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sharing in governance of extractive industries

David Mihalyi
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  • London
  • United Kingdom
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A blog post by David Mihalyi was featured

How Did Fiscal Rules Hold Up in the Commodity Price Crash?

Fiscal rules—permanent quantitative constraints on government finances—are an important tool to help mitigate the macroeconomic challenges associated with managing natural resource revenues. Partly inspired by successes in managing resource revenues in countries such as Chile, Peru and Norway (countries that have established fiscal rules and have abided by these budgetary constraints for over a decade), more countries have been adopting such rules.   We reviewed the use of fiscal rules across…See More
Jul 17
David Mihalyi posted a blog post

How Did Fiscal Rules Hold Up in the Commodity Price Crash?

Fiscal rules—permanent quantitative constraints on government finances—are an important tool to help mitigate the macroeconomic challenges associated with managing natural resource revenues. Partly inspired by successes in managing resource revenues in countries such as Chile, Peru and Norway (countries that have established fiscal rules and have abided by these budgetary constraints for over a decade), more countries have been adopting such rules.   We reviewed the use of fiscal rules across…See More
Jul 13
Thomas Lassourd favorited David Mihalyi's blog post A withhold up in Mongolia? Thoughts on the renewed tax debate around Oyu Tolgoi
Mar 26
Thomas Lassourd favorited David Mihalyi's blog post A withhold up in Mongolia? Thoughts on the renewed tax debate around Oyu Tolgoi
Mar 26
David Mihalyi posted a blog post

A withhold up in Mongolia? Thoughts on the renewed tax debate around Oyu Tolgoi

Governments of mining countries are vulnerable to investors using double tax agreements (DTAs) as a means of avoiding paying taxes. DTAs are bilateral, or multilateral agreements between countries that set out which country has the right to collect tax on different types of income. Interest expense on foreign loans is one such source of income. The DTA will specify how much tax the source country can collect on the interest paid by the local mining subsidiary, to its affiliate, usually in a…See More
Mar 25
David Mihalyi posted a blog post

What is the Presource Curse?

Resource-rich countries tend to experience slower economic growth and more social problems than do less-endowed countries—a phenomenon dubbed the “resource curse.” But it turns out that in many cases, economic growth begins to underperform long before the first drop of oil is produced; this we call the “presource curse.”In a recent research paper, we found that,…See More
Dec 13, 2017
A blog post by David Mihalyi was featured

Fiscal Sustainability in Mongolia

The Mongolian government recently announced a USD 5.5 billion bailout agreement with the International Monetary Fund (IMF) and other development partners, including the World Bank, the Asian Development Bank and the governments of Japan and South Korea. In return, Mongolia approved a limited and revenue-focused set of reforms. Budget amendments passed in April included increases in personal income tax rates, increases in fuel, alcohol and tobacco taxes, and a public service wage freeze.The…See More
Aug 23, 2017
David Mihalyi posted a blog post

Fiscal Sustainability in Mongolia

The Mongolian government recently announced a USD 5.5 billion bailout agreement with the International Monetary Fund (IMF) and other development partners, including the World Bank, the Asian Development Bank and the governments of Japan and South Korea. In return, Mongolia approved a limited and revenue-focused set of reforms. Budget amendments passed in April included increases in personal income tax rates, increases in fuel, alcohol and tobacco taxes, and a public service wage freeze.The…See More
Aug 22, 2017
Tom Walker favorited David Mihalyi's blog post Mongolia’s Crisis Averted—For Now
Mar 27, 2017
David Mihalyi posted a blog post

Mongolia’s Crisis Averted—For Now

We have published a blog commenting on the announcement of an IMF bailout for Mongolia, which you can read here: http://www.resourcegovernance.org/blog/mongolia-crisis-averted-for-nowOur findings build on the results from using our latest tool, a user-friendly macro-fiscal model to analyze how different shocks or policy changes - especially in the mining sector -  would impact the trajectory of the economy.Find…See More
Mar 19, 2017
David Mihalyi posted a blog post

Mongolia Macro-fiscal Model

NRGI has developed a new tool linking resource sector developments to a detailed picture of Mongolia’s economy and budget in order to inform ongoing discussions on pressing fiscal issues and long-term sustainability.It incorporates project level models of the country’s five largest mine, a semi structural macroeconomic model and detailed budget forecasts.  It projects a baseline scenario of the economy and describes how different shocks or policy changes would impact the trajectory of key…See More
Mar 3, 2017
David Mihalyi commented on David Mihalyi's blog post 'Debt Sustainability Challenges in Resource-Rich Developing Countries'
"Thank Bryan! I am actually on my way back from work in Mongolia looking at debt sustainability. Indeed, another case where gov debt piled up on the expectation of mining wealth, but also one where shifting project timelines, opaque borrowing and…"
Nov 25, 2016
Bryan Christopher Land commented on David Mihalyi's blog post 'Debt Sustainability Challenges in Resource-Rich Developing Countries'
"Good to have somebody do the data gathering and analysis - check out Mongolia as a classic case! Moody's just re-rated (down) and the IMF has been in town."
Nov 23, 2016
A blog post by David Mihalyi was featured

Debt Sustainability Challenges in Resource-Rich Developing Countries

The International Monetary Fund and the World Bank are currently undertaking a review of their debt sustainability framework for low-income countries. We at the Natural Resource Governance Institute submitted comments on how the framework could better address the particular debt sustainability challenges faced by resource-rich countries.…See More
Nov 22, 2016
sampebgo souleymane favorited David Mihalyi's blog post Natural Resource Charter Case Studies
Nov 22, 2016
David Mihalyi posted a blog post

Debt Sustainability Challenges in Resource-Rich Developing Countries

The International Monetary Fund and the World Bank are currently undertaking a review of their debt sustainability framework for low-income countries. We at the Natural Resource Governance Institute submitted comments on how the framework could better address the particular debt sustainability challenges faced by resource-rich countries.…See More
Nov 19, 2016

Profile Information

Organisation (if non, specify N/A)
NRGI
Type of Organisation
Civil Society Organisation
Website
http://www.resourcegovernance.org/
Job Title
Economic Analyst
About My Work
-
Areas of interest
governance and anti-corruption, investing, contract and licensing, monitoring revenue collection, redistribution and sustainable development

David Mihalyi's Blog

How Did Fiscal Rules Hold Up in the Commodity Price Crash?

Posted on July 13, 2018 at 15:40 0 Comments

Fiscal rules—permanent quantitative constraints on government finances—are an important tool to help mitigate the macroeconomic challenges associated with managing natural resource revenues. Partly inspired by successes in managing resource revenues in countries such as Chile, Peru and Norway (countries that have established fiscal rules and have abided by these budgetary constraints for over a decade), more countries have been adopting such rules.

 

We reviewed the use of fiscal…

Continue

A withhold up in Mongolia? Thoughts on the renewed tax debate around Oyu Tolgoi

Posted on March 25, 2018 at 23:25 1 Comment

Governments of mining countries are vulnerable to investors using double tax agreements (DTAs) as a means of avoiding paying taxes. DTAs are bilateral, or multilateral agreements between countries that set out which country has the right to collect tax on different types of income. Interest expense on foreign loans is one such source of income. The DTA will specify how much tax the source country can collect on the interest paid by the local mining subsidiary, to its affiliate, usually in a…

Continue

What is the Presource Curse?

Posted on December 13, 2017 at 12:23 0 Comments

Resource-rich countries tend to experience slower economic growth and more social problems than do less-endowed countries—a phenomenon dubbed the “resource curse.” But it turns out that in many cases, economic growth begins to underperform long before the first drop of oil is produced; this we call the “presource curse.”

In a recent research paper, we found…

Continue

Fiscal Sustainability in Mongolia

Posted on August 22, 2017 at 15:58 0 Comments

The Mongolian government recently announced a USD 5.5 billion bailout agreement with the International Monetary Fund (IMF) and other development partners, including the World Bank, the Asian Development Bank and the governments of Japan and South Korea. In return, Mongolia approved a limited and revenue-focused set of reforms. Budget amendments passed in April included increases in personal income tax rates, increases in fuel, alcohol and tobacco taxes, and a public service wage…

Continue

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