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 r...
International Monetary Fund,
|Series:||IMF Working Papers
|Online Access:||Click to View|
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