Government Response to Oil Price Volatility : Experience of 49 Developing Countries
No hay miniatura disponible
Fecha
Autores
Título de la revista
ISSN de la revista
Título del volumen
Editor
World Bank, Washington, DC
Resumen
Descripción
Oil prices rose from 2004 to historic
highs in mid-2008, only to fall precipitously in the last
four months of 2008 and lose all the gains of the preceding
four and a half years. The steep price increase from January
2007 to July 2008 was challenging for all economies. While
the sharp drop in prices since August 2008 has been welcome
news for consumers, the cause of it, the global financial
crisis, is not. Moreover, currency depreciation against the
dollar in many developing countries has meant that, in local
currency units, petroleum product prices have not fallen as
sharply as in U.S. dollars. This report examines the policy
responses of 49 developing country governments to world oil
price movements in the last three years. The sample includes
16 countries in Sub-Saharan Africa, 15 in Asia, 10 in Latin
America, and 8 in the Middle East and North Africa. The
report updates a companion 2006 publication on coping with
higher oil prices and builds upon two other publications:
one on oil price volatility and another on the degree of
pass-through of world oil price increases between January
2004 and August 2009. As with all other publications in this
series, this report examines issues related to oil price
levels and volatility in the downstream petroleum sector and
other sectors where oil is an important input, such as
transport, fisheries, and agriculture, from the point of
view of consumers. It does not consider macro-level policies
(such as monetary or exchange rate policy) or the impact of
oil price changes on the macroeconomic performance of
countries, nor does it discuss management of the windfall
income by large oil exporters and the long-term economic
consequences of revenue management.
Palabras clave
ACCESS TO CAPITAL, ACQUISITION, ACQUISITIONS, ADVANCED ECONOMIES, AFFILIATED ORGANIZATIONS, ALUMINUM, BALANCE SHEETS, BANK BORROWING, BANKING SYSTEMS, BANKS, BASE METALS, BAUXITE, BOND, BOND ISSUES, BOND MARKET, BORROWING COSTS, BUSINESS OPPORTUNITY, BUSINESS PERFORMANCE, CADASTRE, CAPITAL MARKETS, CASH FLOWS, CASM, CHIEF EXECUTIVE, COAL, COBALT, COLLATERAL, COMMERCIAL ENTERPRISES, COMMODITIES, COMMODITY, COMMODITY PRICE, COMMODITY PRICES, CONSOLIDATION, COOPERATION AGREEMENT, COOPERATION AGREEMENTS, COPPER, COPPER MINES, CORPORATE GOVERNANCE, CORPORATION, CORPORATIONS, CREDIT RATING, CURRENCY, DEPOSIT, DEPOSITARY RECEIPTS, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPING COUNTRY ECONOMIES, DEVELOPMENT BANK, DIAMONDS, DIRECT INVESTMENT, DOMESTIC MARKETS, ECONOMIC CRISIS, ECONOMIC DEVELOPMENT, EITI, EMERGING ECONOMIES, EMERGING ECONOMY, EMERGING MARKET, EMERGING MARKET COMPANIES, EMERGING MARKETS, EQUITY INVESTORS, EQUITY MARKETS, EXPLORATION EXPENDITURE, EXPOSURE, EXTRACTIVE INDUSTRIES, EXTRACTIVE INDUSTRIES TRANSPARENCY INITIATIVE, FINANCE CORPORATION, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL WEAKNESS, FOREIGN INVESTORS, FOREIGN MINING, FULL DISCLOSURE, GAS, GAS FLARING REDUCTION, GEOGRAPHIC DIVERSIFICATION, GEOLOGICAL KNOWLEDGE, GEOLOGICAL SURVEY, GLOBAL ECONOMY, GLOBAL INVESTOR, GLOBALIZATION, GOLD, GOLD MINE, GOOD GOVERNANCE, GOVERNANCE PRACTICES, GOVERNMENT POLICIES, HOLDING, HOST COUNTRIES, INDEPENDENT DIRECTORS, INFRASTRUCTURE DEVELOPMENT, INSTITUTIONAL INVESTORS, INTERESTED PARTIES, INTERESTS OF MINORITY SHAREHOLDERS, INTERNATIONAL CAPITAL, INTERNATIONAL CAPITAL MARKETS, INTERNATIONAL FINANCE, INTERNATIONAL STANDARDS, INVESTMENT ANALYSIS, INVESTMENT CORPORATION, INVESTMENT FLOWS, INVESTMENT PROGRAM, IRON, IRON ORE, JOINT VENTURE, LARGE COMPANIES, LARGE MINING, LARGE SHAREHOLDERS, LEGAL AUTHORITY, LIBERALIZATION, LIBERALIZATIONS, LOCAL COMPANIES, MARKET CAPITALIZATION, MARKET DOWNTURN, MARKET ENVIRONMENT, MARKET SHARES, METALS, MINERAL CONCESSIONS, MINERAL PRODUCTION, MINERAL RESERVES, MINERAL RESOURCES, MINERAL RIGHTS, MINERALOGY, MINERALS, MINERALS INDUSTRY, MINING ASSETS, MINING COMPANIES, MINING COMPANY, MINING INDUSTRY, MINING INTERESTS, MINING INVESTMENT, MINING OPERATIONS, MINING POLICY, MINING PROJECT, MINING SECTOR, MOLYBDENUM, NATIONAL SECURITY, NATURAL RESOURCES, NICKEL, NONFERROUS METAL MINING, OGMC, OIL, OIL COMPANIES, OIL PRICE, ORES, OUTPUT, PALLADIUM, PERSONAL FINANCES, PLATINUM, PORTFOLIO, POTASH, POVERTY ALLEVIATION, PRINCIPAL ASSETS, PRINCIPAL SHAREHOLDERS, PRIVATE ENTERPRISE, PRIVATE ENTERPRISES, PRIVATE PARTNERSHIP, PRIVATE SECTOR GROWTH, PRIVATIZATION, PRIVATIZATIONS, PROFITABILITY, PUBLIC-PRIVATE PARTNERSHIP, REGULATORY ENVIRONMENT, REGULATORY REGIME, REORGANIZATION, RETURN, RISK CAPITAL, RISK PROFILE, RISK PROFILES, SAVINGS, SHARE PRICE, SHAREHOLDER, SHAREHOLDER AGREEMENT, SHAREHOLDERS, SHAREHOLDING, SILVER, SMALL-SCALE, SMALL-SCALE MINERS, SMALL-SCALE MINING, SMALLER COMPANIES, SOCIAL RESPONSIBILITIES, SOCIAL SAFEGUARDS, SOCIETY, SPECULATION, STATE BANKS, STATE-OWNED COMPANIES, STEEL, STOCK EXCHANGE, STOCK MARKET, STOCK MARKETS, STOCKS, SUBSIDIARY, SUSTAINABLE DEVELOPMENT, TAKEOVER, TAKEOVER BID, TAX, TECHNICAL ASSISTANCE, TITANIUM, TRACK RECORDS, TRADING, TRADING SYSTEM, TRANSPARENCY, TRUST FUND, UNION, URANIUM, VALUATION, WORLD INVESTMENT REPORT, ZINC