01994cas a2200277 a 4500 AALejournalIMF017797 230101c9999 xx r poo 0 0eng d 20.00 USD 9781484309575 2616-5333 BD-DhAAL BD-DhAAL Honda, Jiro. Fiscal Rules : Coping with Revenue Volatility in Lesotho and Swaziland / Jiro Honda, Manabu Nose, Cesar Sosa Padilla, Jose L. Torres. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (53 pages) Departmental Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Over the past decade, Lesotho and Swaziland have faced significant volatility in their fiscal revenues, owing to highly unstable Southern African Customs Union (SACU) receipts. Based on model analysis, this paper explores the advantages of implementing fiscal rules to deal with such volatility. It finds that the use of a structural balance target could smooth the growth impact from revenue shocks while helping preserve sufficient international reserves during bad times. From a long-term perspective, it suggests possible welfare gains from introducing fiscal rules. Last, it concludes that, based on experiences in other countries, developing strong institutions and improving public financial management are necessary steps to ease the transitions to a rules-based fiscal policy framework. Mode of access: Internet Nose, Manabu. Sosa Padilla, Cesar. Torres, Jose L. Departmental Papers; Departmental Paper ; No. 2017/005 Full text available on IMF http://elibrary.imf.org/view/journals/087/2017/005/087.2017.issue-005-en.xml IMF e-Library