The Role Of National And Supranational Fiscal Rules - International Evidence And Situation In The Czech Republic
This paper summarizes recent international evidence on the design, functioning and effects of fiscal rules. Special attention is paid to small open economies such as the Czech Republic. This paper (1) discusses pros and cons of the rules focusing on different types of fiscal constraints (e.g., budget balances, debt, expenditures, and revenue); (2) surveys their impact on key macroeconomic variables; and (3) considers with the efficiency of fiscal rules vis-a-vis the current financial crisis. In this context, representative national and supranational fiscal rules are also reviewed with an emphasis on the enforceability of such rules. This includes an evaluation of (1) the Czech Republicâ€™s fiscal targeting mechanism and medium-term expenditure framework introduced in 2003 and (2) the EU fiscal rules adopted by the Czech Republic in 2004. Finally, current debates on the future of fiscal policy rules inside and outside of the Czech Republic are briefly considered.
Volume (Year): 5 (2010)
Issue (Month): 4(14)/ Winter 2010 ()
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- George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
- Xavier Debrun & Manmohan S. Kumar, 2007. "The Discipline-Enhancing Role of Fiscal Institutions; Theory and Empirical Evidence," IMF Working Papers 07/171, .
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- Kenneth Rogoff, 1987. "Equilibrium Political Budget Cycles," NBER Working Papers 2428, National Bureau of Economic Research, Inc.
- Perotti, Roberto, 2007. "Fiscal policy in developing countries : a framework and some questions," Policy Research Working Paper Series 4365, The World Bank.
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