Series: IMF Working Papers
Author(s): Tokhir Mirzoev , and Ling Zhu
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 17 May 2019
Keywords: Consumption, Public investments, Poverty, Capital, Real interest rates, Fiscal policy, oil exporters, permanent income hypothesis, fiscal rules, PIH
We examine the existing fiscal policy paradigm in commodity-exporting countries. First, we argue that its centerpiece-the permanent income hypothesis (PIH)-is not consistent with either intergenerational equity or...