In the last decade, the analysis of fiscal frameworks for commodity producers has become more and more sophisticated, driven by a multiplication of tools, models and analytical frameworks, but this has come at the cost of simplicity, transparency and usability.
This paper revisits the debate on the design of fiscal rules in resource-rich countries. Its main objective is to assess alternative systems of rules against their policy objectives, while taking into account country characteristics.
One of the contributions of the paper is to propose fiscal frameworks that are centred around the principle of insurance against shocks and less reliant on estimating precisely resource wealth, which tends to be highly volatile.