Evaluating Designs for a Fiscal Rule in Bulgaria:
The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria''s organic budget law, serves to protect solvency. The recent crisis clearly...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2011
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 11/272 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria''s organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling |
| Beschreibung: | 1 Online-Ressource (25 p) |
| ISBN: | 1463925271 9781463925277 |
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| index_date | 2024-07-03T20:13:19Z |
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| spelling | Andritzky, Jochen R. Verfasser aut Evaluating Designs for a Fiscal Rule in Bulgaria Andritzky, Jochen R Washington, D.C International Monetary Fund 2011 1 Online-Ressource (25 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 11/272 The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria''s organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling Online-Ausg http://elibrary.imf.org/view/IMF001/12309-9781463925277/12309-9781463925277/12309-9781463925277.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Andritzky, Jochen R. Evaluating Designs for a Fiscal Rule in Bulgaria |
| title | Evaluating Designs for a Fiscal Rule in Bulgaria |
| title_auth | Evaluating Designs for a Fiscal Rule in Bulgaria |
| title_exact_search | Evaluating Designs for a Fiscal Rule in Bulgaria |
| title_exact_search_txtP | Evaluating Designs for a Fiscal Rule in Bulgaria |
| title_full | Evaluating Designs for a Fiscal Rule in Bulgaria Andritzky, Jochen R |
| title_fullStr | Evaluating Designs for a Fiscal Rule in Bulgaria Andritzky, Jochen R |
| title_full_unstemmed | Evaluating Designs for a Fiscal Rule in Bulgaria Andritzky, Jochen R |
| title_short | Evaluating Designs for a Fiscal Rule in Bulgaria |
| title_sort | evaluating designs for a fiscal rule in bulgaria |
| url | http://elibrary.imf.org/view/IMF001/12309-9781463925277/12309-9781463925277/12309-9781463925277.xml |
| work_keys_str_mv | AT andritzkyjochenr evaluatingdesignsforafiscalruleinbulgaria |