Macroeconomic Management in Resource-Rich Countries

Macroeconomic Management in Resource-Rich Countries (MRC)

This course focuses on macroeconomic policy issues and challenges faced by Resource-Rich Countries (RRCs). The course uses lectures, hands-on workshops, debates, case studies, as well as a number of online warm-up exercises to broaden participants understanding of how economic performance in RRCs may differ from other countries, and enables them to apply simple fiscal rules to determine how much to extract, consume, and save from the sale of natural resources; design a fiscal framework with clear objectives and priorities that delivers long-run fiscal sustainability; identify appropriate macroeconomic policy responses to commodity price shocks; and assess the pros and cons of policies to promote diversification and transparency in the management of natural resources.

Course Objectives: Upon completion of this course, participants should be able to: 

• Assess how economic performance in RRCs may differ from other countries (e.g., in terms of growth, inclusive growth, political economy, resource curse, diversification, and Dutch Disease). 

• Apply simple fiscal rules to determine how much to extract, consume, and save from the sale of natural resources, as well as the modalities for savings such as a sovereign wealth fund. 

• Design a fiscal framework with clear objectives and priorities that delivers long-run fiscal sustainability and addresses commodity price volatility, with a supporting role for the public sector on fiscal regime and government spending. 

• Identify appropriate macroeconomic policy responses to commodity price shocks. 

• Assess the pros and cons of policies to promote diversification and transparency in the management of natural resources.


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