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 viii
... private sector can make future revenues more predictable by using options , futures , and swaps . The Mexican government used such hedging tools to ensure a guaran- teed price for its oil ( and predictable revenues ) after the Gulf war ...
... private sector can make future revenues more predictable by using options , futures , and swaps . The Mexican government used such hedging tools to ensure a guaran- teed price for its oil ( and predictable revenues ) after the Gulf war ...
Page x
... sector and providing incentives for diversification . Because the track record of governments in managing booms and busts is far from impressive , the private sector should be allowed to manage a larger share of windfall profits ...
... sector and providing incentives for diversification . Because the track record of governments in managing booms and busts is far from impressive , the private sector should be allowed to manage a larger share of windfall profits ...
Page 10
... sectors . Tax revenues should be invested in high - yielding pub- lic ... sector with little compensation elsewhere in the economy . And there is the ... private coffee exporters or the Federation of Coffee Growers in exchange for ...
... sectors . Tax revenues should be invested in high - yielding pub- lic ... sector with little compensation elsewhere in the economy . And there is the ... private coffee exporters or the Federation of Coffee Growers in exchange for ...
Page 11
... private sector than export taxes . However , boom bonds often involve some export taxation in disguise . Certainly this was true in Colombia in the late 1970s , when the government negotiated with the Coffee Growers Federation to get ...
... private sector than export taxes . However , boom bonds often involve some export taxation in disguise . Certainly this was true in Colombia in the late 1970s , when the government negotiated with the Coffee Growers Federation to get ...
Page 12
... private sector risk sharing and risk management arrangements have had time to develop . Traders and producers , too , can benefit from hedging . They stand to incur big losses if the price of a commodity rises sharply and unexpect- edly ...
... private sector risk sharing and risk management arrangements have had time to develop . Traders and producers , too , can benefit from hedging . They stand to incur big losses if the price of a commodity rises sharply and unexpect- edly ...
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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.