Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance
Bhutan’s hydropower generation potential raises the prospect of tremendous development opportunities for the country: fast increasing export revenue, sustained economic growth, and rapid poverty reduction. Driven by developments in the hydropower s...
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World Bank, Washington, DC
2016
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| Online Access: | http://documents.worldbank.org/curated/en/2016/06/26470913/ http://hdl.handle.net/10986/24581 |
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okr-10986-245812021-04-23T14:04:22Z Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance Boyreau, Genevieve Rama, Martin DEFICIT MONETARY POLICY HOLDING BORROWER EQUIPMENT ECONOMIC GROWTH PRIVATE SECTOR PARTICIPATION ACCOUNTING DEMAND FOR CREDIT PUBLIC PROCUREMENT FOREIGN INVESTORS OLD-AGE PENSION INTEREST PUBLIC INVESTMENTS PUBLIC SECTOR GOVERNMENT SPENDING INTEREST RATE OPTION EXCHANGE SPENDING PUBLIC SECTOR WORKFORCE SERVICES DEVELOPING COUNTRIES TAX COLLECTION REAL INTEREST HOUSING REVENUES FISCAL POLICY FINANCIAL STATEMENTS LOAN REPAYMENT PERIOD PRICING TAX INCOME TAX BUDGETING INFORMATION SYSTEMS INFLATION PENSION DEBT BURDEN INSTRUMENTS DEBT INTEREST BUDGET PUBLIC SECTOR COMPENSATION MACROECONOMIC STABILITY FISCAL POLICIES CONTRACTS PERSONAL INCOME TAX REGIME TRADING TAX EXEMPTIONS RECURRENT EXPENDITURES OPTIONS INVESTMENT FUNDS DEBT MARKETS FORECASTING HOUSEHOLD INCOME RETURN PUBLIC PROPERTY PUBLIC FINANCE BUSINESS CYCLE MACROECONOMIC FLUCTUATIONS LABOR LOANS REAL INTEREST RATE PER ASSET CLASSES CAPITAL INVESTMENTS DEBT SERVICE PENSION FUNDS SUBSIDIES MONETARY AUTHORITY FINANCE GRANTS PUBLIC PUBLIC INVESTMENT INFRASTRUCTURE TAXES FIXED EXCHANGE RATE FISCAL DEFICIT HEALTH SPENDING INVESTMENT DECISIONS EXPENDITURE TRANSACTIONS EQUITY CREDIT EXPANSION INVESTORS MACROECONOMIC INSTABILITY GOOD TAX RATE TRANSPARENCY PUBLIC EXPENDITURE BUDGET SURPLUS FUTURE ELECTRICITY RETURNS BUDGETS INVESTMENT PROJECTS PUBLIC EXPENDITURES BUDGET IMPLICATIONS REPAYMENT GOVERNMENT REVENUE EXPENDITURES PUBLIC TRANSPORT ECONOMIC EFFICIENCY AMORTIZATION PROPERTY BIDS CURRENT ACCOUNT DEFICIT TAX RATES HOUSING PRICES PRIVATE SECTOR PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE DEFAULT MARKET FOREIGN EXCHANGE TAX REVENUE MANAGEMENT ROADS INFRASTRUCTURE INVESTMENTS TAXATION PUBLIC SECTOR EMPLOYMENT GOODS LAND LOCAL ECONOMIES SECURITY INVESTMENT COMMERCIAL BANKS SHARE IMMOVABLE PROPERTY INVESTMENT CLIMATE TAX SYSTEM POVERTY INTERNATIONAL STANDARD FISCAL BALANCE CAPITAL INFLOWS REVENUE EXTERNAL DEBT INVESTMENTS DEGREES OF RISK LEGAL OBLIGATIONS DEBT REPAYMENT IMPLICIT TAX AMOUNT OF DEBT FISCAL DISCIPLINE EXCHANGE RATE PUBLIC SPENDING PUBLIC SERVICE PAYMENT SYSTEMS SMALL BUSINESSES DEVELOPMENT BANK INCOME LEVEL BUDGET SURPLUSES Bhutan’s hydropower generation potential raises the prospect of tremendous development opportunities for the country: fast increasing export revenue, sustained economic growth, and rapid poverty reduction. Driven by developments in the hydropower sector, the country has grown at an average rate of 7 percent per year over the last decade, while poverty has declined remarkably fast. But hydropower development also creates significant challenges as follows: (i) macroeconomic instability; (ii) lack of self-reliance; and (iii) few private sector jobs. This policy note assesses the opportunities and challenges associated with hydropower development. It informs a possible strategy supportive of macroeconomic stability, fiscal self-reliance and private sector development. And it argues that fundamental changes in public finance, amounting to a paradigm shift, are central to the implementation of such strategy. 2016-06-22T15:20:38Z 2016-06-22T15:20:38Z 2015-11 Report http://documents.worldbank.org/curated/en/2016/06/26470913/ http://hdl.handle.net/10986/24581 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Policy Note Economic & Sector Work South Asia Bhutan |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
DEFICIT MONETARY POLICY HOLDING BORROWER EQUIPMENT ECONOMIC GROWTH PRIVATE SECTOR PARTICIPATION ACCOUNTING DEMAND FOR CREDIT PUBLIC PROCUREMENT FOREIGN INVESTORS OLD-AGE PENSION INTEREST PUBLIC INVESTMENTS PUBLIC SECTOR GOVERNMENT SPENDING INTEREST RATE OPTION EXCHANGE SPENDING PUBLIC SECTOR WORKFORCE SERVICES DEVELOPING COUNTRIES TAX COLLECTION REAL INTEREST HOUSING REVENUES FISCAL POLICY FINANCIAL STATEMENTS LOAN REPAYMENT PERIOD PRICING TAX INCOME TAX BUDGETING INFORMATION SYSTEMS INFLATION PENSION DEBT BURDEN INSTRUMENTS DEBT INTEREST BUDGET PUBLIC SECTOR COMPENSATION MACROECONOMIC STABILITY FISCAL POLICIES CONTRACTS PERSONAL INCOME TAX REGIME TRADING TAX EXEMPTIONS RECURRENT EXPENDITURES OPTIONS INVESTMENT FUNDS DEBT MARKETS FORECASTING HOUSEHOLD INCOME RETURN PUBLIC PROPERTY PUBLIC FINANCE BUSINESS CYCLE MACROECONOMIC FLUCTUATIONS LABOR LOANS REAL INTEREST RATE PER ASSET CLASSES CAPITAL INVESTMENTS DEBT SERVICE PENSION FUNDS SUBSIDIES MONETARY AUTHORITY FINANCE GRANTS PUBLIC PUBLIC INVESTMENT INFRASTRUCTURE TAXES FIXED EXCHANGE RATE FISCAL DEFICIT HEALTH SPENDING INVESTMENT DECISIONS EXPENDITURE TRANSACTIONS EQUITY CREDIT EXPANSION INVESTORS MACROECONOMIC INSTABILITY GOOD TAX RATE TRANSPARENCY PUBLIC EXPENDITURE BUDGET SURPLUS FUTURE ELECTRICITY RETURNS BUDGETS INVESTMENT PROJECTS PUBLIC EXPENDITURES BUDGET IMPLICATIONS REPAYMENT GOVERNMENT REVENUE EXPENDITURES PUBLIC TRANSPORT ECONOMIC EFFICIENCY AMORTIZATION PROPERTY BIDS CURRENT ACCOUNT DEFICIT TAX RATES HOUSING PRICES PRIVATE SECTOR PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE DEFAULT MARKET FOREIGN EXCHANGE TAX REVENUE MANAGEMENT ROADS INFRASTRUCTURE INVESTMENTS TAXATION PUBLIC SECTOR EMPLOYMENT GOODS LAND LOCAL ECONOMIES SECURITY INVESTMENT COMMERCIAL BANKS SHARE IMMOVABLE PROPERTY INVESTMENT CLIMATE TAX SYSTEM POVERTY INTERNATIONAL STANDARD FISCAL BALANCE CAPITAL INFLOWS REVENUE EXTERNAL DEBT INVESTMENTS DEGREES OF RISK LEGAL OBLIGATIONS DEBT REPAYMENT IMPLICIT TAX AMOUNT OF DEBT FISCAL DISCIPLINE EXCHANGE RATE PUBLIC SPENDING PUBLIC SERVICE PAYMENT SYSTEMS SMALL BUSINESSES DEVELOPMENT BANK INCOME LEVEL BUDGET SURPLUSES |
| spellingShingle |
DEFICIT MONETARY POLICY HOLDING BORROWER EQUIPMENT ECONOMIC GROWTH PRIVATE SECTOR PARTICIPATION ACCOUNTING DEMAND FOR CREDIT PUBLIC PROCUREMENT FOREIGN INVESTORS OLD-AGE PENSION INTEREST PUBLIC INVESTMENTS PUBLIC SECTOR GOVERNMENT SPENDING INTEREST RATE OPTION EXCHANGE SPENDING PUBLIC SECTOR WORKFORCE SERVICES DEVELOPING COUNTRIES TAX COLLECTION REAL INTEREST HOUSING REVENUES FISCAL POLICY FINANCIAL STATEMENTS LOAN REPAYMENT PERIOD PRICING TAX INCOME TAX BUDGETING INFORMATION SYSTEMS INFLATION PENSION DEBT BURDEN INSTRUMENTS DEBT INTEREST BUDGET PUBLIC SECTOR COMPENSATION MACROECONOMIC STABILITY FISCAL POLICIES CONTRACTS PERSONAL INCOME TAX REGIME TRADING TAX EXEMPTIONS RECURRENT EXPENDITURES OPTIONS INVESTMENT FUNDS DEBT MARKETS FORECASTING HOUSEHOLD INCOME RETURN PUBLIC PROPERTY PUBLIC FINANCE BUSINESS CYCLE MACROECONOMIC FLUCTUATIONS LABOR LOANS REAL INTEREST RATE PER ASSET CLASSES CAPITAL INVESTMENTS DEBT SERVICE PENSION FUNDS SUBSIDIES MONETARY AUTHORITY FINANCE GRANTS PUBLIC PUBLIC INVESTMENT INFRASTRUCTURE TAXES FIXED EXCHANGE RATE FISCAL DEFICIT HEALTH SPENDING INVESTMENT DECISIONS EXPENDITURE TRANSACTIONS EQUITY CREDIT EXPANSION INVESTORS MACROECONOMIC INSTABILITY GOOD TAX RATE TRANSPARENCY PUBLIC EXPENDITURE BUDGET SURPLUS FUTURE ELECTRICITY RETURNS BUDGETS INVESTMENT PROJECTS PUBLIC EXPENDITURES BUDGET IMPLICATIONS REPAYMENT GOVERNMENT REVENUE EXPENDITURES PUBLIC TRANSPORT ECONOMIC EFFICIENCY AMORTIZATION PROPERTY BIDS CURRENT ACCOUNT DEFICIT TAX RATES HOUSING PRICES PRIVATE SECTOR PUBLIC SECTOR DEFICIT REAL EXCHANGE RATE DEFAULT MARKET FOREIGN EXCHANGE TAX REVENUE MANAGEMENT ROADS INFRASTRUCTURE INVESTMENTS TAXATION PUBLIC SECTOR EMPLOYMENT GOODS LAND LOCAL ECONOMIES SECURITY INVESTMENT COMMERCIAL BANKS SHARE IMMOVABLE PROPERTY INVESTMENT CLIMATE TAX SYSTEM POVERTY INTERNATIONAL STANDARD FISCAL BALANCE CAPITAL INFLOWS REVENUE EXTERNAL DEBT INVESTMENTS DEGREES OF RISK LEGAL OBLIGATIONS DEBT REPAYMENT IMPLICIT TAX AMOUNT OF DEBT FISCAL DISCIPLINE EXCHANGE RATE PUBLIC SPENDING PUBLIC SERVICE PAYMENT SYSTEMS SMALL BUSINESSES DEVELOPMENT BANK INCOME LEVEL BUDGET SURPLUSES Boyreau, Genevieve Rama, Martin Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| geographic_facet |
South Asia Bhutan |
| description |
Bhutan’s hydropower generation potential
raises the prospect of tremendous development opportunities
for the country: fast increasing export revenue, sustained
economic growth, and rapid poverty reduction. Driven by
developments in the hydropower sector, the country has grown
at an average rate of 7 percent per year over the last
decade, while poverty has declined remarkably fast. But
hydropower development also creates significant challenges
as follows: (i) macroeconomic instability; (ii) lack of
self-reliance; and (iii) few private sector jobs. This
policy note assesses the opportunities and challenges
associated with hydropower development. It informs a
possible strategy supportive of macroeconomic stability,
fiscal self-reliance and private sector development. And it
argues that fundamental changes in public finance, amounting
to a paradigm shift, are central to the implementation of
such strategy. |
| format |
Report |
| author |
Boyreau, Genevieve Rama, Martin |
| author_facet |
Boyreau, Genevieve Rama, Martin |
| author_sort |
Boyreau, Genevieve |
| title |
Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| title_short |
Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| title_full |
Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| title_fullStr |
Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| title_full_unstemmed |
Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance |
| title_sort |
bhutan macroeconomic and public finance policy note : hydropower impact and public finance reforms towards economic self-reliance |
| publisher |
World Bank, Washington, DC |
| publishDate |
2016 |
| url |
http://documents.worldbank.org/curated/en/2016/06/26470913/ http://hdl.handle.net/10986/24581 |
| _version_ |
1764457103908405248 |