean Middle East and North Africa...
Page 20 - In the past, many commodity-exporting countries have entered such agreements in an attempt to stabilize and, in many cases, raise prices. In anything but the short term, none has succeeded. References Adams, Robin G. (Resource Strategies, Inc.). 1995. Interview in The Financial Times, March 31 . Bauer, Peter. 1984. "Remembrance of Studies Past: Retracing First Steps.
Page 13 - The decision whether to vacuum pack or gas flush a consumer package depends on a number of factors. Among the most important are the type of product to be packed and its consistency. "Gas flush is a function of the product to be packaged," offers Tom Taylor, product manager, smoked and processed meat, Cryovac.
Page 21 - Kenya, 1975-81." In Tony Killick, ed., The IMF and Stabilization. London: Heinemann.
Page 15 - On the fiscal side, coffee tax revenues were used to turn a deficit of 5.2 percent of GDP in 1984 into a small surplus in 1986.
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