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The past and future of subnational fiscal rules: An analysis of fiscal rules over time

Author

Listed:
  • Pietrangelo de Biase
  • Sean Dougherty

Abstract

Fiscal rules are increasingly used at state and local levels to promote fiscal sustainability in OECD countries. Following the Global Financial Crisis, multiple reforms to fiscal rule frameworks were made so that governments could better tackle crises and build buffers for future downturns. This paper examines recent trends in the adoption of fiscal rules across levels of government and empirically assesses their effects with the purpose of providing lessons for the post-COVID-19 period. Beyond addressing the deterioration in public finances after the pandemic, the challenges include addressing the impact of population ageing, climate change and the energy transition, as well as growing regional inequalities. Evolution of the rules employed at the central level are contrasted to those at the subnational levels, including design features and institutional elements, together with their goals and limitations.

Suggested Citation

  • Pietrangelo de Biase & Sean Dougherty, 2022. "The past and future of subnational fiscal rules: An analysis of fiscal rules over time," OECD Working Papers on Fiscal Federalism 41, OECD Publishing.
    • Handle: RePEc:oec:ctpaab:41-en
    DOI: 10.1787/d2798c9e-en
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    Cited by:

    1. Sebastian Blesse & Florian Dorn & Max Lay, 2023. "Do Fiscal Rules Undermine Public Investments? A Review of Empirical Evidence," ifo Working Paper Series 393, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    More about this item

    Keywords

    budgetary management; fiscal federalism; fiscal frameworks; independent fiscal institutions; stabilisation policy;
    All these keywords.

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H61 - Public Economics - - National Budget, Deficit, and Debt - - - Budget; Budget Systems
    • H72 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Budget and Expenditures

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