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Oil prices and fiscal policy in an oil-exporter country: Empirical evidence from Oman
Energy Economics ( IF 12.8 ) Pub Date : 2022-05-31 , DOI: 10.1016/j.eneco.2022.106103
Salwa Aljabri, Mala Raghavan, Joaquin Vespignani

This paper studies the impact of oil price shocks on fiscal policy and real GDP in Oman using new unexplored data. We find that an oil price shock explains around 22% and 46% of the government revenue and GDP variation, respectively. Decomposing the government revenue and GDP further into petroleum and non-petroleum related components, we find that an oil price shock explains around 26% of the variation in petroleum revenue and 90% of the petroleum-GDP. Though petroleum and non-petroleum GDP respond positively to oil price shocks, government expenditure is not directly affected by oil prices but is affected by government revenue. The results suggest that the Omani government uses its reserve fund and local and international debt to smooth and reduce the impact of oil price fluctuations.



中文翻译:

石油出口国的石油价格和财政政策:来自阿曼的经验证据

本文使用新的未经探索的数据研究了油价冲击对阿曼财政政策和实际 GDP 的影响。我们发现油价冲击分别解释了政府收入和 GDP 变化的 22% 和 46%。将政府收入和 GDP 进一步分解为石油和非石油相关部分,我们发现石油价格冲击解释了大约 26% 的石油收入变化和 90% 的石油-GDP 变化。尽管石油和非石油 GDP 对油价冲击做出积极反应,但政府支出不受油价直接影响,而是受到政府收入的影响。结果表明,阿曼政府利用其储备基金以及当地和国际债务来平滑和减少油价波动的影响。

更新日期:2022-06-03
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