Managing future oil revenues in Ghana: An assessment of alternative allocation options
Contemporary policy debates on the macroeconomics of resource booms often concentrate on the short-run Dutch disease effects of public expenditure, ignoring the possible long-term effects of alternative revenue-allocation options and the supply-side impact of royalty-financed public investments. In...
| Autores principales: | , , , |
|---|---|
| Formato: | Artículo preliminar |
| Lenguaje: | Inglés |
| Publicado: |
International Food Policy Research Institute
2009
|
| Materias: | |
| Acceso en línea: | https://hdl.handle.net/10568/161922 |
| _version_ | 1855520851693142016 |
|---|---|
| author | Breisinger, Clemens Diao, Xinshen Schweickert, Rainer Wiebelt, Manfred |
| author_browse | Breisinger, Clemens Diao, Xinshen Schweickert, Rainer Wiebelt, Manfred |
| author_facet | Breisinger, Clemens Diao, Xinshen Schweickert, Rainer Wiebelt, Manfred |
| author_sort | Breisinger, Clemens |
| collection | Repository of Agricultural Research Outputs (CGSpace) |
| description | Contemporary policy debates on the macroeconomics of resource booms often concentrate on the short-run Dutch disease effects of public expenditure, ignoring the possible long-term effects of alternative revenue-allocation options and the supply-side impact of royalty-financed public investments. In a simple model applied here, the government decides the level and timing of resource-rent spending. This model also considers productivity spillovers over time, which may exhibit a sector bias toward domestic production or exports. A dynamic computable general equilibrium (DCGE) model is used to simulate the effect of temporary oil revenue inflows to Ghana. The simulations show that beyond the short-run Dutch disease effects, the relationship between windfall profits, growth, and households’ welfare is less straightforward than what the simple model of the “resource curse” suggests. The DCGE model results suggest that designing a rule that allocates oil revenues to both productivity-enhancing investments and an oil fund is crucial to achieving shared growth and macroeconomic stability. |
| format | Artículo preliminar |
| id | CGSpace161922 |
| institution | CGIAR Consortium |
| language | Inglés |
| publishDate | 2009 |
| publishDateRange | 2009 |
| publishDateSort | 2009 |
| publisher | International Food Policy Research Institute |
| publisherStr | International Food Policy Research Institute |
| record_format | dspace |
| spelling | CGSpace1619222025-11-06T05:47:24Z Managing future oil revenues in Ghana: An assessment of alternative allocation options Breisinger, Clemens Diao, Xinshen Schweickert, Rainer Wiebelt, Manfred oil and gas production public expenditure growth computable general equilibrium models development policies Contemporary policy debates on the macroeconomics of resource booms often concentrate on the short-run Dutch disease effects of public expenditure, ignoring the possible long-term effects of alternative revenue-allocation options and the supply-side impact of royalty-financed public investments. In a simple model applied here, the government decides the level and timing of resource-rent spending. This model also considers productivity spillovers over time, which may exhibit a sector bias toward domestic production or exports. A dynamic computable general equilibrium (DCGE) model is used to simulate the effect of temporary oil revenue inflows to Ghana. The simulations show that beyond the short-run Dutch disease effects, the relationship between windfall profits, growth, and households’ welfare is less straightforward than what the simple model of the “resource curse” suggests. The DCGE model results suggest that designing a rule that allocates oil revenues to both productivity-enhancing investments and an oil fund is crucial to achieving shared growth and macroeconomic stability. 2009 2024-11-21T09:59:30Z 2024-11-21T09:59:30Z Working Paper https://hdl.handle.net/10568/161922 en Open Access application/pdf International Food Policy Research Institute Breisinger, Clemens; Diao, Xinshen; Schweickert, Rainer; Wiebelt, Manfred. 2009. Managing future oil revenues in Ghana. IFPRI Discussion Paper 893. https://hdl.handle.net/10568/161922 |
| spellingShingle | oil and gas production public expenditure growth computable general equilibrium models development policies Breisinger, Clemens Diao, Xinshen Schweickert, Rainer Wiebelt, Manfred Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title | Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title_full | Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title_fullStr | Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title_full_unstemmed | Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title_short | Managing future oil revenues in Ghana: An assessment of alternative allocation options |
| title_sort | managing future oil revenues in ghana an assessment of alternative allocation options |
| topic | oil and gas production public expenditure growth computable general equilibrium models development policies |
| url | https://hdl.handle.net/10568/161922 |
| work_keys_str_mv | AT breisingerclemens managingfutureoilrevenuesinghanaanassessmentofalternativeallocationoptions AT diaoxinshen managingfutureoilrevenuesinghanaanassessmentofalternativeallocationoptions AT schweickertrainer managingfutureoilrevenuesinghanaanassessmentofalternativeallocationoptions AT wiebeltmanfred managingfutureoilrevenuesinghanaanassessmentofalternativeallocationoptions |