Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World:
This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as pa...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/122 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of "second generation" rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality |
| Beschreibung: | 1 Online-Ressource (27 p) |
| ISBN: | 1498305520 9781498305525 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
| institution | BVB |
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| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Bova, Elva Verfasser aut Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World Bova, Elva Washington, D.C International Monetary Fund 2014 1 Online-Ressource (27 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/122 This paper documents the spread of fiscal rules in the developing world and investigates the relation between fiscal rules and procyclical fiscal policy. We find that, since the early 2000s, developing countries outnumbered advanced economies as users of fiscal rules. Rules were adopted either as part of the toolkit to join currency unions or to strengthen fiscal frameworks during and after large stabilization and policy reform episodes. The paper also finds that the greater use of fiscal rules has not shielded these countries from procyclicality, since fiscal policy remains procyclical following the adoption of a fiscal rule. We find partial evidence that some features of "second generation" rules, such as the use of cyclically-adjusted targets, well-defined escape clauses, together with stronger legal and enforcement arrangements, may be associated with less procyclicality Online-Ausg Carcenac, Nathalie Sonstige oth Guerguil, Martine Sonstige oth http://elibrary.imf.org/view/IMF001/21477-9781498305525/21477-9781498305525/21477-9781498305525.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Bova, Elva Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title_auth | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title_exact_search | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title_exact_search_txtP | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title_full | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World Bova, Elva |
| title_fullStr | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World Bova, Elva |
| title_full_unstemmed | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World Bova, Elva |
| title_short | Fiscal Rules and the Procyclicality of Fiscal Policy in the Developing World |
| title_sort | fiscal rules and the procyclicality of fiscal policy in the developing world |
| url | http://elibrary.imf.org/view/IMF001/21477-9781498305525/21477-9781498305525/21477-9781498305525.xml |
| work_keys_str_mv | AT bovaelva fiscalrulesandtheprocyclicalityoffiscalpolicyinthedevelopingworld AT carcenacnathalie fiscalrulesandtheprocyclicalityoffiscalpolicyinthedevelopingworld AT guerguilmartine fiscalrulesandtheprocyclicalityoffiscalpolicyinthedevelopingworld |