Managing Commodity Booms--and BustsWorld Bank Publications, 1995 - 22 pages 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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Page vii
... adopt a procyclical fiscal policy because of the windfall tax revenue . Moreover , foreign exchange earnings almost always soar during times of higher commodity prices , which can lead to an excessive appreciation of the real exchange ...
... adopt a procyclical fiscal policy because of the windfall tax revenue . Moreover , foreign exchange earnings almost always soar during times of higher commodity prices , which can lead to an excessive appreciation of the real exchange ...
Page ix
... adopted prudent fiscal and monetary policies , accumulated reserves , reduced foreign debt , and liber- alized ... Adopt prudent monetary and fiscal policies . Commodity - dependent economies are more vulnerable to external shocks ...
... adopted prudent fiscal and monetary policies , accumulated reserves , reduced foreign debt , and liber- alized ... Adopt prudent monetary and fiscal policies . Commodity - dependent economies are more vulnerable to external shocks ...
Page 10
... adopted prudent fiscal policies , liberalized import restrictions and removed capital controls , tightened monetary policies , accumulated foreign reserves , and reduced foreign debt . But what were the specific measures , and how ...
... adopted prudent fiscal policies , liberalized import restrictions and removed capital controls , tightened monetary policies , accumulated foreign reserves , and reduced foreign debt . But what were the specific measures , and how ...
Page 14
... adopted . If exogenous shocks have a persistent effect on prices ( or prices revert to their mean slowly ) , the ... adopt such a scheme . International commodity agreements . During the late 1970s and the 1980s many commodity ...
... adopted . If exogenous shocks have a persistent effect on prices ( or prices revert to their mean slowly ) , the ... adopt such a scheme . International commodity agreements . During the late 1970s and the 1980s many commodity ...
Page 19
... adopted prudent fiscal and monetary poli- cies , accumulated reserves , reduced foreign debt , and liberalized capital controls and import restrictions saw long - term beneficial results from commodity booms . Other , complementary ...
... adopted prudent fiscal and monetary poli- cies , accumulated reserves , reduced foreign debt , and liberalized capital controls and import restrictions saw long - term beneficial results from commodity booms . Other , complementary ...
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Common terms and phrases
agricultural Analysis Unit boom ends BOOM WON'T CONTINUE booming commodity booming sector booms and busts central bank claimants cocoa cocoa prices coffee boom coffee exporters Colombia Commodity boom bonds Commodity Policy commodity-exporting countries copper prices costs Côte d'Ivoire cotton current US dollars developing countries Dutch disease effects export commodity export revenues export taxes external debt farmers financial markets fiscal policies fluctuations foreign exchange inflows foreign reserves government revenues Groundnut oil import restrictions income International Economics Department investment LEARNING FROM EXPERIENCE manage booms manage commodity ments Metals and minerals monetary base monetary policies nonbooming oil prices options palm oil percent Policy and Analysis policymakers price declines price rises primary commodity prices private sector problems production programs real exchange rate reduced foreign debt Revenue stabilization funds risk management rubber savings in foreign short-term price Sub-Saharan Africa swaps Tanzania trade windfall gains windfall profit tax windfall revenues windfall tax World Bank
Popular passages
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.