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Fiscal Rules in Response to the Crisis: Toward the "Next-Generation" Rules: A New Dataset
Author:
Mrs. Nina T Budina
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,
Ms. Andrea Schaechter
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Mr. Tidiane Kinda
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Series:
IMF Working Papers
Volume/Issue:
Volume 2012: Issue 187
Language:
English
Publication Date:
01 Jul 2012
DOI:
https://doi.org/10.5089/9781475505351.001
ISBN:
9781475505351
ISSN:
1018-5941
Pages:
49
Keywords:
WP; fiscal rule; budget balance rule; expenditure rule; debt rule; rules index; supranational rule; Fiscal rules; fiscal governance; fiscal policy; capital expenditure; revenue rule; Fiscal stance; Budget planning and preparation; Global; West Africa; Caribbean
Legal-disclaimer:
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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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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund