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
Panayotis N. Varangis, Takamasa Akiyama, Donald Mitchell. SUMMARY ix Revenue stabilization funds . Another way to manage commodity price shocks is to create a stabilization fund to stabilize government expendi- tures ( not to support or ...
Panayotis N. Varangis, Takamasa Akiyama, Donald Mitchell. SUMMARY ix Revenue stabilization funds . Another way to manage commodity price shocks is to create a stabilization fund to stabilize government expendi- tures ( not to support or ...
Page x
... stabilization fund in order to iron out flows into and from the fund . Avoid heavy export taxes . They may encourage tax evasion and smug- gling . Moreover , governments tend to spend incremental tax revenues swiftly and poorly . Low to ...
... stabilization fund in order to iron out flows into and from the fund . Avoid heavy export taxes . They may encourage tax evasion and smug- gling . Moreover , governments tend to spend incremental tax revenues swiftly and poorly . Low to ...
Page 13
... fund can smooth expenditure adjustments upwards or downwards . Reserves in stabilization funds should be treat- ed as international foreign reserves . Stabilization funds are like commodity boom bonds , sterilizing for- eign exchange ...
... fund can smooth expenditure adjustments upwards or downwards . Reserves in stabilization funds should be treat- ed as international foreign reserves . Stabilization funds are like commodity boom bonds , sterilizing for- eign exchange ...
Page 14
... stabilization fund will ultimately come into question . Stabilization funds could also be subject to mismanagement of their resources— somewhat similar to problems encountered with export taxes . However , this is not as great a danger ...
... stabilization fund will ultimately come into question . Stabilization funds could also be subject to mismanagement of their resources— somewhat similar to problems encountered with export taxes . However , this is not as great a danger ...
Page 15
... Fund . Some were invested in dollar - denominated instru- ments , some used to purchase bonds form the central bank ... stabilization programs ( buffer stocks and export quotas ) suggests.
... Fund . Some were invested in dollar - denominated instru- ments , some used to purchase bonds form the central bank ... stabilization programs ( buffer stocks and export quotas ) suggests.
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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.