Small Countries with Volatile Revenue : Botswana and Bhutan

Bhutan and Botswana share a number of similarities. The two countries, land locked small states, have grown rapidly over the past few decades, boosted by sustained, large-scale inflows of foreign exchange. Botswana’s annual real growth rate average...

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Bibliographic Details
Main Author:	Kojo, Naoko C.
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2015
Subjects:	TARIFFS GOVERNMENT SAVINGS MONETARY POLICY DEFICIT HOLDING REGULATORY FRAMEWORK GOVERNMENT EXPENDITURES ACCOUNTING LEGAL AGREEMENTS SHORT-TERM INTEREST RATES STOCK BANK RATE MACROECONOMIC MISMANAGEMENT MACROECONOMIC MANAGEMENT INTEREST GUARANTEES INVESTMENT FUND INTEREST RATE EXCHANGE BALANCE OF PAYMENTS MACROECONOMIC POLICY RESERVE REQUIREMENTS LIQUIDITY DEVELOPING COUNTRIES GOVERNMENT BORROWING POLITICAL ECONOMY REVENUES PORTFOLIO FISCAL POLICY BONDS DEVALUATION MACROECONOMIC CONDITIONS LOAN DISCOUNT TAX INCOME TAX BUDGETING RESERVE GOVERNMENT GUARANTEES INFLATION INSTRUMENTS BOOM-BUST CYCLE CREDIBILITY BUDGET CENTRAL BANK WITHDRAWALS MACROECONOMIC STABILITY POLICY RESPONSE LABOR MARKET INVESTMENT SPENDING INDEBTEDNESS BENEFICIARY CURRENCY EXPORT GROWTH DISBURSEMENT MARKET PRACTICE PORTFOLIOS GOVERNMENT INDEBTEDNESS INCOME INEQUALITY INFLATIONARY PRESSURES BOOM-BUST CYCLES DIVIDEND PAYMENT TRADING INTEREST RATES MONETARY FUND INVESTMENT FUNDS DEBT INFLATIONARY PRESSURE FINANCIAL FLOWS INFLATION RATE SALES AGREEMENT PUBLIC FINANCE LONG-TERM INSTRUMENTS CURRENT ACCOUNT TRANSACTIONS EXCESS LIQUIDITY INCOME LEVELS DOMESTIC DEBT LOANS RESERVES PRIVATE CAPITAL DEBT SERVICE FINANCIAL SYSTEM RECURRENT EXPENDITURE MONETARY AUTHORITY LEGAL FRAMEWORK FINANCE BANK POLICY PUBLIC INVESTMENT TAXES FIXED EXCHANGE RATE EXPENDITURE TRANSACTIONS INFRASTRUCTURE INVESTMENT AUCTIONS EQUITY CREDIT EXPANSION MACROECONOMIC ENVIRONMENT MACROECONOMIC INSTABILITY HUMAN CAPITAL CAPITAL OUTLAYS GOOD GOVERNMENT BUDGET FINANCIAL CRISIS FUTURE CREDIT EXPANSIONS RETURNS CAPACITY CONSTRAINTS TREASURY BILLS GOVERNMENT EXPENDITURE INTEREST PAYMENT LOCAL BUSINESSES PRICE STABILITY REPAYMENT FINANCIAL PERFORMANCE GOVERNMENT REVENUE EXPENDITURES AMORTIZATION LIQUIDITY MANAGEMENT CURRENT ACCOUNT DEFICIT SHARES HUMAN CAPITAL DEVELOPMENT REAL EXCHANGE RATE MARKET FOREIGN EXCHANGE TRADE LIBERALIZATION INVESTMENT POLICY PUBLIC DEBT BALANCE OF PAYMENT TREASURY SOLVENCY CURRENCIES ECONOMIC DEVELOPMENT INVESTMENT RATES OPEN MARKET GOODS SECURITY INVESTMENT DEBT SERVICES SHARE POVERTY FINANCIAL RISKS CAPITAL REQUIREMENT DEBT SERVICE PAYMENTS FINANCIAL ASSETS BID CAPITAL INFLOWS REVENUE EXTERNAL DEBT PROFIT INVESTMENTS LENDING DEBT REPAYMENT CHECK TRUST FUND CREDIT GROWTH MACROECONOMIC POLICIES REPOS EXCHANGE RATE FISCAL DISCIPLINE GOVERNMENT INVESTMENT INSTRUMENT DEBT SERVICING PROFITS LIABILITIES COMMODITY PRICES SHORT-TERM LIQUIDITY LONG-TERM ASSETS DEVELOPMENT BANK HUMAN DEVELOPMENT INVESTING
Online Access:	http://documents.worldbank.org/curated/en/2015/07/24788392/small-countries-volatile-revenue-botswana-bhutan http://hdl.handle.net/10986/22394