Fiscal Rules
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Expenditure Rules
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Author : Till Cordes
language : en
Publisher: International Monetary Fund
Release Date : 2015-02-12
Expenditure Rules written by Till Cordes and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-02-12 with Business & Economics categories.
This paper provides new evidence on the effectiveness of expenditure rules. The analysis is based on a unique dataset covering all countries with national and supranational fiscal rules, including 33 expenditure rules, between 1985 and 2013. It contributes to the existing literature on fiscal rules in two main ways. First, it is the most comprehensive assessment of compliance with rules and of the potential role of expenditure rules, in particular regarding long-term sustainability. Second, it analyzes whether expenditure rules are associated with changes in public investment and its efficiency.
Fiscal Rules At A Glance
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Author : Mrs.Nina Budina
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-14
Fiscal Rules At A Glance written by Mrs.Nina Budina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-14 with Business & Economics categories.
This paper provides country-specific information on fiscal rules in use in 81 countries from 1985 to end-September 2012. It serves as background material and update of the July 2012 Working Paper “Fiscal Rules in Response to the Crisis—Toward the ‘Next Generation’ Rules: A New Dataset” and is also available in an easy accessible electronic data visualization tool (http://www.imf.org/external/datamapper/FiscalRules/map/map.htm.).The dataset covers four types of rules: budget balance rules, debt rules, expenditure rules, and revenue rules, applying to the central or general government or the public sector. It also presents details on various characteristics of rules, such as their legal basis, coverage, escape clauses, as well as key supporting features such as independent monitoring bodies.
Fiscal Policy Rules
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Author : Mr.George Kopits
language : en
Publisher: International Monetary Fund
Release Date : 1998-07-22
Fiscal Policy Rules written by Mr.George Kopits and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-07-22 with Business & Economics categories.
What are fiscal policy rules? What are the principal benefits and drawbacks associated with various fiscal rules, particularly compared with alternative approaches to fiscal adjustment? Can fiscal rules contribute to long-run sustainability and welfare without sacrificing short-run stabilization? If so, what characteristics of fiscal rules make this contribution most effective? And in what circumstances and contexts, if any should the IMF encourage its member countries to adopt fiscal rules? This paper seeks to identify sensible fiscal policy rules that can succeed, if chosen by a member country, as an alternative to descretionary fiscal rules.
Fiscal Rules Anchoring Expectations For Sustainable Public Finances
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2009-12-11
Fiscal Rules Anchoring Expectations For Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-11 with Business & Economics categories.
The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.
Policy Instruments For Sound Fiscal Policies
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Author : J. Ayuso-i-Casals
language : en
Publisher: Springer
Release Date : 2009-08-14
Policy Instruments For Sound Fiscal Policies written by J. Ayuso-i-Casals and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-14 with Business & Economics categories.
This volume contributes to empirical research on the role of national fiscal rules and institutions in shaping fiscal policies. It provides original, policy-oriented analysis on a number of questions and gives illuminating conclusions about the devices which promote sound and sustainable policy. Contributors are leading experts.
Second Generation Fiscal Rules
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-13
Second Generation Fiscal Rules written by Luc Eyraud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-13 with Business & Economics categories.
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Fiscal Rules In Response To The Crisis
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Author : Ms.Andrea Schaechter
language : en
Publisher: International Monetary Fund
Release Date : 2012-07-01
Fiscal Rules In Response To The Crisis written by Ms.Andrea Schaechter and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-01 with Business & Economics categories.
Strengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to end-March 2012 - and presents details about the rules’ key design elements, particularly in support of enforcement. This information is summarized in a set of fiscal rules indices. Three key findings emerge: (i) many new fiscal rules have been adopted and existing ones strengthened in response to the crisis; (ii) the number of fiscal rules and the comprehensiveness of the design features in emerging economies has caught up to those in advanced economies; and (iii) the "next-generation" fiscal rules are increasingly complex as they combine the objectives of sustainability and with the need for flexibility in response to shocks, thereby creating new challenges for implementation, communication, and monitoring.
How To Design Subnational Fiscal Rules
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Author : Luc Eyraud
language : en
Publisher: International Monetary Fund
Release Date : 2020-02-25
How To Design Subnational Fiscal Rules written by Luc Eyraud and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-25 with Business & Economics categories.
This note discusses how to design subnational fiscal rules, including how to select them and calibrate them. It expands on the guidance provided at the national level on rule selection and calibration in IMF (2018a) and IMF (2018b). Thinking on subnational fiscal rules is still evolving, including their effectiveness (for example, Heinemann, Moessinger, and Yeter 2018; Kotia and Lledó 2016; Foremny 2014), and this note only provides a first analysis based on international experiences and the technical assistance provided by the IMF. Main findings are summarized in Box 1. The note is divided into five sections. The first section defines fiscal rules. The second section discusses the rationale for subnational rules. The third section provides some guidance on how to select the appropriate rule(s) and whether they should differ across individual jurisdictions. The fourth section explores the issue of flexibility by looking at how rules should adjust to shocks. Finally, the last section focuses on the “calibration” of the rules.
Fiscal Rules And Fiscal Councils Recent Trends And Performance During The Covid 19 Pandemic
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Author : Mr. Hamid R Davoodi
language : en
Publisher: International Monetary Fund
Release Date : 2022-01-27
Fiscal Rules And Fiscal Councils Recent Trends And Performance During The Covid 19 Pandemic written by Mr. Hamid R Davoodi and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-27 with Business & Economics categories.
Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.
Rules Based Fiscal Policy In France Germany Italy And Spain
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Author : Mr.Gabriel Di Bella
language : en
Publisher: International Monetary Fund
Release Date : 2003-11-14
Rules Based Fiscal Policy In France Germany Italy And Spain written by Mr.Gabriel Di Bella and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-11-14 with Business & Economics categories.
Fiscal rules can help to counteract the deficits and spending biases that too often originate in the political process. Rules that constrain spending--rather than the balance--allow fiscal policy to be countercyclical. Yet the design of effective spending rules is by no means straightforward. Should a rule be real or nominal? How comprehensive should the definition of spending be? What safeguards ensure the credibility of a rule? How do rules work in decentralized systems where regions and states are partially autonomous? France, Germany, Italy, and Spain--countries that could benefit from more emphasis on fiscal rules to constrain spending--are explored here as case studies.