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Author/Editor:
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Nina Budina ; Andrea Schaechter ; Anke Weber ; Tidiane Kinda
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Publication Date:
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July 01, 2012
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Electronic Access:
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Free Full text
(PDF file size is 858KB).
Use the free
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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
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Summary:
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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Order a print copy
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Series:
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Working Paper No. 12/187
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Subject(s):
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External shocks | Fiscal policy
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Author's Keyword(s):
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Fiscal rules | fiscal governance | fiscal policy. |
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Notes
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Fiscal Rules Dataset, 1985 - 2012
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English
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Publication Date:
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July 01, 2012
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ISBN/ISSN:
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9781475505351/1018-5941
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Format:
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Paper
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Stock No:
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WPIEA2012187
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Pages:
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49
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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