Fiscal Rules and Resource Funds in Nonrenewable Resource Exporting Countries: International Experience

In a number of countries that depend on the export of oil and other nonrenewable resources, governments have put in place fiscal rules or fiscal guidelines and/or nonrenewable resource funds in the expectation that these institutional mechanisms might help in the implementation of fiscal policy. This paper focuses on the experience of nonrenewable resource exporting countries with fiscal rules and funds, and draws some lessons of relevance to Latin American resource producers.