Second-Generation Fiscal Rules - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Second-Generation Fiscal Rules write by Luc Eyraud. This book was released on 2018-04-13. Second-Generation Fiscal Rules available in PDF, EPUB and Kindle. Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Second-Generation Fiscal Rules
Second-Generation Fiscal Rules - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Second-Generation Fiscal Rules write by Luc Eyraud. This book was released on 2018-04-13. Second-Generation Fiscal Rules available in PDF, EPUB and Kindle. Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World
Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World write by Ms.Elva Bova. This book was released on 2014-07-10. Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World available in PDF, EPUB and Kindle. This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of “second generation” rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality.
Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy
Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy write by Francesca G Caselli. This book was released on 2019-03-05. Do Fiscal Rules Cause Better Fiscal Balances? A New Instrumental Variable Strategy available in PDF, EPUB and Kindle. This paper estimates the causal effect of fiscal rules on fiscal balances in a panel of 142 countries over the period 1985-2015. Our instrumental variable strategy exploits the geographical diffusion of fiscal rules across countries. The intuition is that reforms in neighboring countries may affect the adoption of domestic reforms through peer pressure and imitational effects. We find that fiscal rules correlate with lower deficits, but the positive link disappears when endogeneity is correctly addressed. However, when considering an index of fiscal rules’ design, we show that well-designed rules have a statistically significant impact on fiscal balances. We conduct several robustness tests and show that our results are not affected by weak instrument problems.
Fiscal Politics
Fiscal Politics - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Fiscal Politics write by Vitor Gaspar. This book was released on 2017-04-07. Fiscal Politics available in PDF, EPUB and Kindle. Two main themes of the book are that (1) politics can distort optimal fiscal policy through elections and through political fragmentation, and (2) rules and institutions can attenuate the negative effects of this dynamic. The book has three parts: part 1 (9 chapters) outlines the problems; part 2 (6 chapters) outlines how institutions and fiscal rules can offer solutions; and part 3 (4 chapters) discusses how multilevel governance frameworks can help.
