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Europe > Iceland

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Cover IMF Working Papers
Expenditure Rules: Effective Tools for Sound Fiscal Policy?
Till Cordes
,
Mr. Tidiane Kinda
, and
Ms. Priscilla S Muthoora
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.
Keywords:
WP; expenditure rule; rule; country; expenditure target; Expenditure rules; Fiscal governance; Fiscal policy; Rules versus discretion; Stabilization; growth rule; expenditure pressure; expenditure cap; expenditure constraint; debt rule; implementation of an expenditure rule; rule index; national expenditure; rule characteristic; expenditure targets in Israel; Fiscal rules; Fiscal stance; Public investment spending; Global