IMF paper on cyclicality of oil producers' expenditure

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An IMF paper published on Tuesday finds evidence that suggests the cyclicality of fiscal policy in oil-producing countries is not uniform.

Nese Erbil, the paper's author, tested five fiscal measures – government expenditure, consumption, investment, non-oil revenue and non-oil primary balance – to examine the cyclicality of fiscal behaviour in 28 developing oil-producing countries from 1990 to 2009.

The results show expenditure is pro-cyclical in low- and middle-income countries, while it is

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