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Notes on 'A Code for Fiscal Stability'

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Author Info
Buiter, Willem H

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Abstract

This note comments on two central issues for fiscal policy design in the United Kingdom, 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 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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1831.

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Date of creation: Mar 1998
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Handle: RePEc:cpr:ceprdp:1831

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Related research
Keywords: fiscal stability; golden rule; public sector balance sheet; public sector capital;

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Find related papers by JEL classification:
E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus

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  1. Buti, Marco & Eijffinger, Sylvester & Franco, Daniele, 2005. "The stability pact pains : a forward-looking assessment of the reform debate," Discussion Paper 101, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  2. Philip Arestis & Malcolm Sawyer, 2003. "The Case for Fiscal Policy," General Economics and Teaching 0306005, EconWPA. [Downloadable!]
    Other versions:
  3. 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). [Downloadable!]
  4. John Stephenson & Grant Scobie, 2002. "The Economics of Population Ageing," Treasury Working Paper Series 02/04, New Zealand Treasury. [Downloadable!]
  5. P R Agénor & D Yilmaz, 2006. "The Tyranny of Rules: Fiscal Discipline, Productive Spending, and Growth," Centre for Growth and Business Cycle Research Discussion Paper Series 73, Economics, The Univeristy of Manchester. [Downloadable!]
  6. Jerome Creel & Paola Monperrus-Veroni & Francesco Saraceno, 2007. "Has the Golden Rule of Public Finance Made a Difference in the UK ?," Documents de Travail de l'OFCE 2007-13, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
  7. Jeff Huther, 1999. "An Integrated Approach to Government Financial Policy," Treasury Working Paper Series 99/08, New Zealand Treasury. [Downloadable!]
  8. Mintz, Jack M. & Smart, Michael, 2006. "Incentives for public investment under fiscal rules," Policy Research Working Paper Series 3860, The World Bank. [Downloadable!]
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