LEADER 05737oam 22014294 450 001 9910162925803321 005 20230124194004.0 010 $a1-4755-6998-X 010 $a1-4755-7015-5 035 $a(CKB)3710000001045046 035 $a(MiAaPQ)EBC4800300 035 $a(IMF)WPIEA2017006 035 $a(EXLCZ)993710000001045046 100 $a20020129d2017 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $2rdacontent 182 $2rdamedia 183 $2rdacarrier 200 10$aFiscal Rules to Tame the Political Budget Cycle : $eEvidence from Italian Municipalities /$fLorenzo Forni, Andrea Bonfatti 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2017. 215 $a1 online resource (21 pages) $cillustrations, tables 225 1 $aIMF Working Papers 311 $a1-4755-6997-1 320 $aIncludes bibliographical references. 330 3 $aThe paper provides evidence that fiscal rules can limit the political budget cycle. It focuses on the application of the Italian fiscal rule at the sub-national level over the period 2004-2006 and shows that: 1) municipalities are subject to political budget cycles in capital spending; 2) the Italian subnational fiscal rule introduced in 1999 has been enforced by the central government; 3) municipalities subject to the fiscal rule show more limited political budget cycles than municipalities not subject to the rule. In order to identify the effect, we rely on the fact that the domestic fiscal rule does not apply to municipalities below 5,000 inhabitants. We find that the political budget cycle increases real capital spending by about 35 percent on average in the years prior to municipal elections and that the sub-national fiscal rule reduces these figures by about two thirds. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2017/006 606 $aPolitical science 606 $aBudgeting$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aDemography$2imf 606 $aSingle Equation Models$2imf 606 $aSingle Variables: Cross-Sectional Models$2imf 606 $aSpatial Models$2imf 606 $aTreatment Effect Models$2imf 606 $a'Panel Data Models$2imf 606 $aSpatio-temporal Models'$2imf 606 $aNational Deficit Surplus$2imf 606 $aState and Local Budget and Expenditures$2imf 606 $aIntergovernmental Relations$2imf 606 $aFederalism$2imf 606 $aSecession$2imf 606 $aFiscal Policy$2imf 606 $aNational Government Expenditures and Related Policies: Infrastructures$2imf 606 $aOther Public Investment and Capital Stock$2imf 606 $aNational Budget$2imf 606 $aBudget Systems$2imf 606 $aDemographic Economics: General$2imf 606 $aEconomics of the Elderly$2imf 606 $aEconomics of the Handicapped$2imf 606 $aNon-labor Market Discrimination$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aPublic finance & taxation$2imf 606 $aBudgeting & financial management$2imf 606 $aPopulation & demography$2imf 606 $aFiscal rules$2imf 606 $aCapital spending$2imf 606 $aBudget planning and preparation$2imf 606 $aPopulation and demographics$2imf 606 $aAging$2imf 606 $aFiscal policy$2imf 606 $aExpenditure$2imf 606 $aPublic financial management (PFM)$2imf 606 $aCurrent spending$2imf 606 $aCapital investments$2imf 606 $aBudget$2imf 606 $aPopulation$2imf 606 $aPopulation aging$2imf 606 $aExpenditures, Public$2imf 607 $aItaly$2imf 615 0$aPolitical science. 615 7$aBudgeting 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aDemography 615 7$aSingle Equation Models 615 7$aSingle Variables: Cross-Sectional Models 615 7$aSpatial Models 615 7$aTreatment Effect Models 615 7$a'Panel Data Models 615 7$aSpatio-temporal Models' 615 7$aNational Deficit Surplus 615 7$aState and Local Budget and Expenditures 615 7$aIntergovernmental Relations 615 7$aFederalism 615 7$aSecession 615 7$aFiscal Policy 615 7$aNational Government Expenditures and Related Policies: Infrastructures 615 7$aOther Public Investment and Capital Stock 615 7$aNational Budget 615 7$aBudget Systems 615 7$aDemographic Economics: General 615 7$aEconomics of the Elderly 615 7$aEconomics of the Handicapped 615 7$aNon-labor Market Discrimination 615 7$aNational Government Expenditures and Related Policies: General 615 7$aPublic finance & taxation 615 7$aBudgeting & financial management 615 7$aPopulation & demography 615 7$aFiscal rules 615 7$aCapital spending 615 7$aBudget planning and preparation 615 7$aPopulation and demographics 615 7$aAging 615 7$aFiscal policy 615 7$aExpenditure 615 7$aPublic financial management (PFM) 615 7$aCurrent spending 615 7$aCapital investments 615 7$aBudget 615 7$aPopulation 615 7$aPopulation aging 615 7$aExpenditures, Public 676 $a320 700 $aForni$b Lorenzo$0767791 701 $aBonfatti$b Andrea$01452566 801 0$bDcWaIMF 906 $aBOOK 912 $a9910162925803321 996 $aFiscal Rules to Tame the Political Budget Cycle$93654394 997 $aUNINA