01701cas a2200241 a 4500 AALejournalIMF010080 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451967937 1018-5941 BD-DhAAL BD-DhAAL International Monetary Fund. Oil Wealth and Economic Behavior : Case of Venezuela 1966-1981. Washington, D.C. : International Monetary Fund, 1988. 1 online resource (60 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 A short-run macroeconomic model is estimated for Venezuela, in order to examine the hypothesis that the availability of oil resources may entail a confidence effect-on perceived future incomes-that influences the expenditure and portfolio behavior of economic agents. Such confidence effect is found to be empirically significant. Model simulations reveal that the impact of oil price changes on the level and variability of money demand, balance of payments and inflation are significantly more pronounced in the presence of the confidence effect than in its absence. This has significant implictions for the size and structure of the needed policy interventions. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1988/056 Full text available on IMF http://elibrary.imf.org/view/journals/001/1988/056/001.1988.issue-056-en.xml IMF e-Library