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 v
... fluctuations in income , and transitory bonanzas in foreign exchange earnings . This second effect , in particular , is likely to cause the exchange rate to appreciate above its long - term sustainable level . The lessons from ...
... fluctuations in income , and transitory bonanzas in foreign exchange earnings . This second effect , in particular , is likely to cause the exchange rate to appreciate above its long - term sustainable level . The lessons from ...
Page vii
... fluctuating GDP and investments are detri- mental to long - term economic growth . Hence fiscal policy should be countercyclical . Governments experiencing booms , however , tend to adopt a procyclical fiscal policy because of the ...
... fluctuating GDP and investments are detri- mental to long - term economic growth . Hence fiscal policy should be countercyclical . Governments experiencing booms , however , tend to adopt a procyclical fiscal policy because of the ...
Page ix
... fluctuate more — and thus should be avoided . Reduce controls . Capital - account controls ( restrictions on investing abroad ) and import controls should be reduced . Policymakers should consider taking advantage of the favorable trade ...
... fluctuate more — and thus should be avoided . Reduce controls . Capital - account controls ( restrictions on investing abroad ) and import controls should be reduced . Policymakers should consider taking advantage of the favorable trade ...
Page 1
... fluctuations are subject to long- run cycles , there are also short - term variations ( booms or busts ) whose effects are in essence quite similar . Commodity booms happen every ten years or so . The longest and strongest booms were ...
... fluctuations are subject to long- run cycles , there are also short - term variations ( booms or busts ) whose effects are in essence quite similar . Commodity booms happen every ten years or so . The longest and strongest booms were ...
Page 8
... fluctuations in income and those related to the fact that fluc- tuations in income take the form of changes in the supply of foreign exchange . The role of policymakers is to devise ways to smooth out the impact of such income fluctuations ...
... fluctuations in income and those related to the fact that fluc- tuations in income take the form of changes in the supply of foreign exchange . The role of policymakers is to devise ways to smooth out the impact of such income fluctuations ...
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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.