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National Revenue Funds: Their Efficacy for Fiscal Stability and Intergenerational Equity

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Author Info
Asfaha, Samuel

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Abstract

In countries where the political-economy incentives that governments face do not foster prudent revenue management, national revenue funds (NRFs) should not be used to impose optimal expenditure paths. In such countries, NRFs should instead be used as policy tools for re-aligning the diverging interests of governments, influential interest groups and society at large. This paper argues that nation-wide multi-stakeholder consultations are the way to go about it. Any multi-stakeholder consultation should target three important issues: establishing a national revenue management law which is acceptable to all stakeholders; establishing a multi-stakeholder independent oversight and monitoring committee to ensure checks-and-balances and compliance with the national revenue law; and giving the law constitutional status, to protect it from amendment or override by a single entity.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 7656.

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Date of creation: Aug 2007
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Handle: RePEc:pra:mprapa:7656

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Related research
Keywords: national revenue funds Dutch disease resource curse polical-economy rent-seeking resource boom consumption-smoothing fiscal stabilization revenue volatility

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Find related papers by JEL classification:
H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
Q33 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Resource Booms (Dutch Disease)
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
Q38 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Government Policy (includes OPEC Policy)
E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
N50 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - General, International, or Comparative
H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

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