Alberta government resource revenues are highly volatile. Adjustment of government spending to shifts in revenues imposes social and economic costs. To limit the impact of revenue volatility, many jurisdictions have established revenue stabilization funds. There is little empirical evidence on whether these funds improve welfare or whether some fund designs increase welfare by more than others....

R eserves are a state’s first line of defense in a ~fiscal crisis. In the late 1980s, they bought New England’s state policymakers valuable time in which to devise strategies for stabilizing their ,budgets. While the region’s state budgets are currently balanced, how well are its states reserved against possible future fiscal instability? In addressing this issue, one should consider both the d...

Governments often use multiple policy instruments for pursuing policy goals with mutually reinforcing eff ects. Th ese eff ects include supplementation and substitution. Th is article examines both eff ects by studying two instruments of state budget stabilization policy: general fund balances and budget stabilization funds. States normally maintain budget surpluses in the general fund. In rece...

Recently, there has been considerable interest in alternative stabilization programs in developing countries. This paper examines the possibility of implementing this type of program in a country that traditionally has had considerable difficulty in complying with International Monetary Fund programs. The macro-economic simulations of Jamaica's economy clearly show that successful supply-side p...

Considering Russia’s rich and vast oil resources, this country is one of the world’s greatest producers and exporters of this nonrenewable energy resource, and like other petrostates, receives a major part of its national income in this way. The dependence of Russia’s budget on oil has raised the significance of world oil price fluctuations for this country. Since 1970s, the global oil market h...

This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. In oil-dependent countries, a major issue is how to stabilize...

The research is financed by the program for New Century Excellent Talents in University (NCET-06-0811) and the Research Fund for the Doctoral Program of Guizhou College of Finance and Economics (200702). Abstract The problem of bounded-input bounded-output (BIBO) stabilization for discrete-time uncertain system with time delay is investigated. By constructing an augmented Lyapunov function, som...