Bhutan Macroeconomic and Public Finance Policy Note : Hydropower Impact and Public Finance Reforms towards Economic Self-Reliance

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作者：

Boyreau, Genevieve

来源地址：

http://hdl.handle.net/10986/24581

关键词：

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;  Report;  Rapport;  Informe; 

年份：

2015

出版地：

Washington,USA

语种：

English

摘要：

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.