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Evaluating Designs for a Fiscal Rule in Bulgaria

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  • Jochen R. Andritzky

Abstract

The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria''s organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/272.

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Length: 25
Date of creation: 01 Nov 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/272

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Keywords: Budget deficits; Currency boards; Fiscal sustainability; Reserve management policy; expenditure; fiscal rule; fiscal policy; fiscal rules; expenditure growth; capital expenditures; expenditures; budget balance; fiscal stance; budget law; public debt; fiscal balance; expenditure ratio; national fiscal rules; fiscal deficits; fiscal framework; budget deficit; tax rates; fiscal responsibility; government expenditure; fiscal council; fiscal policies; expenditure policy; revenue collection; fiscal affairs; fiscal affairs department; fiscal variables; fiscal outcomes; medium-term fiscal framework; fiscal target; annual budget; fiscal adjustment; budget systems; tax policy; fiscal program; fiscal prudence; budgetary impact; expenditure items; expenditure constraint; fiscal surpluses; tax increases; general government expenditure; fiscal loosening; fiscal funding; fiscal frameworks; fiscal tightening; fiscal institutions; public financial management; fiscal accounts; fiscal variable; expenditure control; budget process; fiscal issue; fiscal commitments; fiscal governance; fiscal adjustments; fiscal responsibility law; fiscal budgets; expenditure ceiling; prudent fiscal policy; fiscal effort; budget expenditures; fiscal savings; national budget; fiscal targets;

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References

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  1. Rogoff, Kenneth, 1990. "Equilibrium Political Budget Cycles," American Economic Review, American Economic Association, vol. 80(1), pages 21-36, March.
  2. Xavier Debrun & Laurent Moulin & Alessandro Turrini & Joaquim Ayuso-i-Casals & Manmohan S. Kumar, 2008. "Tied to the mast? National fiscal rules in the European Union," Economic Policy, CEPR & CES & MSH, vol. 23, pages 297-362, 04.
  3. Eric M. Leeper, 2010. "Monetary Science, Fiscal Alchemy," NBER Working Papers 16510, National Bureau of Economic Research, Inc.
  4. Xavier Debrun & Manmohan S. Kumar, 2007. "The Discipline-Enhancing Role of Fiscal Institutions," IMF Working Papers 07/171, International Monetary Fund.
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Cited by:
  1. Alfred Sitz & Aneliya Adzhemova & Atanas Pekanov, 2013. "Bulgarien: wirtschaftspolitische Strategie und ökonomische Entwicklung seit der Öffnung," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 39(1), pages 69-86.

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