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Notes on 'A Code for Fiscal Stability.'

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  • Buiter, Willem H

Abstract

This note comments on two central issues for fiscal policy design in the UK, highlighted in the recent "Code for Fiscal Stability" proposed by the new Labour government. The first concerns the merits of the so-called "golden rule of public sector investment"--the proposition that, over the cycle, government borrowing should not exceed government (net) capital formation. The second concerns the case for attempting to construct a more comprehensive balance sheet of public sector assets and liabilities, including tangible public sector assets and certain contingent claims. The two main conclusions are that the golden rule is without merit but that, subject to some important caveats, the construction of a more comprehensive government balance sheet is a worthwhile enterprise. Copyright 2001 by Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 53 (2001)
Issue (Month): 1 (January)
Pages: 1-19

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Handle: RePEc:oup:oxecpp:v:53:y:2001:i:1:p:1-19

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Cited by:
  1. Jerome Creel & Etienne Farvaque, 2009. "The political economy of balanced-budget rules," Documents de Travail de l'OFCE 2009-06, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Philip Arestis & Malcolm Sawyer, 2003. "The Case for Fiscal Policy," Economics Working Paper Archive wp_382, Levy Economics Institute.
  3. Buti, M. & Eijffinger, S.C.W. & Franco, D., 2005. "The Stability pact Pains: A Forward-Looking Assessment of the Reform Debate," Discussion Paper 2005-101, Tilburg University, Center for Economic Research.
  4. José Roberto Rodrigues Afonso & Erika Amorim Araújo & Geraldo Biasoto Júnior, 2005. "Fiscal Space and Public Sector Investments in Infrastructure: A Brazilian Case-Study," Discussion Papers 1141, Instituto de Pesquisa Econômica Aplicada - IPEA.
  5. Ghosh, Sugata & Mourmouras, Iannis A., 2004. "Endogenous growth, welfare and budgetary regimes," Journal of Macroeconomics, Elsevier, vol. 26(4), pages 623-635, December.
  6. Jerome Creel, 2003. "Ranking Fiscal Policy Rules: the Golden Rule of Public Finance vs. the Stability and Growth Pact," Documents de Travail de l'OFCE 2003-04, Observatoire Francais des Conjonctures Economiques (OFCE).
  7. Christian Saint-Etienne, 1999. "Une stratégie européenne de policy-mix pour les années 2000," Revue d'Économie Financière, Programme National Persée, vol. 55(5), pages 37-47.
  8. Alexandru Minea & Patrick Villieu, 2011. "Dette publique, croissance et bien-être : une perspective de long terme," Working Papers halshs-00829647, HAL.
  9. Jérôme Creel & Francesco Saraceno & Paola Veroni, 2007. "Has the Golden Rule of Public Finance Made a difference in the UK," Sciences Po publications 2007-13, Sciences Po.
  10. Paul Hubert & Jérôme Creel & Francesco Saraceno, 2012. "An assessment of stability and growth pact reform proposals in a small-scale macro framework," Sciences Po publications 2012-04, Sciences Po.
  11. Ismihan, Mustafa & Ozkan, F Gulcin, 2007. "Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance," CEPR Discussion Papers 6139, C.E.P.R. Discussion Papers.
  12. repec:spo:wpecon:info:hdl:2441/eu4vqp9ompqllr09j0h0g8tgo is not listed on IDEAS
  13. Chris Chan & Danny Forwood & Heather Roper & Chris Sayers, 2009. "Public Infrastructure Financing: An International Perspective," Staff Working Papers 0902, Productivity Commission, Government of Australia.
  14. Mintz, Jack M. & Smart, Michael, 2006. "Incentives for public investment under fiscal rules," Policy Research Working Paper Series 3860, The World Bank.
  15. Creel, Jérôme & Hubert, Paul & Saraceno, Francesco, 2013. "An assessment of the Stability and Growth Pact reform in a small-scale macro-framework," Journal of Economic Dynamics and Control, Elsevier, vol. 37(8), pages 1567-1580.
  16. Rafal Benecki & Jens Hölscher & Mariusz Jarmuzek, 2006. "Fiscal Transparency and Policy Rules in Poland," CASE Network Studies and Analyses 0327, CASE-Center for Social and Economic Research.
  17. Leopold Diebalek & Walpurga Köhler-Töglhofer & Doris Prammer, 2006. "Reform of the Stability and Growth Pact," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 78–109.
  18. John Stephenson & Grant Scobie, 2002. "The Economics of Population Ageing," Treasury Working Paper Series 02/04, New Zealand Treasury.
  19. Jeff Huther, 1999. "An Integrated Approach to Government Financial Policy," Treasury Working Paper Series 99/08, New Zealand Treasury.

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