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Rules-Based Fiscal Policy in France, Germany, Italy and Spain

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  • Teresa Dabán Sánchez
  • Steven A. Symansky
  • Gian-Maria Milesi-Ferretti
  • Enrica Detragiache
  • Gabriel Di Bella

Abstract

Fiscal rules can help to counteract the deficits and spending biases that too often originate in the political process. Rules that constrain spending--rather than the balance--allow fiscal policy to be countercyclical. Yet the design of effective spending rules is by no means straightforward. Should a rule be real or nominal? How comprehensive should the definition of spending be? What safeguards ensure the credibility of a rule? How do rules work in decentralized systems where regions and states are partially autonomous? France, Germany, Italy, and Spain--countries that could benefit from more emphasis on fiscal rules to constrain spending--are explored here as case studies.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 225.

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Length: 46
Date of creation: 14 Nov 2003
Date of revision:
Handle: RePEc:imf:imfocp:225

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Cited by:
  1. Roy Bahl & Eunice Heredia-Ortiz & Jorge Martinez-Vazquez & Mark Rider, 2005. "India: Fiscal Condition of the States, International Experience,and Options for Reform: Volume 1," International Center for Public Policy Working Paper Series, at AYSPS, GSU, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University paper05141, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  2. Ignacio Lozano & Hernán Rincón & Miguel Sarmiento & Jorge Ramos, . "Regla fiscal cuantitativa para consolidar y blindar las finanzas públicas de Colombia," Borradores de Economia 505, Banco de la Republica de Colombia.
  3. Roy Bahl & Eunice Heredia-Ortiz & Jorge Martinez-Vazquez & Mark Rider, 2005. "India: Fiscal Condition of the States, International Experience,and Options for Reform: Volume 2," International Center for Public Policy Working Paper Series, at AYSPS, GSU, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University paper05142, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
  4. Ronald MacDonald & Paul Hallwood, 2004. "The Economic Case for Fiscal Federalism in Scotland," Working papers, University of Connecticut, Department of Economics 2004-42, University of Connecticut, Department of Economics.
  5. Eswar Prasad, 2004. "China's Growth and Integration into the World Economy," IMF Occasional Papers 232, International Monetary Fund.

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