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Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?

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Author Info
George Kopits
Abstract

With the primary objective of conferring credibility on macroeconomic policies, an increasing number of advanced and emerging market economies have adopted various forms of fiscal rules (mainly balanced-budget requirements and debt limits). In contrast to previous fiscal rules, many of which lacked transparency, recently introduced rules have the potential of serving as a useful depoliticized policy framework, and over time, can contribute to stability and growth. To this end, they need to be well designed and supported by an appropriate institutional infrastructure.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/145.

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Length: 24 pages
Date of creation: 09 Oct 2001
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Handle: RePEc:imf:imfwpa:01/145

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  1. Peter Stella, 2002. "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Working Papers 02/137, International Monetary Fund. [Downloadable!]
  2. Gonzalez, Christian Y. & Rosenblatt, David & Webb, Steven B., 2002. "Stabilizing intergovernmental transfers in Latin America : a complement to national/subnational fiscal rules?," Policy Research Working Paper Series 2869, The World Bank. [Downloadable!]
  3. 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. [Downloadable!] (restricted)
  4. Petr Hedbávný & Ondřej Schneider & Jan Zápal, 2004. "Does the Enlarged European Union Need a Better Fiscal Pact?," Working Papers IES 55, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2004. [Downloadable!]
  5. Mauro Visaggio, 2004. "Does Stability and Growth Pact Provide an Adequate and Consistent Fiscal Rule?," Macroeconomics 0407008, EconWPA. [Downloadable!]
  6. Ignacio Lozano & Hernán Rincón & Miguel Sarmiento & Jorge Ramos, 2008. "Regla fiscal cuantitativa para consolidar y blindar las finanzas públicas de Colombia," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 10(19), pages 311-352, July-Dece. [Downloadable!]
    Other versions:
  7. Uña, Gerardo & Bertello, Nicolas, 2007. "Situacion Fiscal y Fondo Anticiclico en la Ciudad de Buenos Aires: evolucion y perspectivas
    [Fiscal Situation and Stabilization Fund of Buenos Aires City: evolution and forecast]    ," MPRA Paper 3198, University Library of Munich, Germany. [Downloadable!]
  8. Allan Drazen, 2002. "Central Bank Independence, Democracy, and Dollarization," Journal of Applied Economics, Universidad del CEMA, vol. 0, pages 1-17, May. [Downloadable!]
  9. Fermín Cabasés & Pedro Pascual & Jaime Vallés, 2007. "The effectiveness of institutional borrowing restrictions: Empirical evidence from Spanish municipalities," Public Choice, Springer, vol. 131(3), pages 293-313, June. [Downloadable!] (restricted)
  10. George Kopits, 2007. "Fiscal Responsibility Framework: International Experience and Implications for Hungary," MNB Occasional Papers 2007/62, Magyar Nemzeti Bank (The Central Bank of Hungary). [Downloadable!]
  11. Erdem Basci & M. Fatih Ekinci & Murat  Yülek, 2004. "On Fixed and Variable Fiscal Surplus Rules," IMF Working Papers 04/117, International Monetary Fund. [Downloadable!]
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  12. César Calderón & Klaus Schmidt-Hebbel, 2008. "The Choice of Fiscal Regimes in the World," Working Papers Central Bank of Chile 487, Central Bank of Chile. [Downloadable!]
  13. Gösta Ljungman, 2008. "Expenditure Ceilings - A Survey," IMF Working Papers 08/282, International Monetary Fund. [Downloadable!]
  14. Mercedes da Costa & V. Hugo Juan-Ramon, 2006. "The Net Worth Approach to Fiscal Analysis: Dynamics and Rules," IMF Working Papers 06/17, International Monetary Fund. [Downloadable!]
  15. Xavier Debrun & Francesca Castellani, 2001. "Central Bank Independence and the Design of Fiscal Institutions," IMF Working Papers 01/205, International Monetary Fund. [Downloadable!]
  16. Thomas Baunsgaard, 2003. "Fiscal Policy in Nigeria: Any Role for Rules?," IMF Working Papers 03/155, International Monetary Fund. [Downloadable!]
  17. Bank for International Settlements, 2003. "Fiscal issues and central banking in emerging economies," BIS Papers, Bank for International Settlements, number 20, 11. [Downloadable!]
  18. Fabrizio Balassone & Daniele Franco & Stefania Zotteri, 2006. "EMU fiscal indicators: a misleading compass?," Empirica, Springer, vol. 33(2), pages 63-87, June. [Downloadable!] (restricted)
  19. Gábor Orbán & György Szapáry, 2004. "The Stability and Growth Pact from the Perspective Of the New Member States," William Davidson Institute Working Papers Series 2004-709, William Davidson Institute at the University of Michigan Stephen M. Ross Business School. [Downloadable!]
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  20. Jaromír Hurník, 2004. "FISCAL CONSOLIDATION IN GENERAL EQUILIBRIUM FRAMEWORK (the case of the Czech Republic)," Prague Economic Papers, University of Economics, Prague, vol. 2004(2), pages 142-158. [Downloadable!] (restricted)
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