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Should Advanced Countries Adopt a Fiscal Responsibility Law?

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  • Ian Lienert
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    Abstract

    Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and political agreements in EU countries; failed attempts to include quantitative fiscal rules in laws; lack of consensus or interest in attaining the goals of FRL-type legislation; and lack of need for a law to regulate fiscal transparency, accountability and macro-fiscal stabilization. Without commitment to fiscal discipline, adoption of a FRL may not contribute to attaining fiscal consolidation goals.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 10/254.

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    Length: 45
    Date of creation: 01 Nov 2010
    Date of revision:
    Handle: RePEc:imf:imfwpa:10/254

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    Related research

    Keywords: Fiscal transparency; Budgetary policy; Debt sustainability; Developed countries; Financial management; Fiscal stability; Governance; Public finance;

    This paper has been announced in the following NEP Reports:

    References

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    1. Kerstin Bernoth & Guntram B. Wolff, 2006. "Fool the Markets? Creative Accounting, Fiscal Transparency and Sovereign Risk Premia," CESifo Working Paper Series 1732, CESifo Group Munich.
    2. Stéphanie Guichard & Mike Kennedy & Eckhard Wurzel & Christophe André, 2007. "What Promotes Fiscal Consolidation: OECD Country Experiences," OECD Economics Department Working Papers 553, OECD Publishing.
    3. Fabrizio Balassone & Daniele Franco & Stefania Zotteri, 2007. "The Reliability of EMU FIscal Indicators: Risks and Safeguards," Temi di discussione (Economic working papers) 633, Bank of Italy, Economic Research and International Relations Area.
    4. Vincent Koen & Paul van den Noord, 2005. "Fiscal Gimmickry in Europe: One-Off Measures and Creative Accounting," OECD Economics Department Working Papers 417, OECD Publishing.
    5. David Rae, 2002. "Next Steps for Public Spending in New Zealand: The Pursuit of Effectiveness," OECD Economics Department Working Papers 337, OECD Publishing.
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    Cited by:
    1. Blume, Lorenz & Voigt, Stefan, 2013. "The economic effects of constitutional budget institutions," European Journal of Political Economy, Elsevier, vol. 29(C), pages 236-251.

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