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Or else its a self liquidating fund which liquidates itself in the unlikely event of it achieving its objective, which is zero trade imbalances, and increases the larger those trade imbalances become - as it should do.

The problem is that it is difficult to plan for long term infrastructural projects if you don't know what your income is going to be - however if those infrastructural projects are designed to help overcome structural imbalances, the need for them will diminish as they achieve their objectives. In practice some kind of hedging or smoothing strategy will have to be employed to reduce the uncertainty of income relative to the certainty of committed expenditure on formally approved projects/programmes.

Index of Frank's Diaries

by Frank Schnittger (mail Frankschnittger at hot male dotty communists) on Thu Jun 2nd, 2011 at 03:40:02 PM EST
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