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Should Advanced Countries Adopt a Fiscal Responsibility Law?
Author:
Mr. Ian Lienert
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Series:
IMF Working Papers
Volume/Issue:
Volume 2010: Issue 254
Language:
English
Publication Date:
01 Nov 2010
DOI:
https://doi.org/10.5089/9781455209545.001
ISBN:
9781455209545
ISSN:
1018-5941
Pages:
45
Keywords:
WP; EU country; FRL-type law; government Financial Reporting Act; annual budget; accounting system; central government; country experience; government accounting; government information; government regulation; nonfinancial enterprise; public finance
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Fiscal Responsibility Laws (FRLs) appear to be more popular in middle-income countries than advanced countries, even though their success is limited. The reasons why few advanced countries have a FRL include: the existing legal framework for the budget system is adequate; supranational rules and political agreements in EU countries; failed attempts to include quantitative fiscal rules in laws; lack of consensus or interest in attaining the goals of FRL-type legislation; and lack of need for a law to regulate fiscal transparency, accountability and macro-fiscal stabilization. Without commitment to fiscal discipline, adoption of a FRL may not contribute to attaining fiscal consolidation goals.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund