Please use this identifier to cite or link to this item: https://doi.org/10.1177/1091142116681838
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dc.titleThe Effect of Oil Revenue Funds on Social Welfare
dc.contributor.authorDINA AZHGALIYEVA
dc.date.accessioned2019-01-30T06:32:32Z
dc.date.available2019-01-30T06:32:32Z
dc.date.issued2016-12-18
dc.identifier.citationDINA AZHGALIYEVA (2016-12-18). The Effect of Oil Revenue Funds on Social Welfare. Public Finance Review 46 (4) : 692-712. ScholarBank@NUS Repository. https://doi.org/10.1177/1091142116681838
dc.identifier.issn10911421
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/151198
dc.description.abstractRecently, it has become popular among oil-producing countries to establish oil revenue funds, which are believed to stabilize the economy and provide intergenerational redistribution. Oil revenue funds differ depending on rules, such as accumulation rules and withdrawal rules. Numerical simulations show that funds can improve intergenerational social welfare, though not always. Which rule yields the highest intergenerational social welfare depends on countries’ parameters such as gross interest rate, relative risk aversion, and growth rate of oil production. Some rules may be unaffordable for a government budget. If oil production does not decline, funds following expenditure-based accumulation rules yield higher social welfare than funds that follow other rules. If oil production declines, the permanent oil income model or “Bird-in-Hand” can yield the highest social welfare.
dc.description.urihttps://journals.sagepub.com/doi/10.1177/1091142116681838
dc.language.isoen
dc.publisherSAGE journals
dc.subjectsovereign wealth funds
dc.subjectfiscal rules
dc.subjectpublic finance
dc.subjectoil price
dc.typeArticle
dc.contributor.departmentENERGY STUDIES INSTITUTE
dc.description.doi10.1177/1091142116681838
dc.description.sourcetitlePublic Finance Review
dc.description.volume46
dc.description.issue4
dc.description.page692-712
dc.published.statePublished
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