| Description |
1 online resource (28 pages) : illustrations |
| Series |
IMF working paper, 2227-8885 ; WP/12/93 |
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IMF working paper ; WP/12/93.
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| Contents |
Cover; Contents; I. Introduction; Figures; 1. Public Wage Bill in Sub-Saharan Africa; II. Fiscal Adjustment in BLNS in Response to the Loss of SACU Revenue; A. Risks of a significant loss of SACU revenue calls for fiscal adjustments and reforms; Boxes; 1. SACU Revenue Sharing Formula; B. Analyzing Design Options for the Fiscal Adjustment in BLNS; Tables; 1. SACU Transfers in BLNS and Simulated Loss; 2. GDP Response to Different Policy Instruments; 3. Current Account Balance Response to Different Policy Instruments; III. Fiscal Coordination within SACU: Could Fiscal Rules be Appropriate? |
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A. Regional Integration Challenges Suggest Redefining the Revenue-Sharing FormulaB. Defining Procedural Rules to Prevent the Reoccurrence of Sustainability Concerns in BLNS; 4. Deficit Bias in BLNS and its Impact on Debt Sustainability; 2. Expenditure Growth in BLNS, 2008-10; C. Defining National Numerical Rules; 2. Fiscal Rules: Rationale, Benefits and Costs; 3. Comparing Two Ways to Achieve a Deficit Target; D. Enforcing Numerical Rules: Lessons from the Euro Area; 3. General Options for the Design of a Fiscal Rule; IV. Conclusion; References; Appendix I; A. Overview of the Model |
| Summary |
Following the onset of the global economic crisis in 2008, SACU member countries have witnessed a significant growth slowdown, and a deterioration of their fiscal balances. This paper (i) assesses options for the design of the needed fiscal consolidation, and (ii) discussed medium-term fiscal policy rules that would help maintain a sound fiscal stance once consolidation has taken place. The main messages are: (i) government consumption cuts appears to minimize the negative impact on growth, and would be appropriate given the relatively large size of the public sector in each country, (ii) fiscal rules could be of particular interest for SACU members notably, a new customs revenue-sharing formula, procedural rules to strengthen budget process, and numerical rules at the national level |
| Notes |
At head of title: African Department |
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Title from PDF title page (IMF Web site, viewed April 5, 2012) |
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"April 2012." |
| Bibliography |
Includes bibliographical references |
| Subject |
Fiscal policy -- Africa, Southern -- Econometric models
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Monetary unions -- Africa, Southern -- Econometric models
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Economic history
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Fiscal policy -- Econometric models
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Monetary unions -- Econometric models
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Deficit.
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Expenditure.
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Fiscal Rule.
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Fiscal Rules.
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National Budget.
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Sacu.
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Africa, Southern -- Economic conditions.
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Southern Africa
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Botswana.
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| Form |
Electronic book
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| Author |
International Monetary Fund. African Department, issuing body.
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| ISBN |
1475530005 |
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9781475530001 |
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1475550332 |
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9781475550337 |
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1475502834 |
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9781475502831 |
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