Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

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Fiscal Policies and Political Economy Economic and Fiscal Studies Global Financial Crisis and Policies

Abstract

The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.

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2016Promoting sustainable public finances in the European Union: The role of fiscal rules and government efficiency 2012Fiscal Rules: Theoretical Issues and Historical Experiences 2017Is fiscal policy always counter- (pro-) cyclical? The role of public debt and fiscal rules 2013Over-optimistic official forecasts and fiscal rules in the eurozone 2016The case for fiscal rules 2011How Can Fiscal Councils Strengthen Fiscal Performance?2014Economic stabilization in the post-crisis world: Are fiscal rules the answer?2020Growth-friendly fiscal rules? Safeguarding public investment from budget cuts through fiscal rule design

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