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add significantly to its accumulated burden of debt by the time the procedural issues were resolved. The additional debt would m ...
4.3. Enforcement Furthermore, based on experience in the United States from 1985 to 1990, there would be significant opportuniti ...
resources to the fiscal authorities. Therefore, unlike a deficit rule, under which a lower deficit or a higher GDP (actual or po ...
in controversies regarding a deficit rule. Thus, routine enforcement of a spending rule would focus more on policy changes befor ...
add to credibility if it is flouted, but a rule that is more conducive to compliance might fairly be scored more highly than one ...
itself in time. One might imagine formalising a looser, longer-term deficit rule to back up a spending rule, to cover instances ...
6.2. Macroeconomic stabilisation: A deficit rule with cyclical adjustment If the deficit rule were cyclically adjusted and based ...
Thus, a spending-based fiscal rule would have the appropriate effect of allowing the automatic stabilisers in the budget to work ...
Data are collected, processed, and revised with significant lags, which might be called technical lags. As has been made abundan ...
Changing the benefits of spending and tax policies in reverse is difficult politically. Thus, a shift of direction in fiscal pol ...
7.1. Fiscal rules, public investment, and other issues of resource allocation There has been concern that fiscal rules might pre ...
this regard, as argued above, a spending rule could improve the efficiency of the allocation of resources within the public sect ...
to address most country-specific problems without surrendering the restraints on spending needed to promote long-term fiscal sus ...
under deficit rules. Spending rules make the availability of resources more predictable, notably with respect to annually approp ...
Bizer, K., H. Rahahleh, and W. Sesselmeier (2004), “Innovating the Stability and Growth Pact of the European Union by Introducin ...
Dabán Sánchez, T. et al. (2003), “Rules-Based Fiscal Policy in France, Germany, Italy, and Spain”, IMF Occasional Paper 225, Int ...
Kennedy, S. and J. Robbins (2001), “The Role of Fiscal Rules in Determining Fiscal Performance”, Canadian Department of Finance ...
Wyplosz, C. (2002), “Fiscal Policy: Rules or Institutions?”, paper prepared for the meeting of the group of economic analysis of ...
for allowing automatic stabilisers to work, and required the government to take judgmental measures to meet the targets. From 19 ...
Annual nominal expenditure ceilings are set three years in advance as part of the budget process, and are considered to be bindi ...
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