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The Return to Fiscal Rules

2022-10-11 Business & Economics
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Release : 2022-10-11
Genre : Business & Economics
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Book Synopsis The Return to Fiscal Rules by : Francesca Caselli

Download or read book The Return to Fiscal Rules written by Francesca Caselli. This book was released on 2022-10-11. Available in PDF, EPUB and Kindle. Book excerpt: Governments face difficult policy trade-offs with record debt levels, tightening monetary policies, and urgent demands, including food and energy crises, the climate agenda, and population aging. Governments need to communicate fiscal plans to reduce debt sustainability risks and promote consistent macroeconomic policies. Many envisage a return to fiscal rules that had been suspended during the pandemic to strengthen credibility. This situation offers an opportunity to rethink fiscal rules and determine how governments can make fiscal policy more agile, including in responding to crises, without undermining fiscal sustainability. A risk-based medium-term fiscal framework that combines standards, rules, and strengthened institutions would strike a better balance between flexibility and credibility.

Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic

2022-01-27 Business & Economics
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Release : 2022-01-27
Genre : Business & Economics
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Book Synopsis Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic by : Mr. Hamid R Davoodi

Download or read book Fiscal Rules and Fiscal Councils: Recent Trends and Performance During the COVID-19 Pandemic written by Mr. Hamid R Davoodi. This book was released on 2022-01-27. Available in PDF, EPUB and Kindle. Book excerpt: Adoption of fiscal rules and fiscal councils continued to increase globally over the last decades based on two new global datasets. During the pandemic, fiscal frameworks were put to test. The widespread use of escape clauses was one of the novelties in this crisis, which helped provide policy room to respond to the health crisis. But the unprecedented fiscal actions have led to large and widespread deviations from deficit and debt limits. The evidence shows that fiscal rules, in general, have been flexible during crises but have not prevented a large and persistent buildup of debt over time. Experience shows that deviations from debt limits are very difficult to reverse. The paper also presents evidence on the benefits of a good track record in abiding by the rules. All these highlight the difficult policy choices ahead and need to further improve rules-based fiscal frameworks.

Fiscal Rules in Response to the Crisis

2012-07-01 Business & Economics
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Release : 2012-07-01
Genre : Business & Economics
Kind : eBook
Book Rating : 353/5 ( reviews)

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Book Synopsis Fiscal Rules in Response to the Crisis by : Ms.Andrea Schaechter

Download or read book Fiscal Rules in Response to the Crisis written by Ms.Andrea Schaechter. This book was released on 2012-07-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

2009-12-11 Business & Economics
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Release : 2009-12-11
Genre : Business & Economics
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Book Rating : 160/5 ( reviews)

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Book Synopsis Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by : International Monetary Fund. Fiscal Affairs Dept.

Download or read book Fiscal Rules—Anchoring Expectations for Sustainable Public Finances written by International Monetary Fund. Fiscal Affairs Dept.. This book was released on 2009-12-11. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Fiscal Rules and Countercyclical Policy

2003-11-01 Business & Economics
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Release : 2003-11-01
Genre : Business & Economics
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Book Rating : 223/5 ( reviews)

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Book Synopsis Fiscal Rules and Countercyclical Policy by : Mr.Evan Tanner

Download or read book Fiscal Rules and Countercyclical Policy written by Mr.Evan Tanner. This book was released on 2003-11-01. Available in PDF, EPUB and Kindle. Book excerpt: Fiscal rules—legal restrictions on government borrowing, spending, or debt accumulation (like the Gramm-Rudman-Hollings Act in the United States)—have recently been adopted or considered in several countries, both industrial and developing. Previous literature stresses that such laws restrict countercyclical government borrowing, thus preventing intertemporal equalization of marginal deadweight losses of taxation—an idea associated with Frank Ramsey. However, such literature typically abstracts from persistent current deficits that are financed by future tax increases. Eliminating such deficits may substantially reduce tax rate variability—the very goal of countercyclical borrowing—even over a finite horizon. Thus, Gramm-Rudman-Hollings and Frank Ramsey are not necessarily enemies and they may even be good friends!

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