气候变化领域集成服务门户(CCPortal): Assessing Alternative Investment Policies in a Resource-Rich Capital-Scarce Country: Results from a DSGE analysis for Iran

CCPortal

DOI	10.1016/j.enpol.2020.111813
	Assessing Alternative Investment Policies in a Resource-Rich Capital-Scarce Country: Results from a DSGE analysis for Iran
	Sayadi M.; Khoshkalam Khosroshahi M.
发表日期	2020
ISSN	03014215
卷号	146
英文摘要	This study mainly aims to assess the impact of an oil revenue shock on Iran's macroeconomic variables using a New Keynesian DSGE model as well as considering some main resource-rich developing countries characteristics such as capital scarcity, government's dominance in the economy, and public investment inefficiencies features. Here, the macroeconomic outcomes of implementing an alternative fiscal rule, namely, modified Bird-in-Hand (MBIH), in which both the development of infrastructures and future generations needs are taken into account are investigated and compared with the fiscal rule of the base scenario. The results are considered in four directions: First, an oil revenue increase shock causes the macroeconomic variables to rise in both scenarios, but the variables private-sector production, consumption, total investment, and non-oil GDP have a more increase under the MBIH scenario. Second, oil revenue accumulation in the oil fund under the MBIH scenario is significantly more than that in the base scenario. Third, government budget deficit experiences a higher increase, and public sector production experiences a less rise under the MBIH scenario. Fourth, the sensitivity analysis of public investment inefficiency shows that this factor acts as a serious barrier to the realization of the government's investment goals. Therefore, performing the first-best (MBIH) fiscal rule entails the reduction of the government's budget dependency on oil revenues through expanding the tax base, improving the public investment efficiency, and shrinking the public sector. © 2020 Elsevier Ltd
关键词	DSGE Model Fiscal rule Investment inefficiency Non-oil GDP Oil revenue Resource-rich country
英文关键词	Budget control; Developing countries; Economics; Natural resources; Sensitivity analysis; Taxation; Budget deficits; Future generations; Investment policies; Macroeconomic variables; Private sectors; Public investments; Public sector; Total investment; Investments; capital; financial policy; general equilibrium analysis; Gross Domestic Product; investment; oil supply; resource economy; Iran; Aves
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204850
作者单位	Department of Energy Economics & Resources, Faculty of Economics, Kharazmi University, No. 43, Taleghani Ave, Postal Code, Tehran, 15719-14911, Iran; Department of Economics, Faculty of Social Sciences and Economics, Alzahra University, Sheikh Bahai Ave, Postal Code, Tehran, 19938-93973, Iran
推荐引用方式 GB/T 7714	Sayadi M.,Khoshkalam Khosroshahi M.. Assessing Alternative Investment Policies in a Resource-Rich Capital-Scarce Country: Results from a DSGE analysis for Iran[J],2020,146.
APA	Sayadi M.,&Khoshkalam Khosroshahi M..(2020).Assessing Alternative Investment Policies in a Resource-Rich Capital-Scarce Country: Results from a DSGE analysis for Iran.Energy Policy,146.
MLA	Sayadi M.,et al."Assessing Alternative Investment Policies in a Resource-Rich Capital-Scarce Country: Results from a DSGE analysis for Iran".Energy Policy 146(2020).