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Caceres, Carlos.

The Day After Tomorrow Designing an Optimal Fiscal Strategy for Libya / Carlos Caceres. [electronic resource] : Carlos Caceres. - Washington, D.C. : International Monetary Fund, 2013. - 1 online resource (32 p.) - IMF Working Papers; Working Paper ; No. 13/79 . - IMF Working Papers; Working Paper ; No. 13/79 .

Libya is highly dependent on exhaustible and volatile hydrocarbon resources, which constitute the bulk of government revenues. Although resource wealth provides the means to promote socio-economic development, procyclical fiscal policies threaten macroeconomic stability as well as fiscal sustainability and intergenerational equity. In three parts, this paper provides an assessment of the cyclically adjusted fiscal stance, analyzes fiscal sustainability according the permanent income framework, and simulates various fiscal policy rules with the objective of developing a rule-based fiscal strategy that would delink the economy from oil price fluctuations, improve the management of resource wealth, and safeguard macroeconomic stability.

ISBN: 1484389816 : 18.00 USD

ISSN: 1018-5941

Standard No.: 10.5089/9781484389812.001 doi

Subjects--Topical Terms:
Cyclical Adjustment
Deficit
Fiscal Policy
Fiscal Rules
Fiscal Stance
Fiscal Sustainability

Subjects--Geographic Terms:
Libyan Arab Jamahiriya