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Fiscal Policies and Rules in the Face of Revenue Volatility within Southern Africa Customs Union Countries (SACU)

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  • Olivier Basdevant
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    Abstract

    Following the onset of the global economic crisis in 2008, SACU member countries have witnessed a significant growth slowdown, and a deterioration of their fiscal balances. This paper (i) assesses options for the design of the needed fiscal consolidation, and (ii) discussed medium-term fiscal policy rules that would help maintain a sound fiscal stance once consolidation has taken place. The main messages are: (i) government consumption cuts appears to minimize the negative impact on growth, and would be appropriate given the relatively large size of the public sector in each country, (ii) fiscal rules could be of particular interest for SACU members notably, a new customs revenue-sharing formula, procedural rules to strengthen budget process, and numerical rules at the national level.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 12/93.

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    Length: 28
    Date of creation: 01 Apr 2012
    Date of revision:
    Handle: RePEc:imf:imfwpa:12/93

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    Related research

    Keywords: Southern Africa; Fiscal consolidation; Government expenditures; Revenue measures; Revenues; expenditure; fiscal policy; fiscal adjustment; fiscal rules; fiscal adjustments; fiscal rule; tax rates; fiscal sustainability; expenditure growth; fiscal consolidations; fiscal variables; budget constraint; government budget; fiscal transparency; fiscal policies; government budget constraint; fiscal coordination; expenditures; fiscal stance; tax administration; government revenue; government spending; public finances; spending cuts; fiscal balances; fiscal institutions; tax increase; budget process; medium-term expenditure frameworks; recurrent expenditure; fiscal responsibility; fiscal balance; expenditure controls; fiscal council; budget execution reports; fiscal objectives; fiscal discipline; public spending; primary deficit; fiscal policy rules; fiscal revenue; expenditure levels; fiscal imbalances; tax increases; fiscal risk; fiscal risks; tax compliance; tax expenditures; fiscal deficits; national budget; fiscal targets; expenditure frameworks; fiscal management; budgetary consolidation; expenditure policies; budget support; medium-term expenditure; expenditure problems; high spending; fiscal instrument; public sector wage bill; public debt; revenue collection; budget deficit; fiscal stimulus; national fiscal rules; fiscal responsibility law; public finance; tax collection; fiscal performances; fiscal responsibility laws; fiscal space; expenditure items; fiscal deficit; fiscal response; annual budget; prudent fiscal policies; tax policy;

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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. Luis-Felipe Zanna & Olivier Basdevant & Susan Yang & Geneviève Verdier & Joannes Mongardini & Borislava Mircheva & Dalmacio Benicio, 2011. "The Design of Fiscal Adjustment Strategies in Botswana, Lesotho, Namibia, and Swaziland," IMF Working Papers 11/266, International Monetary Fund.
    2. Alexander Plekhanov & Manmohan S. Kumar & Daniel Leigh, 2007. "Fiscal Adjustments," IMF Working Papers 07/178, International Monetary Fund.
    3. Steven A. Symansky & Xavier Debrun & Natan P. Epstein, 2008. "A New Fiscal Rule," IMF Working Papers 08/87, International Monetary Fund.
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