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

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  • Asfaha, Samuel

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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Bibliographic Info

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

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References

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Cited by:
  1. Thouraya Triki & Issa Faye, 2011. "Working Paper 142 - Africa’s Quest for Development: Can Sovereign Wealth Funds Help?," Working Paper Series 364, African Development Bank.
  2. Thorsten Beck & Samuel Munzele Maimbo & Issa Faye & Thouraya Triki, 2011. "Financing Africa : Through the Crisis and Beyond," World Bank Publications, The World Bank, number 2355, October.
  3. Jerger, Jürgen & Migrow, Dimitri, 2009. "Stabilisierungsfonds und makroökonomische Governance," University of Regensburg Working Papers in Business, Economics and Management Information Systems 433, University of Regensburg, Department of Economics.
  4. Khalid R. Alkhater, 2012. "The Rentier Predatory State Hypothesis: An Empirical Explanation Of The Resource Curse," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 37(4), pages 29-60, December.

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