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150128 ||| eng |
| 020 |
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|a 9781451870008
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| 245 |
0 |
0 |
|a Constraints on the Design and Implementation of Monetary Policy in Oil Economies
|b The Case of Venezuela
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2008
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| 300 |
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|a 47 pages
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| 651 |
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4 |
|a Venezuela, República Bolivariana de
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Energy: Demand and Supply
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| 653 |
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|a Oil prices
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| 653 |
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|a Banks
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| 653 |
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|a Oil exports
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| 653 |
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|a Oil
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| 653 |
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|a Banks and banking
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| 653 |
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|a Monetary economics
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| 653 |
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|a Investments: Energy
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Trade: General
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Mortgages
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| 653 |
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|a International economics
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| 653 |
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|a Petroleum industry and trade
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| 653 |
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|a Money supply
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| 653 |
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|a Energy: General
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| 653 |
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|a Monetary base
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| 653 |
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|a Exports
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Banking
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| 653 |
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|a Investment & securities
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| 653 |
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|a Money and Monetary Policy
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| 710 |
2 |
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|a International Monetary Fund
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781451870008.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2008/142/001.2008.issue-142-en.xml?cid=21982-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil dominance/fiscal dominance (OD/FD) in the case of Venezuela. Using VAR and VEC models it is possible to conclude that there is relevant evidence supporting the validity of the OD/FD hypothesis
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