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Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise — A New Dataset
Author:
Mr. Xavier Debrun
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and
Mr. Tidiane Kinda
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Series:
IMF Working Papers
Volume/Issue:
Volume 2014: Issue 058
Language:
English
Publication Date:
08 Apr 2014
DOI:
https://doi.org/10.5089/9781475516135.001
ISBN:
9781475516135
ISSN:
1018-5941
Pages:
35
Keywords:
WP; fiscal council; public goods; Credibility of fiscal policy; fiscal councils; fiscal rules; fiscal performance; forecast errors; council dataset; councils characteristic; IMF country paper; background country note; Budget planning and preparation; Fiscal stance; Africa; Europe
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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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Institutions aimed at constraining policy discretion to promote sound fiscal policies are once again at the forefront of the policy debate. Interest in “fiscal councils,” independent watchdogs active in the public debate, has grown rapidly in recent years. This paper presents the first cross-country dataset summarizing key characteristics of fiscal councils among IMF members. The data documents a surge in the number of fiscal councils since the crisis. It also illustrates that well-designed fiscal councils are associated with stronger fiscal performance and better macroeconomic and budgetary forecasts. Key features of effective fiscal councils include operational independence from politics, the provision or public assessment of budgetary forecasts, a strong presence in the public debate, and the monitoring of compliance with fiscal policy rules.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund