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Example text
Bernard M. Hoekman No. 283 Meeting the Challenge of Chinese Enterprise Reform. Harry G. Broadman No. 284 Desert Locust Management: A Time for Change. Steen R. Joffe No. 285 Sharing the Wealth: Privatization through Broad-based Ownership Strategies. Stuart W. W. C. A. All rights reserved Manufactured in the United States of America First printing May 1996 Discussion Papers present results of country analysis or research that are circulated to encourage discussion and comment within the development community.
However, the maximum permissible spending that results as a residual from the sustainable deficit and revenue need not be optimal if it crowds out more efficient private sector spending. For instance, the assessment of the role of government versus the private sector within and across sectors, as further discussed below, can conceivably reveal that aggregate spending, and hence taxes, can be reduced even below its maximum permissible level. , in post-civil war Uganda during the late 1980s), the exercise can even reveal that the maximum permissible level of spending is insufficient and therefore inconsistent with the rehabilitation needs to meet the growth and poverty alleviation objectives; additional borrowing in such circumstances need not lead to an unsustainable debt burden.
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