01807cas a2200253 a 4500 AALejournalIMF002162 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858884 1018-5941 BD-DhAAL BD-DhAAL Barnett, Steven. Operational Aspects of Fiscal Policy in Oil-Producing Countries / Steven Barnett, Rolando Ossowski. Washington, D.C. : International Monetary Fund, 2002. 1 online resource (35 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Oil-producing countries face challenges arising from the fact that oil revenue is exhaustible, volatile, and uncertain, and largely originates from abroad. Reflecting these challenges, the paper proposes some important general principles for the formulation and assessment of fiscal policy in these countries. The main findings can be summarized in some key guidelines: the non-oil balance should feature prominently in the formulation of fiscal policy; it should generally be adjusted gradually; the government should strive to accumulate substantial financial assets over the period of oil production; and, where necessary, strategies should aim at breaking procyclical fiscal responses to volatile oil prices. Mode of access: Internet Ossowski, Rolando. IMF Working Papers; Working Paper ; No. 2002/177 Full text available on IMF http://elibrary.imf.org/view/journals/001/2002/177/001.2002.issue-177-en.xml IMF e-Library