LEADER 07351oam 22011414 450 001 9910826833803321 005 20240402045423.0 010 $a1-4755-9499-2 010 $a1-4755-1824-2 035 $a(CKB)2670000000278932 035 $a(EBL)1606877 035 $a(SSID)ssj0001032624 035 $a(PQKBManifestationID)11581757 035 $a(PQKBTitleCode)TC0001032624 035 $a(PQKBWorkID)10987833 035 $a(PQKB)10708565 035 $a(MiAaPQ)EBC1606877 035 $a(Au-PeEL)EBL1606877 035 $a(CaPaEBR)ebr10627153 035 $a(OCoLC)801719632 035 $a(IMF)WPIEE2012187 035 $a(IMF)WPIEA2012187 035 $a(EXLCZ)992670000000278932 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFiscal Rules in Response to the Crisis : $eToward the "Next-Generation" Rules: A New Dataset /$fNina Budina, Andrea Schaechter, Anke Weber, Tidiane Kinda 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (50 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/187 300 $aDescription based upon print version of record. 311 $a1-4755-9893-9 311 $a1-4755-0535-3 320 $aIncludes bibliographical references. 327 $aCover; Abstract; Contents; I. Introduction; II. Definition, Objectives, and Types of Fiscal Rules; A. Definition and Objectives; B. Types of Fiscal Rules; Tables; 1. Properties of Different Types of Fiscal Rules; III. The Past Two Decades: Fiscal Rules on the Rise; A. Who Uses Fiscal Rules and How Many?; Figures; 1. Countries with Fiscal Rules (National and Supranational), 2012; 2. Number of Countries with Fiscal Rules; Boxes; 1. The 'Fiscal Compact' and the 'Six Pack'-Two New Chapters in EU Fiscal Governance Reform; 3. Selected Economies: Moving to Multiple National Fiscal Rules 327 $a4. Average Number of National Fiscal RulesB. What Types and Combinations of Rules?; 5. Types of Fiscal Rules in Use, 2012; 6. Widespread Combinations of Fiscal Rules in Use, 2012; 7. Regional Differences Regarding the Type of National Fiscal Rules; IV. Key Characteristics; A. Legislative Support; 2. Statutory Basis of Fiscal Rules; 3. Countries with Constitutional Legal Basis; B. Coverage of Government; 8. Statutory Basis of Fiscal Rules by Type of Rule and Economy, 2012; C. Coverage of Aggregate; 4. Coverage of Aggregate; 9. Coverage of Fiscal Rules, 2012; D. Escape Clauses 327 $aE. Automatic Correction Mechanisms5. Fiscal Rules with Escape Clauses; F. Supporting Arrangements; 10. Trends in Fiscal Responsibility Laws; 6. Enforcement of Fiscal Rules through Independent Bodies; V. "The Next-Generation Fiscal Rules:" Responses to the Crisis; 7. Fiscal Rules during the Crisis: Some Examples; 8. Types of Recently Adopted National Fiscal Rules (since 2010); 11. Number of Countries with Budget Balance Rules Accounting for the Cycle; VI. Fiscal Rules Dataset and Fiscal Rules Index; A. Setup of the Dataset; 2. Score by Fiscal Rules Characteristics 327 $aB. Fiscal Rules Index: Methodology and Findings12. Fiscal Rules Sub-indices by Type of Rule; C. Key Findings; 13. Fiscal Rules Sub-indices by Key Characteristics; 14. Overall Fiscal Rules Index; 15. Selected Fiscal Rules Sub-indices by Type of Rule; D. Robustness Checks: Alternative Weighting and Aggregation; 16. Selected Fiscal Rules Sub-indices by Key Characteristics; 9. Spearman's Rank Correlation Coefficients for Various Aggregate Indices; E. Fiscal Rules and Fiscal Performance: Avenues for Future Work; VII. Conclusions; References; Appendixes; 1. Escape Clauses: Country Examples 327 $a2. New Fiscal Rules Adopted since 20103. Country Coverage; 4. Fiscal Rules Index Using Random Weights; Appendix Figure 1. Distribution of the Overall Fiscal Rules Strength Index, 2012; 5. Fiscal Rules and Fiscal Performance: Some Preliminary Statistical Evidence; Appendix Figure 2. Fiscal Rules Strength Index and Change in Debt-to-GDP Ratio; 6. Fiscal Responsibility Laws in Selected Countries: Main Features 330 3 $aStrengthening fiscal frameworks, in particular fiscal rules, has emerged as a key response to the fiscal legacy of the crisis. This paper takes stock of fiscal rules in use around the world, compiles a dataset - covering national and supranational fiscal rules, in 81 countries from 1985 to end-March 2012 - and presents details about the rules? key design elements, particularly in support of enforcement. This information is summarized in a set of fiscal rules indices. Three key findings emerge: (i) many new fiscal rules have been adopted and existing ones strengthened in response to the crisis; (ii) the number of fiscal rules and the comprehensiveness of the design features in emerging economies has caught up to those in advanced economies; and (iii) the "next-generation" fiscal rules are increasingly complex as they combine the objectives of sustainability and with the need for flexibility in response to shocks, thereby creating new challenges for implementation, communication, and monitoring. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/187 606 $aFiscal policy$zEurope 606 $aBudgeting$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aFiscal Policy$2imf 606 $aStructure, Scope, and Performance of Government$2imf 606 $aNational Deficit Surplus$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aNational Budget$2imf 606 $aBudget Systems$2imf 606 $aPublic finance & taxation$2imf 606 $aBudgeting & financial management$2imf 606 $aFiscal rules$2imf 606 $aExpenditure$2imf 606 $aFiscal stance$2imf 606 $aBudget planning and preparation$2imf 606 $aFiscal policy$2imf 606 $aPublic financial management (PFM)$2imf 606 $aExpenditures, Public$2imf 606 $aBudget$2imf 607 $aEurope$xEconomic policy 607 $aSwitzerland$2imf 615 0$aFiscal policy 615 7$aBudgeting 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aFiscal Policy 615 7$aStructure, Scope, and Performance of Government 615 7$aNational Deficit Surplus 615 7$aNational Government Expenditures and Related Policies: General 615 7$aNational Budget 615 7$aBudget Systems 615 7$aPublic finance & taxation 615 7$aBudgeting & financial management 615 7$aFiscal rules 615 7$aExpenditure 615 7$aFiscal stance 615 7$aBudget planning and preparation 615 7$aFiscal policy 615 7$aPublic financial management (PFM) 615 7$aExpenditures, Public 615 7$aBudget 676 $a332.1;332.1532 700 $aBudina$b Nina$01609121 701 $aSchaechter$b Andrea$0428912 701 $aWeber$b Anke$01063702 701 $aKinda$b Tidiane$01615802 801 0$bDcWaIMF 906 $aBOOK 912 $a9910826833803321 996 $aFiscal Rules in Response to the Crisis$93946173 997 $aUNINA