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Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela

Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela by International Monetary Fund
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By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil dominance/fiscal dominance (OD/FD) in the case of Venezuela. Using VAR and VEC models it is possible to conclude that there is relevant evidence supporting the validity of the OD/FD hypothesis.
International Monetary Fund; June 2008
47 pages; ISBN 9781452711751
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Title: Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela
Author: International Monetary Fund
 
ISBNs
1451914539
9781451870008
9781451914535
9781452711751