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Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy: The Case of Botswana

Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy: The Case of Botswana by Jens R. Clausen
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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.
International Monetary Fund; May 2008
15 pages; ISBN 9781452717807
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Title: Calculating Sustainable Non-mineral Balances as Benchmarks for Fiscal Policy: The Case of Botswana
Author: Jens R. Clausen