The Discipline-Enhancing Role of Fiscal Institutions: Theory and Empirical Evidence

By X. Debrun, Manmohan S. Kumar. Social Science Research Network, 2007

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Fiscal Behaviour in the European Union: Rules, Fiscal Decentralization and Government Indebtedness (2009, background): “Debrun and Kumar (2007) and Debrun et al. (2008) also report that stricter and broader fiscal rules are associated with higher cyclically adjusted primary balances and that lower cyclically adjusted primary balances are also observed in election years.”
Rules and risk in the Euro area (2014, background): “…scal rules serve as commitment devices to e ectively tie the hands of governments not to pursue short-sighted and pro-cyclical budgetary policies (Debrun and Kumar, 2007b; Debrun et al., 2008), or whether they merely have a signalling role and remove information asymmetries between governments…”
Fiscal Rules, Fiscal Councils and All that: Commitment Devices, Signaling Tools or Smokescreens? (2007, methodology): “Debrun and Kumar (2007) also formalize transparency and show that the lack of it may create an opportunistic deficit bias in addition to the partisan bias present in the basic model.”