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Fiscal Rules and the Budget Process

This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a “fiscal deficit bias” and the empirical evidence on the economic, political and institutional factors leading to this bias. In the co...

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Bibliographic Details
Main Author: Milesi-Ferretti, Gian
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 1996
Series:IMF Working Papers
Subjects:
Public Debt
Budget Systems
Public Finance & Taxation
Government Debt Management
National Deficit Surplus
Debt Management
Debts, Public
Fiscal Policy
Debt
Budget Planning And Preparation
Budgeting
National Government Expenditures And Related Policies: General
Expenditure
Sovereign Debt
Expenditures, Public
Budget
Macroeconomics
Public Financial Management (pfm)
Budgeting & Financial Management
National Budget
Public Finance
Italy
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the rationale for the imposition of fiscal rules as a way to reduce budgetary imbalances. It presents theoretical arguments for the existence of a “fiscal deficit bias” and the empirical evidence on the economic, political and institutional factors leading to this bias. In the context of these findings, it discusses the potential role of legal constraints on the level of key fiscal variables, and of reforms in budgetary procedures in enhancing fiscal discipline. It also evaluates proposals for budgetary reform in Italy
Physical Description:39 pages
ISBN:9781451848007

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