Managing Resource-Induced Volatility in Papua New Guinea : Some Issues for Discussion

Izvorski, Ivailo; Ollero, Tony

Managing Resource-Induced Volatility in Papua New Guinea : Some Issues for Discussion

2010

Izvorski, Ivailo | Ollero, Tony

This report reviews developments in Papua New Guinea (PNG) since independence, and looks at the issues relevant for saving and managing natural resources and resource induced volatility. These issues could serve as a useful basis for discussion of options the government of PNG could pursue as it emerges from the economic and financial crisis and looks forward to the start of operation of the PNG liquified natural gas (LNG) project. Although the wealth of international experience suggests several key areas for the attention of the authorities, many issues can be addressed only on the basis of detailed projections about future resource flows and investment outlays. Whether the rules will prove effective will also depend on other steps to enhance the fiscal framework. The World Bank can provide more detailed analysis, expertise and recommendations should such data become available.

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accounting agriculture balance of payments commercial banks commodities conflict of interest debt devaluation developing countries development projects development strategy economic development exchange rate expenditure exports external debt financial institutions fiscal policies foreign investment foreign trade gross domestic product human capital income tax industrial countries inflation landowners levy liquidity living standards monetary policies natural resources pension price volatility private investment public finance public investment returns savings social development taxation total costs value added

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World Bank, Washington, DC

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Discount rates; Government funds; Debt repayments; Price increases; Contingent liabilities; Sustainability analysis; Advanced economies; Financial instruments; Gdp; Trade balance; Ipo; Treasury securities; Permanent income; Expenditures; Currency basket; Government investment; Balance of payment; Financial markets; State enterprise; Monetary fund; Oil resources; Fiscal constraints; Debt service; Government revenue; Tax credits; Dollar prices; Landowner; Conflicts of interest; Central bank; Deposits; Emerging equity markets; Government debt; Fiscal discipline; Investment spending; Wealth; Financial assets; Level of debt; Investment policy; Oil prices; Fixed investment; Transparent investment; Fiscal deficit; Expansionary fiscal policy; Commodity prices; Return; Per capita income; Equities; Inefficiency; Currency; Business climate; Treaty; Commitment device; Transparency initiative; Fiscal consolidation; Government budget; Bank governor; Foreign exchange; Policy response; Consumer price index; Government expenditure; Foreign direct investment; Trustees; Equity markets; Swap; Business cycle; Trading; Macroeconomic policies; Government revenues; Personal income; Income taxes; Budgeting; Price levels; Capital investment; Fixed exchange rate; Securities; Economic volatility; Domestic banking; Money market; Real exchange rate; Capital inflows; Macroeconomic environment; Dividends; Investing; Real gdp; Foreign government; Fixed income investments; Fiscal authorities; Corporate income taxes; International best practice; Level of risk; Treasury; Government expenditures; Investment strategy; Gross debt; Transparency; Domestic banks; Financing arrangements; Macroeconomic stabilization; Financial crisis; Tax revenues; Government spending; Benchmark; Disclosure standards; Public sector debt; Foreign currencies; Macroeconomic mismanagement; Macroeconomic adjustment; Pension fund; Asset management; Disbursement; Domestic currency; Future prices; Domestic credit; Public finances; Trust fund; Credit rating; Government borrowing; Local governments; Monetary policy; Commodity; Fiscal deficits; Foreign capital; Economic boom; Current account balance; Population ageing; Growth rates; Commodity export; Interest payments; Budget surpluses; Credit rating agencies; Macroeconomic management; Government budgets; Tax; Local currency; Fixed income; Trust funds; International standard; Capital losses; Commodity price; Derivatives; Reserve fund; Debt reduction; Debt ratio; Portfolio; Money market instruments; Fund assets; Sovereign bonds; Discounted value; Economic crisis; Banking system; Collateral; Audits; Domestic interest rates; Borrowing costs; Domestic economy; Enforcement mechanisms; Exporter; Ethical investment; Reserve; Credibility; Debt service ratio; Foreign currency; Macroeconomic stability; Prepayments; Equity stake; Withdrawal; Investment flows; Investment projects; Local currencies; Global economy; Fiscal policy; Dual economy; Output; Oil reserves; Foreign exchange reserves; Gdp per capita; Deposit; Natural resource; Bonds; Asset price

Licencia

CC BY 3.0 IGO. http://creativecommons.org/licenses/by/3.0/igo. World Bank

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Report; Economic & Sector Work :: General Economy, Macroeconomics And Growth Study; Economic & Sector Work

En AGRIS desde: 2022-09-15

Formato: AGRIS AP

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Enlaces

http://documents.worldbank.org/curated/en/385931468081534980/Papua-New-Guinea-Managing-Resource-Induced-Volatility http://hdl.handle.net/10986/27727

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Managing Resource-Induced Volatility in Papua New Guinea : Some Issues for Discussion

2010

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