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India’s Experience with Fiscal Rules

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Author Info

  • Alejandro Simone
  • Petia Topalova

Abstract

This paper examines India''s experience with fiscal rules with a view to inform the design of a possible successor fiscal framework to the FRBMA. Among several proposals to strengthen the FRBMA, a framework that focuses medium-term fiscal policy on debt sustainability by the use of a medium term debt target, and annual nominal expenditure growth rules is proposed. This approach tackles the deficit bias at its core and enables countercyclical fiscal policy through automatic stabilizers. Numerical targets should be supported by structural reform measures for both revenues and expenditures, while the coverage of the fiscal rules should be expanded.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/175.

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Length: 40
Date of creation: 01 Aug 2009
Date of revision:
Handle: RePEc:imf:imfwpa:09/175

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Related research

Keywords: Fiscal sustainability; Public debt; Debt sustainability; Fiscal management; Fiscal reforms; expenditure; fiscal policy; fiscal rules; expenditure growth; fiscal discipline; fiscal adjustment; expenditures; fiscal deficit; fiscal performance; fiscal responsibility; fiscal consolidation; fiscal rule; fiscal targets; tax revenue; fiscal risks; government deficit; fiscal indicators; fiscal framework; capital expenditure; intergovernmental fiscal; government budget; fiscal relations; intergovernmental fiscal relations; fiscal policies; fiscal stance; central government budget; fiscal impulse; fiscal policy rules; medium-term fiscal framework; budget process; fiscal law; fiscal measures; fiscal transparency; central government fiscal; government fiscal deficit; fiscal institutions; fiscal balances; tax administration; fiscal council; fiscal stimulus; fiscal responsibility laws; fiscal expenditures; fiscal balance; capital expenditures; fiscal conditions; fiscal accounts; budget constraint; public expenditures; fiscal operations; budget management; expenditure cuts; public spending; fiscal outcomes; fiscal policy framework; government budget constraint; state budgets; tax performance; fiscal federalism; expenditure reform; interest expenditure; fiscal improvement; fiscal outturns; fiscal deficits; total expenditure; intergovernmental fiscal reforms; government revenue; tax system; public financial management; fiscal profligacy; fiscal space; medium-term fiscal frameworks; fiscal developments; fiscal incentives; fiscal distress; fiscal activities; fiscal system; expenditure target; budgetary rules; expenditure assignments; expenditure ceiling; fiscal imbalances; tax base; fiscal correction; fiscal position; fiscal imbalance; fiscal effort; intergovernmental transfers; expenditure ceilings; medium-term fiscal strategy; expenditure control; fiscal prudence; budget deficits; fiscal frameworks; fiscal plans; fiscal strategy; fiscal savings; fiscal aggregate; state budget; fiscal adjustments; fiscal behavior; fiscal capacity; revenue collection; expenditure projections; expenditure responsibilities; prudent fiscal policy; fiscal positions; budget constraints; fiscal flexibility; fiscal plan; tax collection; fiscal information; budget subsidy; fiscal variables; expenditure components; assignment of expenditure responsibilities; budget activities; tax rates; cyclical fiscal policy; primary deficit; fiscal agencies; fiscal responsibility framework; fiscal consolidations; fiscal efforts; government spending; aggregate fiscal; expenditure management; medium-term fiscal plan;

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