Fiscal Rules in Response to the Crisis

Released on by Ms.Andrea Schaechter
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  • Fiscal Rules in Response to the Crisis Book Detail

  • Author : Ms.Andrea Schaechter
  • Release Date : 2012-07-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 49
  • ISBN 13 : 1475505353
  • File Size : 41,41 MB
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Fiscal Rules in Response to the Crisis by Ms.Andrea Schaechter PDF Summary

Book Description: 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.

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Fiscal Rules in Response to the Crisis

Fiscal Rules in Response to the Crisis

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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

Fiscal Rules in Response to the Crisis

Fiscal Rules in Response to the Crisis

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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

Fiscal Rules at a Glance

Fiscal Rules at a Glance

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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 up

Fiscal Policy after the Financial Crisis

Fiscal Policy after the Financial Crisis

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The recent recession has brought fiscal policy back to the forefront, with economists and policy makers struggling to reach a consensus on highly political issu

Second-Generation Fiscal Rules

Second-Generation Fiscal Rules

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Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new