Selected for the Global Economic Symposium 2012
“The large increase of debt-GDP ratios in many countries requires strong consolidation efforts. Fiscal rules are often considered to be a main element of a successful consolidation strategy since they restrict the room for discretionary actions and thereby strengthen the credibility of the consolidation process.
However, when it comes to the precise specification of the fiscal rule there are substantial differences of opinion. They result from the fact, that there are different requirements a fiscal rule should meet. To be transparent to the public, the rule should be simple and easy to monitor; to be stabilizing, the rule should reduce medium-term debt-GDP ratios without aggravating cyclical fluctuations; to be credible, safeguards should be established that the rule will actually be followed; to be legitimate, the rule and safeguards must be in line with constitutional provisions.
There are several open issues in the current debate. Should the rule focus on the budget-ratio or on the debt-ratio? Which is the appropriate time frame for the consolidation path? How should business-cycle effects be included in the rule? What are the appropriate safeguards against de-viations from the rule? Are ex-ante restrictions on budgetary policy superior to ex-post penalties? What is the political incentive to adopt fiscal rules? In how far does the existence of fiscal rules make a difference in terms of fiscal policy outcomes? How should fiscal rules be enforced in states with fiscal federalism?” (GES-Organizers)
Konzepte
Wesentliches Schlagwort: Finanzpolitik
Regionale Aspekte: USA – Finanzpolitik
Regionale Aspekte: USA – Öffentliche Finanzwirtschaft
Literaturliste
Fiscal discipline : rules rather than institutions / Charles Wyplosz.
- Fiscal discipline : rules rather than institutions / Charles Wyplosz.
(2011) In: National Institute economic review. – London. – Bd. 217.2011, (Jul.2011) S. 19-30.
prüfen & bestellen Zeitschrift verfügbar? Institutions for fiscal stability in Europe
- Institutions for fiscal stability in Europe
(2011) In: CESifo DICE report. – Munich. – Bd. 9.2011, 3, S. 3-53.
prüfen & bestellen Zeitschrift verfügbar? What should fiscal councils do? / Lars Calmfors and Simon Wren-Lewis.
The paper analyses theoretically what role fiscal councils could play and surveys empirically the activities of existing councils. Case studies of the Swedish Fiscal Policy Council and the UK Office for Budget Responsibility are done. It is concluded that fiscal councils should be advisory, rather than decision-making, and work as complements, rather than substitutes, to fiscal rules. A key issue is the political fragility of fiscal councils and how their long-run viability should be secured. Three ways of guaranteeing their independence are suggested: (1) reputation-building; (2)formal national rules; and (3) international monitoring. — deficit bias ; fiscal rules ; fiscal councils
- What should fiscal councils do? / Lars Calmfors and Simon Wren-Lewis.
(2011) In: Economic policy. – Bd. 68.2011, (Okt.2011) S. 649-695.
prüfen & bestellen Zeitschrift verfügbar? - What should fiscal councils do? / Lars Calmfors; Simon Wren-Lewis.
(2011) CESifo working paper ; 3382 : Fiscal Policy, Macroeconomics and Growth; Online-Ressource (PDF-Datei: 50 S., 266 KB).
Repository Repository prüfen & bestellen
- What should fiscal councils do? / Lars Calmfors; Simon Wren-Lewis.
(2011) CESifo working paper series ; 3382 : Fiscal policy, macroeconomics and growth; 50 S.
prüfen & bestellen - What should fiscal councils do? / Lars Calmfors and Simon Wren-Lewis.
(2011) Department of Economics discussion paper series / University of Oxford ; 537; Online-Ressource (PDF-Datei: 64 S.).
- What should fiscal councils do?
(2011) Seminar paper / Institute for International Economic Studies, Stockholm University ; 768; Online-Ressource (67 S., 339 KB).
Repository Repository Independent fiscal councils and their possible role in Greece / Vassilis Th. Rapanos; Georgia Kaplanoglou.
- Independent fiscal councils and their possible role in Greece / Vassilis Th. Rapanos; Georgia Kaplanoglou.
(2010) In: Economic bulletin. – Athens. – Bd. 2010,33, (Mai.2010) S. 7-19.
prüfen & bestellen Zeitschrift verfügbar? Post-crisis fiscal rules : stabilising public finance while responding to economic aftershocks / by Allen Schick.
- Post-crisis fiscal rules : stabilising public finance while responding to economic aftershocks / by Allen Schick.
(2010) In: OECD journal on budgeting. – Paris. – Bd. 2010,2, S. 35-51.
prüfen & bestellen Zeitschrift verfügbar? International experience with fiscal rules / Emanuele Baldacci; Manmohan S. Kumar and Andrea Schaechter.
- International experience with fiscal rules / Emanuele Baldacci; Manmohan S. Kumar and Andrea Schaechter.
(2010) In: Die neuen Schuldenregeln im Grundgesetz. – Berlin. – 2010, S. 255-269.
prüfen & bestellen Monografie verfügbar? Fiscal behaviour in the European Union : rules, fiscal decentralization and government indebtedness / by António Afonso and Sebastian Hauptmeier.
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The results show that the existence of effective fiscal rules, the degree of public spending decentralization, and the electoral cycle can impinge on the country’s fiscal position. Furthermore, the results also support the responsiveness of primary balances to government indebtedness. — Fiscal regimes ; fiscal rules ; fiscal decentralization ; European Union ; panel Data
- Fiscal behaviour in the European Union : rules, fiscal decentralization and government indebtedness / by António Afonso and Sebastian Hauptmeier.
(2009) Working paper series / European Central Bank ; 1054; Online-Ressource, (45 S., 875 KB).
US experience with federal budget rules / Alan J. Auerbach.
- US experience with federal budget rules / Alan J. Auerbach.
(2009) In: CESifo DICE report. – Bd. 7.2009, 1, S. 41-48.
prüfen & bestellen Zeitschrift verfügbar? - Federal budget rules : the US experience / Alan J. Auerbach.
(2008) In: Swedish economic policy review. – Bd. 15.2008, 1, S. 57-87.
prüfen & bestellen Zeitschrift verfügbar? - Federal budget rules : the US experience / Alan J. Auerbach.
(2008) Cambridge, Mass.; 23, [7] S.
prüfen & bestellen Fiscal policy rules in practice / Andreas Thams.
- Fiscal policy rules in practice / Andreas Thams.
(04 Apr. 2007) SFB 649 discussion paper ; 2007,016; Online-Ressource, 21 S., Text.
