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The Role Of National And Supranational Fiscal Rules - International Evidence And Situation In The Czech Republic

Listed author(s):
  • Ales MELECKY
  • Martin MACHACEK

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 Republic’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.

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Article provided by Spiru Haret University, Faculty of Financial Management and Accounting Craiova in its journal Journal of Applied Economic Sciences.

Volume (Year): 5 (2010)
Issue (Month): 4(14)/ Winter 2010 ()
Pages: 375-382

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Handle: RePEc:ush:jaessh:v:5:y:2010:i:4(14)_winter2010:p:121
Contact details of provider: Web page: http://www2.spiruharet.ro/facultati/facultate.php?id=14

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References listed on IDEAS
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  1. Xavier Debrun & Manmohan S. Kumar, 2007. "The Discipline-Enhancing Role of Fiscal Institutions; Theory and Empirical Evidence," IMF Working Papers 07/171, International Monetary Fund.
  2. Rogoff, Kenneth, 1990. "Equilibrium Political Budget Cycles," American Economic Review, American Economic Association, vol. 80(1), pages 21-36, March.
  3. George Kopits, 2001. "Fiscal Rules; Useful Policy Framework or Unnecessary Ornament?," IMF Working Papers 01/145, International Monetary Fund.
  4. Perotti, Roberto, 2007. "Fiscal policy in developing countries : a framework and some questions," Policy Research Working Paper Series 4365, The World Bank.
  5. George Kopits & Steven A. Symansky, 1998. "Fiscal Policy Rules," IMF Occasional Papers 162, International Monetary Fund.
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