01704cas a2200253 a 4500 AALejournalIMF011840 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475503333 1018-5941 BD-DhAAL BD-DhAAL Samake, Issouf. Commodity Price Shocks and Fiscal Outcomes / Issouf Samake, Nikola Spatafora. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (48 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 The experience of developing countries over 1990-2010 indicates that commodity prices have a significant impact on fiscal outcomes. Both revenue and expenditure rise in response to commodity (import or export) price increases; the response of the fiscal deficit is ambiguous. A floating exchange rate regime only partially offsets the impact; foreign-exchange reserves do not dampen the effects. Hence, there is a strong case for fiscal hedging against commodity price shocks. Hedging instruments based on a limited set of benchmark world prices for a narrow set of commodities may suffice to realize most of the potential benefits. Mode of access: Internet Spatafora, Nikola. IMF Working Papers; Working Paper ; No. 2012/112 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/112/001.2012.issue-112-en.xml IMF e-Library