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Managing Revenue Volatility in a Small Island Economy

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  • Catriona Purfield
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    Abstract

    The formulation of fiscal policy in Kiribati faces unusual challenges. Kiribati''s revenue base is among the most volatile in the world, and it possesses sizeable financial assets. Drawing on lessons from some other countries who experience high volatility in their revenues, this paper proposes a fiscal policy rule for Kiribati which is nested within a medium-term macroeconomic framework that aims to ensure the sustainable use of Kiribati''s financial assets while managing the impact of extreme revenue volatility. It also discusses improvements in the institutional fiscal policy framework that could support such a framework.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/154.

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    Length: 23
    Date of creation: 01 Aug 2005
    Date of revision:
    Handle: RePEc:imf:imfwpa:05/154

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    Related research

    Keywords: Revenue sources; Revenues; fiscal policy; expenditure; expenditures; medium-term fiscal framework; fiscal rules; fiscal framework; annual budget; fiscal policy rules; fiscal discipline; fiscal sustainability; fiscal deficit; tax base; fiscal policy formulation; fiscal policies; fiscal frameworks; fiscal management; budget law; budget balance; budget process; budget deficit; government expenditure; fiscal stabilization; budget surplus; fiscal targets; fiscal projections; fiscal accounts; tax revenue; fiscal position; fiscal assumptions; capital expenditure; public expenditure; medium-term fiscal sustainability; fiscal balances; budget systems; fiscal mismanagement; fiscal performance; fiscal deficits; fiscal adjustment; fiscal surpluses; fiscal statistics; government spending; expenditure adjustment; public finances; expenditure restraint; fiscal variables; fiscal adjustments; fiscal rule; government deficit; fiscal decisions; tax bases; fiscal policy rule; tax revenues; fiscal policy framework; fiscal situation; fiscal stance; public finance; fiscal adjustment effort; government expenditures; fiscal expansions; tax collections; fiscal consolidation; national budget; fiscal consolidation effort; budgetary institutions; fiscal response; fiscal savings; medium-term fiscal frameworks; fiscal aggregates; fiscal forecasts;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
    2. Giavazzi, Francesco & Jappelli, Tullio & Pagano, Marco, 2000. "Searching for non-linear effects of fiscal policy: Evidence from industrial and developing countries," European Economic Review, Elsevier, vol. 44(7), pages 1259-1289, June.
    3. Schuknecht, Ludger & Tanzi, Vito, 2005. "Reforming public expenditure in industrialised countries: are there trade-offs?," Working Paper Series 0435, European Central Bank.
    4. repec:fth:coluec:754 is not listed on IDEAS
    5. Ernesto Talvi & Carlos A. Vegh, 2000. "Tax Base Variability and Procyclical Fiscal Policy," NBER Working Papers 7499, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Paulo A. Medas & Eric Le Borgne, 2007. "Sovereign Wealth Funds in the Pacific Island Countries," IMF Working Papers 07/297, International Monetary Fund.

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