Fiscal Rules Dataset

1985 - 2021


IMF Fiscal Affairs Department
January, 2022

What are Fiscal Rules? A fiscal rule is a long-lasting constraint on fiscal policy through numerical limits on budgetary aggregates. Fiscal rules typically aim at correcting distorted incentives and containing pressures to overspend, particularly in good times, so as to ensure fiscal responsibility and debt sustainability. The dataset focuses on de-jure arrangements and not to what degree rules have been adhered in practice. The criteria to be included as fiscal rules are listed in Davoodi, Elger, Fotiou, Garcia-Macia, Lagerborg, Lam, and Pillai (2022).

About this Dataset: It provides systematic information on the use and design of fiscal rules covering national and supranational fiscal rules in 106 economies from 1985 to 2021. The dataset covers four types of rules: budget balance rules (BBR), debt rules (DR), expenditure rules (ER), and revenue rules (RR), applying to the central or general government or the public sector. The dataset presents details on various characteristics of rules, such as their legal basis, coverage, escape clauses, stabilization properties, as well as enforcement procedures, and takes stock of key supporting features that are in place, including independent monitoring bodies and fiscal responsibility laws. It builds on the previous 2015 version prepared by Lledó, Yoon, Fang, Mbaye, and Kim (2017).

Suggested Citation: Davoodi, Hamid, Paul Elger, Alexandra Fotiou, Daniel Garcia-Macia, Andresa Lagerborg, Raphael Lam, and Sharanya Pillai. 2022. "Fiscal Rules Dataset: 1985-2021", International Monetary Fund, Washington, D.C.

Downloads: Working Paper | Dataset | Technical Manual

Previous vintage: Fiscal Rules Dataset 1985-2015 (Lledó, Yoon, Fang, Mbaye, and Kim, 2017) | Staff Discussion Note (Eyraud, Debrun, Hodge, Lledó, and Pattillo, 2018)

Link to Fiscal Council Dataset (Davoodi, Elger, Fotiou, Garcia-Macia, Lagerborg, Lam, and Pillai, 2022)

To view interactive data, start with one of the links below:

 

• Debrun, X., L. Moulin, A. Turrini, J. Ayuso-i-Casals and M. S. Kumar (2008), "Tied to the Mast? National Fiscal Rules in the European Union," Economic Policy, April 2008, pp. 299-362.

• Schäechter, Andrea, T.Kinda, N. Budina, and A. Weber (2012), Fiscal Rules in Response to the Crisis-Toward the 'Next-Generation' Rules. A New Dataset, IMF Working Paper No. 12/187 (Washington: International Monetary Fund).

• Cordes, Till, T.Kinda, P. Muthoora, and A. Weber (2015), Expenditure Rules: Effective Tools for Sound Fiscal Policy, IMF Working Paper No. 15/29 (Washington: International Monetary Fund).

• Eyraud, Luc, and Tao Wu (2015), "Playing by the Rules: Reforming Fiscal Governance in Europe" IMF Working Paper 15/67 (Washington: International Monetary Fund).

• Reuter, Wolf H. (2015), National Numerical Fiscal Rules: Not Complied With, But Still Effective? European Journal of Political Economy, Vol. 39 (April), Issue C, pp. 67-81.

• European Commission, Domestic Fiscal Governance Database

• Organization for Economic Co-operation and Development, International Budget Practices and Procedures Database

• Kopits, G. and S. Symansky (1998), Fiscal Rules, IMF Occasional Paper 162.

• Kumar, M., E. Baldacci, A. Schaechter, A., C. Caceres, D. Kim, X. Debrun, J. Escolano, J. Jonas, P. Karam, I. Yakadina, and R. Zymek (2009), Fiscal Rules-Anchoring Expectations for Sustainable Public Finances, IMF Staff Paper, (Washington: International Monetary Fund).

• Wyplosz, C. (2012), Fiscal Rules: Theoretical Issues and Historical Experiences, NBER Working Paper No. w17884.

• European Commission. Vade Mecum on the Stability and Growth Pact, 2016 Edition", Institutional Paper 021.

• Eastern Caribbean Central Bank

• Kufa, P., A. Pellechio, and Rizavi, S. (2003)," Fiscal Sustainability and Policy Issues in the Eastern Caribbean Currency Union," IMF Working Paper 03/162 (Washington: International Monetary Fund)

• Schipke, A. (2012)," Snapshot of Another Monetary Union," Finance and Development, March 2012 (Washington: International Monetary Fund)

• Iossifov, P., Kinoshita, N., Takebe, M., York, R. C., and Zhan, Z. (2009), "Improving Surveillance Across the CEMAC Region," IMF Working Paper 09/260 (Washington: International Monetary Fund)

• Dore, O., and Masson, P. R. (2002), "Experience with Budgetary Convergence in the WAEMU," IMF Working Paper 02/108 (Washington: International Monetary Fund)

• West African Economic and Monetary Union (WAEMU)

• Central African Economic and Monetary Community (CEMAC)