Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise

Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise — A New Dataset

April 8, 2014

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Xavier Debrun, and Tidiane Kinda. Strengthening Post-Crisis Fiscal Credibility: Fiscal Councils on the Rise — A New Dataset, (USA: International Monetary Fund, 2014) accessed November 22, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Budget planning and preparation, Fiscal councils, Fiscal policy, Fiscal rules, Fiscal stance, Public financial management (PFM)

Keywords: Africa, Background country note, Budget planning and preparation, Council dataset, Councils characteristic, Credibility of fiscal policy, Europe, Fiscal council, Fiscal councils, Fiscal performance, Fiscal rules, Fiscal stance, Forecast errors, IMF country paper, Public goods, WP

Publication Details

Pages:

35
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2014/058
Stock No:

WPIEA2014058
ISBN:

9781475516135
ISSN:

1018-5941

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