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Fiscal Rules: Coping with Revenue Volatility in Lesotho and Swaziland

Fiscal Rules: Coping with Revenue Volatility in Lesotho and Swaziland »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Volume: 17

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Over the past decade, Lesotho and Swaziland have faced significant volatility in their fiscal revenues, owing to highly unstable Southern African Customs Union (SACU) receipts. Based on model analysis, this paper e...

Chapter 1. Policy Challenges and Constraints

Chapter 1. Policy Challenges and Constraints »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Policy Challenges Associated with SACU Revenues SACU revenues have been a sizable but volatile source of revenue for Lesotho and Swaziland (Table 1). Under the SACU a...

Chapter 2. Addressing Fiscal Policy Volatility in Lesotho and Swaziland

Chapter 2. Addressing Fiscal Policy Volatility in Lesotho and Swaziland »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Can Fiscal Rules Help? This section explores possible impacts of fiscal rules to ensure fiscal and external stability in the short term and welfare benefits of fiscal...

Chapter 3. From Discretionary to a Rules-Based Fiscal Policy Framework

Chapter 3. From Discretionary to a Rules-Based Fiscal Policy Framework »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Groundwork for Successful Fiscal Rules The experiences of countries with fiscal rules suggest that their success depends on their design, and on legislative and insti...

Chapter 4. Conclusion

Chapter 4. Conclusion »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Under the current SACU arrangement, Lesotho and Swaziland have faced significant volatility in their revenues, largely owing to highly volatile SACU receipts. A significant decline in these reve...

Introduction

Introduction »

Source: Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland

Series: Departmental Papers / Policy Papers

Author(s): Jiro Honda , Manabu Nose , Cesar Sosa Padilla , Jose L. Torres , Murna Morgan , Fernando Im , and Natalia Koliadina

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 12 September 2017

ISBN: 9781484309575

Keywords: Fiscal analysis, Fiscal management, Fiscal policy, Fiscal sector, Fiscal data, Fiscal framework, Fiscal rules, Fiscal rules and institutions

Managing fiscal revenue volatility is a serious policy challenge for many countries. Over the past decade, Lesotho and Swaziland have faced significant revenue volatility, largely owing to highl...

Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World1

Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World1 »

Source: Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World

Volume/Issue: 2014/122

Series: IMF Working Papers

Author(s): Elva Bova , Nathalie Carcenac , and Martine Guerguil

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 July 2014

ISBN: 9781498305525

Keywords: fiscal policty, cyclicality, developing economies, fiscal rule, budget balance, fiscal institutions, Structure and Scope of Government, Deficit, Open Economy Macroeconomics,

This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries ou...

How to Control the Fiscal Costs of Public-Private Partnerships

How to Control the Fiscal Costs of Public-Private Partnerships »

Source: How to Control the Fiscal Costs of Public-Private Partnerships

Volume: 18

Series: IMF How To Notes

Author(s): Timothy Irwin , Samah Mazraani , and Sandeep Saxena

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 16 October 2018

ISBN: 9781484380925

Keywords: Fiscal risk, Fiscal sustainability, Fiscal policy, Fiscal management, Risk management, Fiscal rules, Accounting for Public-Private Partnerships (PPPs), Public services, Public-private partnership, Fiscal rules and institutions

This note discusses what finance ministries can do to ensure that public-private partnerships (PPPs) are used wisely. By inviting private participation in infrastructure development and service provision, PPPs can...

Reconciling Stability and Growth

Reconciling Stability and Growth »

Source: Reconciling Stability and Growth : Smart Pacts and Structural Reforms

Volume/Issue: 2003/174

Series: IMF Working Papers

Author(s): Roel Beetsma , and Xavier Debrun

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2003

ISBN: 9781451858716

Keywords: Structural reforms, Stability and Growth Pact, Monetary Union, Sanctions, unemployment, employment, employment protection, fiscal policy, fiscal rules, International Monetary Arrangements and Institutions

This paper analyzes the decision of a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact. The model shows that a pa...

Strengthening the West African Economic and Monetary Union: The Role of Fiscal and Market Institutions in Economic Stabilization

Strengthening the West African Economic and Monetary Union: The Role of Fiscal and Market Institutions in Economic Stabilization »

Source: Strengthening the West African Economic and Monetary Union : The Role of Fiscal and Market Institutions in Economic Stabilization

Series: Departmental Papers / Policy Papers

Author(s): Olivier Basdevant , Patrick Imam , Tidiane Kinda , and Aleksandra Zdzienicka

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 23 October 2015

ISBN: 9781513567334

Keywords: Fiscal rules and institutions, West African Economic and Monetary Union, External shocks, Regional shocks, Economic stabilization, Economic integration, fiscal, debt, insurance, deficit

West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject...