文章基本信息

标题：Fiscal policy challenges in oil-exporting countries: a review of key issues
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作者：Michael Sturm ; François Gurtner ; Juan González Alegre 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：Fiscal policy choices have a particularly signifi cant impact on economic performance in oil-exporting countries, owing to the importance of the oil sector in the economy and the fact that in most countries oil revenues accrue to the government. At the same time, fi scal policy in oil-centred economies is facing specifi c challenges, both in the long run, as regards intergenerational equity and fi scal sustainability, and in the short run, as regards macroeconomic stabilisation and fi scal planning. Institutional responses to the specifi c fi scal challenges in oil-exporting countries involve conservative oil price assumptions in the budget, the establishment of oil stabilisation and savings funds and fi scal rules. Fiscal policy in most oil-exporting countries has been expansionary over the past years in the wake of high oil prices. Fiscal expansion has added to infl ationary pressure, and monetary policy has been constrained in tackling infl ation as a result of prevailing exchange rate regimes. While, in this context, fi scal policy is the major tool for macroeconomic stabilisation, it has faced competing objectives and considerations. Cyclical considerations would have warranted fi scal restraint, but, in times of high oil prices, pressures to increase public spending have been mounting. Such pressures stem from primarily distribution-related considerations, development-related spending needs (e.g. in the areas of physical and social infrastructure) and international considerations in the context of, for example, global imbalances. The sharp fall in oil prices since mid-2008 has brought to the fore a different question – whether oil exporters can sustain spending levels reached in previous years.
关键词：scal policy; oil-exporting countries;infl ation; global imbalances