Erschienen in:Tinbergen Discussion Paper ; No. 11-068/2
Umfang:
1 Online-Ressource (32 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.1810606
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April, 15 2011 erstellt
Beschreibung:
Whether fiscal policy is sustainable depends on a government's future revenue and expenditure streams, both of which are highly uncertain. In commodity-rich countries, this problem is intensified by unpredictable and volatile commodity prices. We show how spending rules for oil income and non-oil primary deficits interact and influence the stochastic distribution of future debt stocks and demonstrate the variance reducing impact of feedback rules for primary deficits in a case study of oil-and-gas exporter Azerbaijan