National Revenue Funds: Their Efficacy for Fiscal Stability and Intergenerational Equity
Samuel Asfaha ()
MPRA Paper from University Library of Munich, Germany
In countries where the political-economy incentives that governments face do not foster prudent revenue management, national revenue funds (NRFs) should not be used to impose optimal expenditure paths. In such countries, NRFs should instead be used as policy tools for re-aligning the diverging interests of governments, influential interest groups and society at large. This paper argues that nation-wide multi-stakeholder consultations are the way to go about it. Any multi-stakeholder consultation should target three important issues: establishing a national revenue management law which is acceptable to all stakeholders; establishing a multi-stakeholder independent oversight and monitoring committee to ensure checks-and-balances and compliance with the national revenue law; and giving the law constitutional status, to protect it from amendment or override by a single entity.
Keywords: national revenue funds; Dutch disease; resource curse; polical-economy; rent-seeking; resource boom; consumption-smoothing; fiscal stabilization; revenue volatility (search for similar items in EconPapers)
JEL-codes: E21 E30 H20 H30 H50 H60 N50 O13 Q33 Q38 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-pbe
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