Are Diamonds Forever? Using the Permanent Income Hypothesis to Analyze Botswana’s Reliance on Diamond Revenue

Olivier Basdevant

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Natural Resources and Economic Development Economic and Fiscal Studies Fiscal Policies and Political Economy

Abstract

This study assesses the sustainability of Botswana’s diamond-related fiscal revenue. Diamond reserves are not adequate to generate enough permanent revenue to sustain a high level of expenditure. Under the current fiscal rule that no debt may be accumulated, Botswana will have to save more to avoid an abrupt adjustment in the medium term.

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1995Natural Resource Abundance and Economic Growth 2001The curse of natural resources 1957Theory of the Consumption Function 2013Utility Analysis and the Consumption Function: An Interpretation of Cross-Section Data 1960A Theory of the Consumption Function 2003Resource Impact: Curse or Blessing? A Literature Survey 2003Fiscal Policy Formulation and Implementation in Oil-Producing Countries 2004Social Spending, Human Capital, and Growth in Developing Countries

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2017Raising more domestic money for health: prospects for low- and middle-income countries 2012Botswana and Mauritius: Two African Success Stories

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