Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswanaâ€™s Reliance on Diamond Revenue
This study assesses the sustainability of Botswana’s diamond-related fiscal revenue. Diamond reserves are not adequate to generate enough permanent revenue to sustain a high level of expenditure. Under the current fiscal rule that no debt may be accumulated, Botswana will have to save more to avoid an abrupt adjustment in the medium term.
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- Jeffrey D. Sachs & Andrew M. Warner, 1995.
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NBER Working Papers
5398, National Bureau of Economic Research, Inc.
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