Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy; The Case of Botswana
Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from revenues from these resources, which is held constant in terms of GDP. Botswana is an interesting case because current projections suggest that diamond resources could be largely exhausted within a generation.
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- Corinne Deléchat & Matthew Gaertner, 2008. "Exchange Rate Assessment in a Resource-Dependent Economy; The Case of Botswana," IMF Working Papers 08/83, International Monetary Fund.
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- International Monetary Fund, 2007. "Chile; 2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Chile," IMF Staff Country Reports 07/333, International Monetary Fund.
- Jan-Peter Olters, 2007. "Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa," IMF Working Papers 07/107, International Monetary Fund. Full references (including those not matched with items on IDEAS)
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