Fiscal Rules: Useful Policy Framework or Unnecessary Ornament?
By George Kopits. Social Science Research Network, 2001
289 citations recorded by the source corpus.
With the primary objective of conferring credibility on macroeconomic policies, an increasing number of advanced and emerging market economies have adopted various forms of fiscal rules (mainly balanced-budget requirements and debt limits). In contrast to previous fiscal rules, many of which lacked transparency, recently introduced rules have the potential of serving as a useful depoliticized policy framework, and over time, can contribute to stability and growth. To this end, they need to be well designed and supported by an appropriate institutional infrastructure.
Subfields: Economics and Econometrics, Finance
View Paper: https://www.semanticscholar.org/paper/ba966647ccd3c706de6fc12b33e28ab0491cdc24
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Citations in the corpus
- Design Choices for Fiscal Policy Rules (2006, background): “In fact, accumulated evidence on the ineffectiveness of discretionary activism suggests that they should rely simply on a fiscal rule that allows for the operation of automatic stabilizers” (Kopits, 2001, p. 8).”
- Second-Generation Fiscal Rules; Balancing Simplicity, Flexibility, and Enforceability (2018, background): “Early fiscal rules tended to be simple, such as balanced budget rules introduced in the stabilization programs of industrialized countries after World War II (Kopits 2001).”
- Over-optimistic official forecasts and fiscal rules in the eurozone (2013, background): “5 Alesina et al. (1999), Kopits (2001), Kopits, Symansky (1998), Milesi-Ferretti (2004). measures, however, depends on making accurate forecasts of government spending and revenues.”
- Fiscal Transparency: Concepts, Measurement and UK Practice (2003, background): “The focus is on fiscal transparency, not on the question of fiscal rules (Kell 2001; Kopits 2001).”