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 ix
... results from commodity booms . Other , complementary policies have also been suggested . These policies could provide ... result in inefficient use of the windfall revenue ( as when the revenue accrues to one ministry ) . Governments ...
... results from commodity booms . Other , complementary policies have also been suggested . These policies could provide ... result in inefficient use of the windfall revenue ( as when the revenue accrues to one ministry ) . Governments ...
Page 8
... result ? The profitability of the once - booming export commodity is severely reduced , while other export subsectors have been devastated by the large real appreciation of the currency . Commodity booms can also affect the government's ...
... result ? The profitability of the once - booming export commodity is severely reduced , while other export subsectors have been devastated by the large real appreciation of the currency . Commodity booms can also affect the government's ...
Page 9
... result , countries are often worse off than before the boom . Witness Colombia , Kenya , and Tanzania after coffee prices boomed in the late 1970s . In the post - oil boom Nigeria of the 1970s and early 1980s , the shortfall of revenues ...
... result , countries are often worse off than before the boom . Witness Colombia , Kenya , and Tanzania after coffee prices boomed in the late 1970s . In the post - oil boom Nigeria of the 1970s and early 1980s , the shortfall of revenues ...
Page 10
... result , were able to pay growers higher prices . Exporters who paid the tax ( but still had to match the tax - dodgers ' farm - gate price ) are now , apparently , in financial trouble . Low to moderate export taxes ( acting as a ...
... result , were able to pay growers higher prices . Exporters who paid the tax ( but still had to match the tax - dodgers ' farm - gate price ) are now , apparently , in financial trouble . Low to moderate export taxes ( acting as a ...
Page 13
... resulting from a boom . Funds may encounter dif- ficulties , however . Price slumps tend to last much longer than booms , so to achieve stabilization , large reserves need to be deposited into the fund , and that could imply financial ...
... resulting from a boom . Funds may encounter dif- ficulties , however . Price slumps tend to last much longer than booms , so to achieve stabilization , large reserves need to be deposited into the fund , and that could imply financial ...
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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.